Downtown St Petersburg Condo Sales 2021
2020 was a strong year for condo sales in Downtown St Petersburg. Below is a summary of sales trends, price trends, days on market, sale price to list price, and other metrics for serious condo buyers. At the end, we discuss what this means to serious buyers. You can watch the video, or read the article below ... or both!
Transcript of Video
Hi, This is Morgan Preston with Coastal Properties Group and the My Gulf Coast Property Team. We are a few months into 2022 - and most of you know - the real estate market is booming! The competition is fierce with interest rates still remailing low and buyers flocking to find new beginnings in new areas. Florida has always been a popular destination - but we saw a big influx of out-of-state buyers in 2021 and there aren’t many signs of that stopping!
Downtown St Pete Florida is one of the hot spots for those looking to live an active city lifestyle along the beautiful Tampa Bay waterfront. With its amazing bayfront parks and endless options of restaurants and bars - there is so much to love.
To put the local real estate market in perspective - I wanted to take a step back and look at the 2021 Downtown St Pete Condo trends. I’ll dive into some numbers and statistics to help those of you looking to buy in the area and give some tips on how to navigate this wild market.
Number of Sales by Year
Downtown St Pete has been on a fairly steady rise over the last decade and you can see this reflected in the number of condo sales sold each year. With new condo buildings coming to the area like The One building in 2019 and Saltaire in 2021 - you’ll see a bigger leap in sales. 2020 has shown some slight decline because of pandemic restrictions - but I anticipate 2022 having a big increase in sales and possibly matching 2019’s high numbers.
Average Sale Price by Year
With the area's growing popularity and wonderful new additions like the redesigned Downtown St Pete Pier - the average sale price for condos has grown over the years too. 2019 saw a big jump in average sale price because of the luxurious condo units sold at The One building - and I would guess 2022 will show even higher numbers. The highly anticipated 400 Central project is accepting contracts now and the demand right now for condos is causing fierce buyer competition and inflated sale prices.
Continuous Days on Market
The demand and competitive market can also be seen in the average days on market for properties. 2021 had condos with an average of only 12 days on market and the first few months of 2022 have shown days on market under 1 week before sellers are accepting a contract. Buyers are needing to move fast if they want to snag a condo and sellers are having the luxury of multiple offer situations.
Sale Price to List Price Ratio
We understand that buyers are looking to get the best deal when purchasing a property - but low ball offers are not getting accepted in this hot downtown market. For the past 10 years - the sale price to list price ratio has been around 95% for condos - but in 2021 it was 98.5%. This means that most of the 411 condos sold last year were selling at the seller’s asking price if not more.
Sales by Bedrooms
2 bedroom units have remained downtown St Petes most popular condo option and the average price to purchase in 2021 was about $870,000. 1 bedroom condos have mostly sold around $325,000 in 2021 and the 3 bedroom condos downtown jump to an average of about $1.5 million. A few of the luxury downtown buildings offer penthouses with 4+ bedrooms and because of the rarity of these - average prices are over $4.5 million.
What does this all Mean?
So what does all this mean and how can we use these numbers to predict this year's Downtown Real estate Market?
Many assume that condo inventory is low because there aren’t any condos coming up for sale. But from the 2021 numbers we see, there are still plenty of properties selling - it is just that we are having record levels of competition and the demand is having properties just sit a few days on the market. So buyers are having to move fast and do not have the luxury of planning trips into town to see a handful of properties at once. But our team offers great virtual tours and can help jump on these quickly if you can’t schedule an in-person showing right away.
With the market being so hot - low ball offers and traditional back and forth negotiations are not happening. Sellers are getting multiple offers after just a few days on market and giving deadlines for highest and best offers. Typically after a weekend of open house and fully booked showings - sellers are getting above asking offers and choosing the best one out of the bunch without needing to make any counter negotiations. So we advise putting your best foot forward to get the property you want. Our team can offer great tips and tricks to get your offer noticed and accepted out of the fierce competition.
I'll Find Something First
It is always smart to get your pre-approval or proof of funds letters from your financial institutions before you start looking for property. Just to make sure you fully understand your buying power and the costs that come along with the buying process. But in this market - is it a must! Some sellers aren’t even allowing showings unless buyers can submit these letters to support they have the funds to purchase. So if you are looking to buy a property as soon as the right match comes along - it is strongly advised to have your paperwork ready and be ready to submit an offer. We have great local lending recommendations if you are wanting to purchase with financing and can connect you with experienced mortgage professionals.
How to Win
So how can you win out and snag a property in this hot market?
Well first - make a connection with a great agent with experience and knowledge in the area. Our My Gulf Coast Property team has years of real estate experience and all work together to help our buyers in the best possible way. We specialize in different areas across Pinellas, Hillsborough, and Manatee Counties and each have unique knowledge about the areas we focus on. Together we have learned invaluable tips and tricks about the neighborhoods and how to make our offers stand out from the competition.
Doing your homework and getting financial paperwork in order is vital too. Have your agent help you get familiar with the area and the process of buying to get you to feel confident and ready to put in a good offer. This way you can react quickly and get an offer to the seller as soon as possible. There is no time to waste in this fast-moving market.
If you are interested in learning more about the market or looking to purchase in the area - visit our MyGulfCoastProperty website or give us a call. My team and I would be happy to help guide you through this fast-moving real estate market and find you the perfect property. Call or text 727- 619-2799 or contact us through our website whenever you’re ready!