A Look at the Housing Market in St. Petersberg Florida

The New House
Creative Commons License photo credit: stovak

St. Petersburg Florida is a very sunny, diverse and welcoming city. There are many attractions in the city, such as: a Museum of Fine Arts, a museum specifically for children entitled: Great Explorations and even the Salvador Dal? Museum. Located in the central eastern part of Florida; St. Pete (as the locals call it) is known as a hot vacation spot for both North American and Europeans who want a lovely vacation. The Sunshine city, as it’s called has about 360 days of sunshine a year. In recent years this sunny city has been attracting a younger group of buyers and visitors. One of the great draws for young families are the high quality schools and exciting job opportunities in St. Petersburg. The sandy beaches have always been a draw to local Floridians as well. The cost of living is rather low for the area as well.All of these great attributes have combined to increasing the population in St. Petersburg. The city is now the second largest statistical area in the state of Florida. Most would assume that since this vacation area is increasing in population, the real estate market must be better than most in St. Petersburg. Let’s examine how the market is doing there.

At the end of the second quarter the average listing price was $275k. However the homes that sold averaged around $115k. So sellers are accepting a much lower price for the homes they’re listing, but the good news is that the homes are selling. At the beginning of the third quarter there were only around four thousand homes for sale. Considering the size of St. Petersburg, that’s not too bad. Compared to the second quarter of last year, the median home sale prices have risen by almost 4%. There are a bit more foreclosures on the market than most realtors would like; but the market in St. Petersburg overall is not too bad. It’s really a great time to buy a home in St. Petersburg, Florida. The market is much better than most parts of the nation. However if you’re new to the area a great realtor can help you to find the best location for your and your family.