Greetings,
Before going into a broader look at the local market, we have an update of our own to share. The project to build out a business center for KnowBe4 at our Clearwater Tower building (33 N, Garden Ave) has been completed. It will assist in the continued expansion of the company. It was the last unrenovated space in the building, so we have a completion on that long-term project as well. And, for the residential side of the business, we’ve added some new associates and now have an expanded amount of service. Lastly, we won the regional commercial Brokerage of the Year award from the Florida Gulfcoast Commercial Association of Realtors.
Using an average of data providers – Property Navigator, Redfin, Zillow, Rocket, and the Pinellas Realtor Organization – here are a few highlights of the current local market:
Key Metrics & Trends
- Median/typical home values – the median home price in Pinellas County is about $394,950 as of late 2025. This is down roughly 3.5 % year-over-year. Note, listing prices (asking price) tend to run slightly higher.
- Inventory has expanded. The Pinellas Realtor® Organization reports ~5.1 months of inventory in mid-2025, which is generally considered “balanced” territory (neither an extreme seller’s nor buyer’s market).
- Homes are staying on the market longer. Average of 65 days on market (vs ~47 days a year ago).
- A high share of homes is selling below the asking price. Approximately ~76% of homes sold below asking in June 2025.
- Sales activity: county-wide 1,462 homes sold in August 2025, slightly above the prior year (+2%).
- The condo/townhome / coastal segment is under stress more than single-family inland homes.
- In coastal/Barrier Islands, flood risk and insurance costs are dampening demand. While in more inland/non-flood-prone neighborhoods (Palm Harbor, Seminole, Dunedin, etc.), demand remains steadier.
- In some segments, sellers are cutting prices or being more negotiable, particularly for properties needing updates or those in higher-risk areas
- Price trends/trajectory The picture is mixed:
- Some sources report slight softening or mild declines (Zillow, Redfin), especially compared to the outsized gains of prior years. Others, especially in listing/asking metrics, show prices holding or even rising in some areas.
- The spread between list price and sale price is increasing (i.e., there is more discounting).
Outlook & What to Watch
- Expect a more balanced or slightly softening market over the next 6–18 months. The extreme “seller’s market” conditions of previous years are unlikely to return in full force.
- Inland, well-maintained homes in low-risk zones may hold value better; coastal / flood-impacted areas will be more volatile.
- Look for increased negotiating leverage by buyers in many segments.
Commercial Real Estate: Current State & Trends
Commercial real estate in Pinellas County is less transparent in publicly available sources, but here’s a summary of what is known/observed.
Key Data & Indicators
- Pricing – some note falling vacancy rates in office/industrial space, and upward pressure on rents (especially industrial / logistics) due to demand
- Redevelopment/infill opportunities
- Given Pinellas County’s built-out character, there is value in redeveloping underutilized parcels, mixed-use conversion, and densification in urban cores.
- Limited Class A / prime assets
- Scarcity of top-tier, modern commercial buildings in premium locations can command premium pricing where available.
Outlook & What to Watch
- Industrial / logistics is likely to remain a relatively strong sub-sector in the near term.
- Mixed-use and redevelopment projects, especially in urban centers or transit corridors, may be attractive if financing is available.
- Office and retail will remain more volatile; success will depend heavily on location and tenant composition (essential vs discretionary).
- Watch vacancy rates, rental rates/lease renewals, cap rates, and new supply in each sub-class (office/retail / industrial).
- Monitor municipal zoning changes, infrastructure investments, and public incentives, as these can materially shift land-value dynamics.
We’ve had success in both arenas, so don’t hesitate to call on us. We’re here to service you. Our area remains a very desirable area to live and work!
Best regards,
Brian Andrus, CCIM/ALC, Broker/Owner
Stonebridge Real Estate Co., Inc. Integrity is Everything™