Homes on Clearwater Beach Archives »

Clearwater Beach Real Estate Report – March 2018

March 2018 Report
The Pinellas County real estate market is continuing to see higher sale prices and units moving at a faster rate for both the Single Family and Townhome/Condo markets compared to February 2017.

Townhome/Condo
The Townhome/Condo market stats for February 2018 were the most impressive. In January of this year, the Median Time to Contract for Townhome and Condo market was just 35 days. February continued that trend by reducing the Median Time to Contract to an astounding 28 days. It was 47 days in February 2017. After seeing the Median Sale Price for Townhome/Condo increased to $147,500. In January, this figure jumped to $154,000 for February 2018. It was $149,500 in February 2017.

Median & Average Sale Prices Single Family
Movement on Single Family Home sales also improved year-over-year.

The Median Sale Price for Single Family Homes was up by an impressive 10.0% from last year, at $244,250 for February 2018 versus $222,000 for February 2017.
The Average Sale Price for Single Family Homes leaped from $286,417 in February 2017 to $318,139 in February 2018.
The Median Time to Contract for Single Family Homes was 32 days in February 2018, down from 38 days last February.
The Median Time to Sale for Single Family Homes was 73 days this February, down from 81 days last February. Dollar Volume for Single Family Homes increased 8.9% year-over-year, with $295.9 million in 2018 versus $271.8 million in February 2017.
New Listings for Single Family for February were 1,338, down from last February, at 1,370. Year-over-year, Closed Sales for the Single Family segment were down, with 930 in February 2018 versus 949 in February 2017.

New Listings for Townhomes/Condo for February 2018 were at 1,005, up 3.2% from 974 in February 2017. Closed Sales for the Townhomes/Condos segment were up slightly by 3.3% year-over-year, at 667 in February 2018 versus 646 in February 2017. Average Sale Price for Townhome/Condo was $234,296 in February 2018, down from $236,827 in February 2017. Dollar Volume for Townhomes/Condos saw an increase year-over-year, with $156.3 million in February 2018 compared to $153.0 million in February 2017. Median Time to Sale for Townhomes and Condos was 91 days in February 2018 and 65 days in 2017, down 12.2%.

Inventory
Inventory continues to shrink, with Months Supply of Inventory down 7.1% year-over-year for Single Family Homes, with a 2.6 Month Supply this February, as compared to a 2.8 Month Supply in February 2017. Months Supply of Inventory for Townhomes/Condo fell 11.4%, with 3.1 months in February 2018 and 3.5 months in February 2017.

Pinellas Realtor® Organization – March, 2018

Real Estate Report – Clearwater Beach May 2017

This May has seen a lot of stormy weather, but the real estate market continues to shine. Dollar Volume for Townhomes/Condos was $204.8 million in May 2017, an incredible increase of 27.8% from $160.2 million in May 2016.

Dollar Volume for Single Family Homes also had an amazing increase of 35.3% year-over-year, with $452.3 million in 2017 versus $334.4 million in May 2016.

Median Sale Price for Single Family Homes was up 14.4% from last year, at $230,000 for May 2017 versus $201,000 for May 2016.
Median Sale Price for Townhomes/Condos was $165,000 for May 2017, up 18.7% from $139,000 in May 2016.

Median Time to Contract
Median Time to Contract for Single Family Homes was 27 days in May 2017, down 3.6% from last May. Median Time to Sale for Single Family Homes was 70 days this May, down 5.4% from 74 days last May. Average Sale Price for Single Family Homes grew an astounding 23.4%, at $312,364 in May 2017 versus $253,121 in May 2016.

Sales Prices
The Townhomes/Condo market segment’s sales prices continue to grow. Median Time to Sale for Townhomes and Condos decreased 9.6% year-over-year at 75 days in May 2017 and 83 days in 2016. Average Sale Price saw a 13.9% increase with $234,382 in May 2017 and $205,711 in May 2016. Median Time to Contract for Townhomes and Condos was down 20.0% year-over-year, going from 40 days in May 2016 to 32 days in May 2017.

Closed Sales
Year-over-year, Closed Sales for the Single Family segment were up 9.6%, and Closed Sales for the Townhomes/Condo segment were up 12.2%. New Listings for Single Family for May were 1,494, up 2.0% from last May, at 1,464. New Listings for Townhomes/Condo for May 2017 were at 898, up 3.1% from 871 in May 2016.

Seller’s Market
The strong seller’s market continues in May, with Months Supply of Inventory down 10.7% year-over-year for Single Family Homes, with a 2.5 Month Supply this May, as compared to a 2.8 Month Supply in May 2016. Months Supply of Inventory for Townhomes/Condo fell 15.8%, with 3.2 months in May 2017 and 3.8 months in May 2016.

Pinellas Realtor Org. June 2017

St. Petersburg Named One of 20 Best Places to Live

St. Petersburg Named One of 20 Best Places to Live and Visit by Coastal Living Magazine

Coastal Living Magazine has featured St. Petersburg as one of the 20 “best places to live,” while touting it as an ideal vacation spot for those not looking to make Tampa Bay their home.

“Nestled on the bright blue waters of Tampa Bay, this cosmopolitan city just keeps getting better and better,” the article says.

The article highlights many of Pinellas County’s biggest attractions: The Dali Museum, St. Pete Beach, Clearwater Beach, Fort DeSoto Park and the Don CeSar Hotel.

For food and drinks, Coastal Living directs visitors to cocktail bar Mandarin Hide, local coffee chain Kahwa, and Locale Gourmet Market.

The writers say St. Pete strikes a balance between historic, small-scale neighborhoods and big-city pleasures.

“With mild winters, this is a year-round city of outdoor play, and the proximity of 35 miles of white-sand beaches adds a quality-of-life layer that few other sophisticated enclaves possess,” the article says.

From Coastal Living Magazine

“Nestled on the sharp blue waters of Tampa Bay, this cosmopolitan Gulf city just keeps getting better and better, with a downtown arts and culture scene that may best be exemplified by the recent (and spectacular) Dalí Museum anchoring the waterfront. Historic, small-scale neighborhoods balance the big-city pleasures. With mild winters, this is a year-round city of outdoor play, and the proximity of some the finest white-sand beaches in the state add a quality of life layer that few other sophisticated enclaves possess.”

Tampa Bay Times April 21, 2017

It’s Not a Housing Bubble: 3 Reasons

WASHINGTON – March 17, 2016 – Home prices are rising three to four times faster than wages, and credit conditions are loosening, say Lawrence Yun, chief economist for the National Association of Realtors^®. Those conditions usually prompt housing analysts to start uttering the words “housing bubble,” but Yun discounts those warnings.

“Even though the credit conditions appear to be easing somewhat, the move is from overly stringent conditions to not-so-overly-stringent conditions,” Yun writes on Forbes.com. “It is a far-fetched view to imply the current mortgage approval process in any way resembles the loosey-goosey, easy subprime mortgage access conditions of a decade ago.”

Reason one: Mortgage credit scores today aren’t anywhere near where they were during the housing bubble. Today, approval scores average about 740 to 750 compared to 710 to 720 during the housing crisis, according to Fannie Mae data.

Reason two: The no-doc requirements for subprime mortgages of yesteryear are nearly gone today.

Yun also says that while home prices are rising above wages, low mortgage rates have been a silver lining.

“For someone making a 20 percent downpayment, the monthly mortgage payment at today’s mortgage rates would take up 15 percent of a person’s gross income,” Yun writes. “During the bubble years, it was reaching 25 percent of income.”

Reason three: Yun says experts can squash bubble fears by just looking at the housing supply. Inventories are at about four to five months today, which is similar to the bubble years.

However, sales aren’t moving at the same pace. Existing-home sales and new-home sales combined were at 8.4 million back then. In 2015, combined home sales were 5.76 million – about one-third lower.

A limited supply of for-sale homes is mostly behind the latest home-price increases, Yun says.

“We are not in a housing market bubble in terms of an inevitable impending home-price crash,” Yun says. “Rather, we are facing an above-normal home-price growth trend, which admittedly is unhealthy on several levels because of the simple economic law of insufficient supply. We need more homebuilding.”

Source: “Are we Entering a New Housing Bubble?” Forbes.com (March 14, 2016)

Florida Realtors® March 17, 2016

Homeowners Reap Remodeling Benefits

Homeowners Reap Remodeling Benefits Whether Selling or Staying, Say Realtors®

Homeowners preparing to sell often make improvements, both big and small, to their homes that can help yield positive results and garner top dollar from buyers. According to a new report from the National Association of Realtors®, remodeling projects can also bring major benefits to homeowners who choose to remain in their homes.

“Realtors® know that certain home upgrades and remodels can be beneficial to get more buyer eyes on a property, potentially bring in more offers or gain more equity from a home,” said NAR President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “But remodeling projects are just as valuable to homeowners who simply want to get more joy out of their dwellings. Regardless of the situation, Realtors® know what remodeling projects bring the biggest bang for the buck and what projects are most likely to improve a homeowner’s impression of their current place.”

According to NAR’s 2015 Remodeling Impact Report, which uncovers the reasons homeowners choose a remodel and the increased happiness certain projects bring once completed, 64 percent have experienced increased enjoyment in their home after completing a remodeling project.

Additionally, 75 percent of respondents said they felt a major sense of accomplishment when thinking of their completed project. Fifty-four percent of respondents felt happy about the changes to their home, and 40 percent felt satisfied. As for their reasons to complete a remodeling project, 38 percent of homeowners said they wanted to upgrade worn-out surfaces, finishes and materials; 17 percent wanted to add features and improve livability; and 13 percent believed it was time for a change.

Realtors® named kitchen upgrades, complete kitchen renovations, bathroom renovations and new wood flooring as the interior projects that most appeal to potential buyers. Similarly, Realtors® also ranked projects based on expected value at resale (without accounting for project price); the projects that ranked the highest in this category were complete kitchen renovations, kitchen upgrades, bathroom renovations and the addition of a bathroom.

When looking at the interior projects that yield the biggest financial results upon resale, Realtors® ranked hardwood flooring refinishes (100 percent of project cost recovered upon resale), insulation upgrades (95 percent recovered), new wood flooring (91 percent recovered), and converting a basement to a living area (69 percent recovered) as projects to consider.

Exterior projects are also important for both sellers and homeowners looking to increase satisfaction with their current home. Realtors® said new roofing, new vinyl windows, new garage doors and new vinyl siding are most appealing to potential buyers and are highly valued upon resale (both considering project price and disregarding project price).

Upon resale, Realtors® said new roofing would recover 105 percent of its project cost, a new garage door would recover 87 percent, new vinyl siding would recover 83 percent, and new vinyl windows would bring back 80 percent of their cost.

As for exterior projects that bring the most happiness for those not necessarily intending to sell, homeowners said new fiber-cement siding, new fiberglass or steel front doors, new roofing, and new garage doors brought the most satisfaction.

The 2015 Remodeling Impact Report, the first of its kind from NAR that examines personal satisfaction from remodeling projects, surveyed Realtors®, consumers who have completed their own remodeling projects, and members of the National Association of the Remodeling Industry.

“Remodeling projects can greatly improve both the value of and satisfaction with one’s home, which are great things no matter the reason for a project,” said Judy Mozen, president of the National Association of the Remodeling Industry. “This report highlights the best projects to consider in either situation and showcases just how much of a difference a good and professional remodel can make in real numbers.”

Salomone said the report not only assists homeowners who are preparing to sell in choosing the best projects to attract buyers, but it also helps those looking to get more personal satisfaction out of their homes.

“Realtors® know that remodeling projects aren’t just done to get more money for a home once it’s time to sell – a home is your sanctuary, the place you raise your family and where you make lifelong memories, which is why the report can also help consumers decide which projects could enhance their current quality of life and happiness,” he said.

The National Association of Realtors®, December 2015

Construction Spending at Seven-year High – US

Construction spending hit $1.1 trillion in September, its highest level since March 2008.

That’s according to an analysis by Associated General Contractors of America (AGC), which pointed out the number would have been even higher if it weren’t for a shortage of construction workers.

“Overall, demand for construction continues to grow at a very robust rate,” said AGC Chief Economist Ken Simonson. “It appears, however, that many firms performing private nonresidential work could not find enough qualified workers in September to keep pace with growing demand.”

There were only 479,000 unemployed construction workers in September, the smallest total for that month in 15 years, Simonson noted.

Construction spending has increased every month this year, and the latest gain suggested the economy remained on firmer ground despite some slowing in consumer spending and persistent weakness in manufacturing.

Economists polled by Reuters had forecast construction spending rising 0.5 percent in September. Construction outlays were up 14.1 percent compared to September of last year.

September’s increase is slightly above the gain the government had estimated in its advance third-quarter gross domestic product estimate published last week.

A recent AGC survey found that 86 percent of construction firms say they’re having a hard time finding qualified workers to fill vacant positions.

Both private sector and public sector construction spending continued to grow, with outlays in the larger private sector 16.0 percent above a year ago, and public construction spending 9.4 percent higher.

The fresh data suggested that the housing sector specifically remains healthy despite some recent data suggesting a slowdown.

Private spending on housing construction, the largest component of all construction spending, picked up 1.8 percent in the month and gained 17.2 percent year on year.

Eventually that could turn into higher supplies of new homes, to ease the current tight market that has pushed prices high enough to deter buyers, according to industry specialists.

Clearwater Sculpture 360 Exhibition

Three new sculptures were recently installed in downtown Clearwater’s Cleveland Street District as part of the city’s Sculpture 360: Season VII exhibition.

The program, sponsored by the city’s Public Art and Design Program, is a rotating display of large-format sculptures. It has featured the work of artists from Florida and other parts of the country for the last seven years.

This year’s lineup includes “Slices of Heaven,” by Craig Berube-Gray from Key West, Fla.; “Mountain Landscape,” by Hanna Jubran from Grimesland, N.C.; and “Leap,” by Claudia Jane Klein from Lake Worth. The sculptures of Season VII will be on display through April 2017.

What is Public Art?

Public art is artwork that is in the public realm, regardless of whether it is acquired through public or private funding. Public art can include anything from more traditional art objects like sculptures, paintings, fountains and mosaics to manhole covers, paving patterns, lighting and other functional elements created by an artist.

The Clearwater Public Art and Design Program recently completed the Public Art and Design Master Plan, establishing the criteria, policies and priorities that will be used to successfully manage and direct the public art program for years to come. In utilizing the Master Plan, the public art program will identify important places for public art throughout Clearwater and generate a shared vision of public art for both City Capital Improvement Projects and private development projects alike.

There are approximately 350 municipalities with public art programs in North America that actively commission artists to create public art for all types of public infrastructure. Some cities, where art in public places is plentiful, have become known as “museums without walls” as their artwork has become so accessible to citizens and visitors.

Sculpture 360 is part of the Clearwater Public Art and Design Program and is funded through a partnership with the Downtown Development Board, and brings high-quality public artwork to residents and visitors. Visit Scuplture 360

Pinellas County Real Estate Holds Strong for 2015

Pinellas County Real Estate Statistics for September 2015

Pinellas County real estate holds strong for 2015, even as the typically slower months approach.

Average sale price for a single family home was $256,543 in September 2015, up 15.1% from last September.
The average sale price for townhome/condo was $189,862, up 1% from $187,954 a year ago.
The number of closed sales for single family and townhome/condo combined for September 2015 was 1,863, up 13.8% from 1,637 in September 2014, and down just slightly from August 2015 (1,888).

Median sale price for single family was $190,000, a huge 15.2% increase over $165,000 last September. For the townhome/condo segment, median sales price was $120,000, up 9.1% over a year ago. Median days on market was also a bright spot, at 49 for single family (versus 50 last September), and 57 for townhome/condo (versus 63 last September).

Inventory remains low for single family, with a 3.4 month supply as compared to a 4.6 supply in September 2014. Active listings for single family and townhome/condo combined were 6,591, down 8.8% from 7,224 in September 2014. New listings are up 3.1%, at 2,204 versus 2,138 last September.

The Consumer Financial Protection Bureau’s (CFPB) new loan estimate and closing disclosure rules took effect October 3, with little fanfare. Experts are anticipating any issues that may arise presenting themselves in November, December and January.

Representing more than 6,000 members, the PINELLAS REALTOR® ORGANIZATION is one of the Tampa Bay area’s largest professional trade associations.

Pinellas Realtor Organization – November 2015

Southwest Florida Buyers Paying Cash

Home buyers in Southwest Florida are still paying with cash at one of the fastest rates in the nation.

Of the 10 metro areas with the highest share of cash purchases in the first quarter, more than half were in Florida, according to real estate analyst Zillow.

Southwest Florida Buyers Paying Cash
“In Florida, cash is king,” Zillow said. ” At the end of the first quarter, seven of the top 10 metros with the highest share of home purchases made in cash were in Florida, up from six at the end of 2014.”

All 10 of the U.S. metro areas with the highest share of cash buyers were east of the Mississippi River, while cash buyers were less common in the western U.S.

“Homes in many eastern markets are generally less expensive than in their western counterparts, which can be conducive to more cash purchases,” Zillow said. “Cash purchases are also more likely to be made by investors and institutional buyers looking to buy many less-expensive homes all at once to convert into rental housing and/or flip as the market improves.”

In addition, the analyst noted, Florida’s judicial foreclosure process can be slow, extending the period when investors are buying discounted homes from lenders as they clear foreclosure.

Florida posted the second-highest share of cash sales in June, at 45.8 percent, behind only New York’s 47 percent, CoreLogic said.

The U.S. rate was 31.3 percent, down from 34 percent over the year.

“The cash sales share peaked in January 2011, when cash transactions made up 46.5 percent of total home sales nationally,” CoreLogic said. “Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. If the cash sales share continues to fall at the same rate it did in June 2015, the share should hit 25 percent by mid-2017.”

Jim Quinn, president of the Port Charlotte-North Port-Punta Gorda Association of Realtors, said cash sales have “consistently” accounted for less than 50 percent of activity this year, with distressed properties representing a smaller segment of sales.

“I would say both of these trends are indicative that more of the buyers are purchasing for personal use as opposed to investment,” he said.

No-financing sales accounted for 43 percent of home deals throughout Florida in August, while the U.S. average was 24.5 percent.

Herald Tribune 10/5/2015

Pinellas County Real Estate Statistics for May 2015

Pinellas Real Estate Report

After several months of climbing, Pinellas County home sales have leveled out a bit. Partnered with the recent slight increase in interest rates and decreasing inventory, that’s enough to burst anyone’s bubble talk.

Lawrence Yun, chief economist for the National Association of REALTORS®, says that prices have risen quickly but he also isn’t alarmed about a housing bubble. However, he is concerned that housing affordability will continue to soften.

While some housing markets – like San Francisco and Denver – have surpassed their previous 2006 peaks in home prices, economists still aren’t concerned. They say that’s a sign of a normal housing market “because in a bubble prices typically rise in tandem across the country, rather than responding to the strength of local economies,” reports The Wall Street Journal.

The total sold units for single family and townhome/condo combined in May 2015 was 2,029, slightly lower than the 2,103 sold in April 2015. Year-over-year stats for closed single family and townhome/condo combined sales showed a 10.0% increase for May 2015 over May 2014, as compared to the 19.8% increase year-over-year from April 2014 to April 2015.

FLORIDA Realtors® June 2015

All Real Estate is Local

It’s important to work with a Realtor® when looking for the very best Clearwater Beach Waterfront Lifestyle information. For strategies on buying the right Clearwater Beach property for you, or superior service in selling your Clearwater Beach home, contact Maria 727. 798.3209 – email.