Pinellas County Luxury Homes for Sale

Pinellas County luxury homes for sale for 2015 made up 18.9% of  homes for sale in the county. For the month of June, 2015, there were 1194 luxury homes listed for sale. A luxury home for our purposes is defined as having a list price of at least $500,000. Of the homes listed, there were 171 luxury homes sold. This equates to an absorption rate of 14%. The absorption rate is the number of homes sold compared to the number of houses listed, which means that in June, 14% of luxury homes listed for sale sold. Or, for every 100 luxury homes available for sale, 14 sold. If you would like to get an idea of the current market value of your house, or any house you may have interest in, click this link to price your house.

Another way to look at this is that there is a 7.14 month inventory of luxury homes for sale in Pinellas County. This is trending to a buyer’s market. And if you look a little deeper into these numbers, there were 405 houses for sale in June with a list price above $1,000,000 and 35 of these sold. Thus, the inventory of $million homes in Pinellas County is 8.6 months. Not surprisingly, the higher the price, the longer it takes to sell.

Are you interested in looking for homes in any price range? Search here for houses in specific cities or even neighborhoods.

The media keep telling us that the real estate market is really hot right now, however it takes a bit of looking into which markets are really hot and which markets might not be quite selling as fast.

Due to the price, the luxury home market takes a little longer to sell than houses priced in the $200,000 range, for instance. There simply are more people available to purchase a $200,000 house than there are to buy a $500,000+ home.

If you look at the same price points in Pasco County, the next county north of Pinellas County, there were 26 houses for sale priced above $1,000,000 in Pasco County and 1 sold. That works out to more than a 2 year inventory of $1million homes in Pasco County.

As a contrast, in Pinellas County in the under $200,000 price range, thru June there have been 18,684 houses listed and 7171 sold. To be more relevant, in June there were 2731 houses listed for sale at or below $200,000 and 1331 sold. This translates to an absorption rate of 48.7% or almost 1 or every 2 houses for sale was sold in June. This is the hot real estate market that the media are talking about, not the million dollar market where it is taking more than six months to sell a house.

Would you like to learn a lot more about the Pinellas County housing inventory? Just call Sun Bay Realty Group at Keller Williams Realty and we’ll be more than glad to go over the details of today’s real estate market.

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