Are Real Estate Prices Dropping?

With all that is happening with the stock market, nearly 10 million people filing for unemployment, oil prices tanked, and more, you would think that real estate prices would be plummeting along with them. All of this probably has you wondering are real estate prices dropping?

Are Real Estate Prices Dropping?

Here’s the thing. It’s not true.

Yes, the houses that are on the market right now are selling slightly slower than they were just a few weeks ago, but the prices haven’t dropped like most of the rest of the markets.

Don’t believe me?

Here’s the real statistics that we’re seeing here in our local MLS (Multiple Listing Service):

Of all the SOLD properties in the past 30 Days in Pinellas, Hillsborough, & Pasco counties:

  • The Average list price is $328,767
  • The Average list price per square feet is $168.14
  • The Average sale price is $321,533
  • The Average sale price is $164.75

So what do those numbers mean? Are real estate prices dropping?

It means houses are still selling, on average, for 98% of the original asking price.

98%!

And guess what…

Those stats are similar to what they were before the Coronavirus hit within +/- 1-2%.

Now, I want to make something very clear here. I am NOT saying that real estate is recession-proof. Not by a long shot. There have been things happening that have absolutely changed the landscape of our industry. Things are going to continue to change.

What that looks like we don’t know. Technology has definitely changed how we’re doing showings of houses on a regular basis, how we’re communicating with our clients, etc.

Honestly, it’s kind of nice to chat with our clients, partners, referral partners, other agents, etc. via Zoom and Facetime instead of just sending texts, emails, and regular phone calls.

But, in reality, to answer the question are real estate prices dropping; the answer is no.

So, if you’re thinking of selling you should. Imagine getting exactly what you were expecting to get from even six months ago.

The serious buyers are still buying. The serious buyers are still qualified to buy.

If you’re looking to sell your house I can help you get top dollar and make sure your house sells for at least 98% of the list price.

Shoot us a message or fill out a form here and we’ll make sure you sell your house and get OUT FAST!

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