Episode 56 - February 2025 SFH Market Update

Send us Fan MailPodcast Title: Real Property St. Pete PodcastHosts: Julie Jones (Smith and Associates) & David Van (Re/Max Metro) Topic: February 2025 Real Estate Statistics – Pinellas County🏡 Market OverviewFebruary is a short month, and the market update is also brief.Stats released by the Pinellas Realtor Organization show minimal change overall.Market remains stable with gradual shifts, not dramatic changes.📊 Key StatisticsMedian Time to Contract:42 days (↑ 4 days from Jan 2025, ↑ 6 days from Feb 2024)Homes are lingering longer, leading to seller impatience, though still within normal range.Median Time to Sale:78 days (↑ 5 days from both Jan 2025 & Feb 2024)Active Inventory (Single Family Homes):3,538 homes (↑ 2.5% from Jan 2025, ↑ 45% from Feb 2024)Buyers now have more choices and time to shop.Surge in open houses, buyers are attending these more than scheduling private showings.Absorption Rate (Months Supply of Inventory):4.2 months (↑ from 4.0 in Jan 2025, ↑ from 3.0 in Feb 2024)Indicates a trend toward a more balanced market.Sellers have a ~1 in 4 chance of selling in current conditions.💸 Pricing & Seller BehaviorMedian % of Original List Price Received:94.1% in Feb 2025vs. 93.8% in Jan 2025 and 95.6% in Feb 2024Buyers are now getting ~6% off original list prices (compared to ~4% in 2024).Price Reductions are driving the lower list-to-sale ratios.Buyers often wait for price drops before acting.Well-priced, good-condition homes can still sell quickly and near asking price.📣 Closing NotesUse this info to strategize and set realistic expectations.Price and condition continue to be the most important factors for sellers.Hosts encourage listeners to reach out with questions and subscribe for updates.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!