Luxury homes for sale in Palm Harbor are plentiful, if you want a luxury home in Palm Harbor. Based on the latest statistics for Pinellas County, the absorption rate for luxury homes is 13%. This simply means that if there are 100 luxury properties for sale, that 13 will sell. We are defining a luxury home as a house priced at or above $500,000.
There are homes on the Gulf of Mexico, for those who love boating and related water sports. There are homes on Lake Tarpon, with scenic vistas of the lake, boating, great bass fishing and just enjoying the quiet of a large lake. There are golf course homes, in Innisbrook. Innisbrook has 4 golf courses, great restaurants, tennis courts and much more. The Copperhead Course is home to an annual PGA tournament.
So, for those of you who are numbers lovers, keep on reading. If details and numbers bore you, time to check out now, because today we are talking numbers,and specifics.
One interesting item is that in the last 30 days, covering the month of June, there were 5 sales of luxury homes in Palm Harbor. There are now 105 houses on the market at that price range. Of these, 27 are under contract and 78 are actively listed. As you read this, and if you have already clicked on the link above for a search of luxury homes in Palm Harbor, because this is a fluid market, the numbers in the search link reflect real time values, and this paragraph shows a moment in time.
For our purposes, we are going to be talking about numbers based on today, although the search link will show homes for sale in Palm Harbor at the time that you visit the link.
Of the active listings, effective today, there are 78 houses listed for sale. The averages for these houses are 4 bedrooms, and 4 1/2 baths, with just over 4,000 square feet of living space. The average price per square foot is $249 and the average list price is $959,753.
If you delve a little deeper into these figures, we will find that there are 61 houses for sale, of which 39 are active listings in the $500,000 to $750,000 price range. 22 of the luxury houses for sale are under contract. The good news is that in the last 30 days, 5 houses have sold in the $500,000 to $750,000 range. The average list price for the homes for sale in this price range is $584,000, with an average of 4 bedrooms and 3 1/2 baths. The average price per square foot is $181. The average Days on Market (DOM) is 58.
Of the homes under contract, the figures are a bit different. The pending contract price average is about $621,000, an average of 4 bedrooms and 3 baths, and the average price per square foot is $201. These figures are not the final sales figures, so these may change, some significantly. One house in this price range is currently a short sale, and 2 of these homes are bank owned, or foreclosures.
For luxury homes for sale in Palm Harbor priced between $750,000 to $1 million,
there are 20 homes for sale, of which 4 are under contract. In this price range for luxury homes, none are either a short sale or a foreclosure. Of the 5 sales in this price range, 4 were funded with conventional mortgages and one was a private sale.
As of today, there are 25 homes for sale above $1 million in Palm Harbor. Of these luxury properties, 23 are active listings and 2 are under contract. The two properties under contract are on the Gulf of Mexico waterfront. The average list price for these luxury homes is $1.636 million, with an average of 4 bedrooms and 4 1/2 baths and an average price per square foot of $330. The average DOM is162. None of the 25 homes priced above $1,000,000 are distressed sales (short sale or bank owned).
Overall, in the Pinellas County real estate market, there is a 3.4 month inventory and an overall absorption rate of 29.5%. In all of Pinellas County, there were 1567 homes sold, down slightly from April when there were 1768 homes sold. The median and mean sales prices for homes sold in Pinellas County were 96% of list price. And an interesting note, if you happen to be looking at foreclosed property, the mean and median sold price was 100% of the list price. This indicates that banks are not negotiating much on foreclosures.
If you would like to learn more about the Palm Harbor luxury home market, be sure to contact us at Sun Bay Realty Group. We have been in the market for over 18 years.