Inventory was a tremendous challenge for St Pete Beach condo buyers in 2020. Nevertheless, St Pete Beach had an outstanding year in terms of condo sales. The average price for a St Pete Beach condo rose to just above $400,000 in 2020. This represents about an 8% annual increase over the last 10 years. Two-bedroom condos were the most popular configurations representing over half of the sales. One-bedroom units represented about a quarter of the sales, and three-bedroom units about 14%. Studio units and 4 plus bedroom condos are very unusual in the St Pete Beach Market.
The average sale price to list price ratio was over 97%. This represents the highest ratio in the last 10 years. Correspondingly average days on market dropped to about 72 days which represents a 10-year low.
The average price for a St Pete Beach condo was lower than any of the other Pinellas beaches from Clearwater Beach to St Pete Beach except for Treasure Island.
As can be seen in the graph below the average number of listings available per month was at an all-time low in 2020.
But at the same time, the number of actual sales hit a 10-year high in 2020. It is not the lack of sellers that created the low inventory, but instead, very high demand by buyers.
Due to this high demand, the ratio of the sale price to list price rose to just over 97%. This represents the highest level in the last 10 years.
With high demand and low inventory, the days on market fell to a low of just 72 days. This is the lowest level in the last 10 years.
The most common configuration sold was a two-bedroom two-bath unit. Two-bedroom condos represented over half of the condo sales in St Pete Beach in 2020. One-bedroom units represented about a quarter of the sales in 2020, and three-bedroom units about 14%.
The scarce 4 bedroom condos had an average sale price of $1 million dollars. Three-bedroom units were also expensive at about $750,000 per sale. Two-bedroom units were much more affordable at about half of that price. These are the average prices for all units. Beachfront condos, on average, were about 50% more expensive and then the non-beachfront condos.
The average condo sale in St Pete Beach was lower than any other Pinellas Beach except for Treasure Island. St Pete Beach condos averaged just over $400,000. Clearwater Beach and Sand Key were about 50% more. The Middle Beaches from Indian Rocks to Redington Beach were the next most expensive.Treasure Island had the lowest average sale prices.
There has been tremendous demand for beach condos in our area. But with some careful shopping and the help of an experienced agent monitoring the market you can find a condo to fit your needs. Things move quickly, and it is important to be prepared as you start your treasure hunt for a Beach area condo.
Ask your agent to connect you with a good local lender who knows this market. It is important to get pre-qualified if you want your offer to be taken seriously. A good lender can also help you know your buying power and to establish a realistic budget. If you're going to pay cash, that's even better, but you will need reliable proof of funds to start the buying process.
We hope you enjoyed this update about St Pete Beach condo market trends in 2020.
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