April 2024 Statistics

Julie and David hit the Single Family Home stats hard and quick.  Get the answers to a pretty hot spring market.  Increased Volume and Unit Sales, Prices up, Inventory steady.  Julie has a HOT NEW LISTING:  The Wedding Cake House is on the market!!

Want to work with us? David Vann can be found here, and Julie Jones can be found here! Reach out! We're nice, and we'd love to hear from you!

Transcript

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Hi David. Hey. How are you? Great. It's time to talk about statistics. I know. You love that. It's fun. I'm going to say it every time. You love it. It's fun. I love it. I like to sort of figure out what the algorithm means. The one that goes in my head when I put in absorption rate and inventory and that type of thing. There's just fun for me to put that stuff together. I know you love telling me the percentages. I do. I do. And I like to see the trend and I like to see that one that sticks out like huge. It's like, Whoa, this is the real story. Um, like our volume is up 33 percent in single family homes. We're up to 722 million in sales versus last year in April, it was 541 million in sales. I mean, That's a whole lot more dollar volume sales going on. You know, that one sticks out huge. There's other ones too. So stay tuned. All right. I'm Julie Jones and I'm David Vann with the Real Property St. Pete podcast and REMAX Metro. Indeed. Today is Statistics Day and we're going to talk about April 2024 monthly statistics. It's currently beginning of June 2024 and the statistics come out about a month behind So we're right on target with getting everyone updated on what's going on in the market. So hit it, David. All right, so here we go. Absorption rate dropped off in September of 2023 from 53 percent down in October to 38%. And we've hovered right around that 30 percent mark, which is about three months of inventory. And we've been there through October, November, December, January, February, March, March, we hit 44. April, we're back at 34. which is about three months of inventory. And it's interesting to see how consistent it's been. I think that's one of the things that's important to know is that we're sticking right at that, even though our inventory has gone up a bunch. The other thing that's really had a nice tick up in April is the actual number of sales, which we really do like to look at. In April of 24 in single family homes, 1049 homes sold versus April of 23, 858 homes sold. That makes an increase of 22. 3%. That's a huge number of raw sales and single family in Pinellas County. Don't you think? I do. We were just talking about how April was a very strong month for home sales, and that's a great result. It is. And, you know, our active listings are up. 2, 734 in April versus 1, 394 in April of last year, that's a 96 or almost a doubling of 100 percent increase in the number of active listings, which we like to see some selection, right? We do. We've talked in prior episodes about how it's creating more, options and have ability to have a tour of homes rather than just one home to select from. I think they're pretty selective though, don't you? I do. I would say buyers, in my opinion, are very selective. I think they're making much more wise decisions looking at Ages of systems, costs of ownership, a lot more closely than they were in the past years. I think that the buyers are also real sensitive to people who are trying to really make a lot of money on their house in a short period of time. I mean, I see a lot of people who've only been out there two or three years. They've only owned their home for two or three years and they come out thinking they're going to make hundreds and hundreds of thousands of dollars on their homes. And I think buyers look that stuff up and they're like, It ain't worth that much. When they come down, we'll consider showing. It's funny. I had a client email me this week, uh, similar situation. The seller owned their home for two years and the buyer actually wrote me back the statistic that they're trying to increase the price by 33 percent in two years period of time. Yeah. Well, we haven't really seen that kind of increase in value in the market, have we? Not in the last two years, still the market's up, but the market's absolutely up. So, your sales are up, 22. 3%. Your inventory's up a hundred percent. The total sales volume is up 33 percent to 722 million. And. Prices are up. And this is interesting. The median sale price, which we really like, you know, that median sale price is the middle sale price. It doesn't give the heavy weighting to the very expensive homes because the top end homes are really selling for a lot of money, aren't they in our current local market? Yes. I mean, we're seeing a lot of 5678 10 million sales that are that we've not seen in the past. They've trickled in. If you go back looking at comps a year to two years ago for 8 to 10 million houses, that, that known, even listed, I mean, there's not even out there. Um, so trying to compare that price point is tough. But back to the point, the median sale price, which is the midpoint, and we'd like that for the overall market, is 4 85 versus four 50, so that's up 8%. The average sale price, which is all the homes, which can really be overweighted by those higher more expensive homes is at 688,000 versus 6 31. But either way, eight or 9%, I mean, that's a fairly warm market. I would say, wouldn't you? I would agree. I do think that probably that's heavy weighted by the number of sales and some price points. Indeed, indeed. You know, and speaking of price points, this is something that we do talk a lot about, but the inventory by listing price between 300 and 400, 000 is 424 homes. That's up 100%. That's up 94. 5%. The number of homes that are available between 000 is 870 homes. That's up 150 percent from April of last year. I love hearing that. I'm going to stop you because I love hearing that because for the first time home buyers or median sale price. Properties. There's a lot more inventory to choose from. What in 600 to a million is at 630 and that's up 105%. So that's a lot for that price point too. A lot of these are entry level price points for people, you know, who are making a relatively decent income, you know, something between 300 and a million, 600, 600 to a million, I mean, you know, different price points you enter for you move to town, you don't want to overspend and you're. You know, in your thirties, I mean, you might be in the 600 to a million. There's 630 homes for sale. That's a doubling of the inventory from last year. So seeing those numbers in those kinds of key price points, I mean, obviously once you go below 300, the inventory just diminishes. I mean, the first price point to a 50 to 300 is 88. It's scales of 10 different. I mean, it's quite a bit different in lower price was, but it's nice to see inventory numbers in those prime areas. So staying on the price point the closed sales by price point between 300 and 400 000 Is 231 That's pretty flat. That's basically the same as it was last year, 400 That number of sales is 22 percent higher. And then from 600 to a million, there were 200 sales, which is an increase of 40 percent of the number of houses that sold month over month, year over year. In the million dollar or more price point, 151 houses sold. And that's an increase of 82%. I mean, that's a lot of houses sold this year versus last year in that price point over a million. Well, and I think that's reflective of our market there. Are a lot of very high priced homes and it shows that average price is going to be up higher because the houses that are selling are much more expensive. So that makes a lot of sense. Well, I think that's a pretty good summary and I feel like the market looks pretty good right now. I mean, a lot of inventory out there that's good for buyers. They're picky, but they're out there buying even though the rates are high. Yep. They are. They're like, what did you say they were? Well, the 30 year mortgage rate averaged 6. 99 percent this week. However, that is down. Yeah. That's not significant. 7. 03%. Right. But I mean, we've seen a lot of seven and a half to eight, right? I mean, over the last few months, we have, yes. Um, and hopefully that will give a little relief for prospective homebuyers facing the challenges of the prices being high and the high interest rates. Right. But they have a lot to pick from. And I think that, you know, like we said, I mean, I think they, people want to buy a really nice house and price matters. I mean, there was a time when it didn't, but now it does. Yes. You have a new listing. I do. I have a new listing at 1311 Beach Drive Northeast. It's the Wedding Cake House. Yes. It has an iconic, nickname, the Wedding Cake House for its, tobacco leaf stucco exterior. So cool. On a corner of 13th and beach So it has a two car garage and it's got uh a rental apartment above it, right an adu. Yes Very popular adu. Yeah for income if you wanted that or They actually use it for guests. So the guests don't have to stay in the main part of the house, which is nice Yeah, but it is a beautiful home. I'm very excited to represent them. It's listed for three million 165 I think that's a good price too. I'm appreciative of your feedback. Yeah, I toured it yesterday and We had cake pops and champagne It's always fun. Which is fun, but it was great to get to walk through. I brought my wife and we went through there cause you know, we looked at that house when they bought it, it was a bank owned property, 2011, 2011. Is that what it was? That's when we bought our, Well, we bought our new home later than that, but we were shopping at that time and we went in there and it was, uh, It was just a, it's a great house, man. It needed a lot of work and they did a heck of a job. I mean, it is just absolutely perfect. I love that feedback. Thank you so much. You're welcome. Well, I think that's one of those that's gonna sell quickly. So if If you're in that price point, you want to be close to the park and on Beach Drive, real close to downtown and be able to walk and have plenty of guest rooms and beautiful heart pine flooring and, oh, it's just so nice. You gotta go see it. I hope you will. Yes. So back to the market. It feels like you were very light and positive about the market. You know, we were a little pensive in our prior episode on the market statistics of the building inventory and concerns about that. But we have some great results for April of 2024. Prices are up. Sales are up, but inventory is up it is, but I mean, you know, it's a spring market. We expect it to be up. The absorption rate has stuck right around that three months. Um, but you know, inventory, has stuck right there with sales and that's good. It's pretty balanced. I just think that those are good numbers. I think it looks good and you got to report what you see, and if we see the same thing in May, for the main numbers that'll come back, you know, in another couple of weeks, and, uh, have a good full recap of the spring market. Yeah. That's right. That's right. Cause now we're moving to summer. Yeah. Yes, the heat has arrived. Well, that was a great recap, David. Thank you for all of the data and, statistics. Oh yeah. My pleasure. My fun. I know we're, we're so pleased that you listen today. We'll hope you're subscribe and share this episode with your friends and family who are interested in the St. Petersburg and Pinellas County real estate market. I'm Julie Jones. And I'm David Vann with RE MAX METRO and the Real Property St. Pete Podcast.