Relatively speaking, the market is nearly cold. This means that buyers are going to have a much easier time making offers in the market, because homes aren’t selling the way they used to. Even with the median value of homes sitting at $165,700 for the entire area, that’s not what buyers are offering. About 17% of homes are selling at a price cut, and nearly 7% are selling lower than their last sale price. With foreclosure and negative equity being low, these factors are indicative of St. Petersburg being passed up by buyers.
Despite sellers being at a significant disadvantage, the market is still healthy. Values are stable and growing at a modest rate of about 5% annually. The median value for St Petersburg homes dropped below $100,000 in 2012, down from a high of $190,000 in 2007. Despite the hit, things have repaired themselves in a satisfactory way. The growth will continue until it eventually stops, though values may not fully return to their previous high.
Unfortunately, the rebound and stabilization of the market wasn’t enough to bring the buyers back. The typical buyer in today’s market is looking for a home in a suburb that moves at a slower pace than most of Saint Pete. People moving to the area are far more likely to rent an apartment than to buy a home, especially with the cost of living in the city being so high. This has lead to a lot of homeowners having trouble finding the right buyer. If you’ve been waiting around for a while, you’re far from the only one.