Tierra Verde’s 2017 Median Sales Price Beats the Rest
By Dan Reichard, Realtor®, Smith and Associates Real Estate
The median sales price of Tierra Verde residential properties sold in 2017 increased by more than 13% year over year. At a median price of $481,250 Tierra Verde’s nearest competition were the Redington beaches with a median price of $415,550 in 2017.
Some observers may be inclined to attribute the 2017 performance on the launch of new luxury condos at Collany Key on Tierra Verde. However, even if those sales in phase one at Sunset Pointe are excluded from the data, Tierra Verde’s median price point still tops the other southern Pinellas County beach communities at $445,000.
Also, the median number of days those sold properties in Tierra Verde were on the market decreased sharply to only 57.5 days. But St. Pete Beach, Treasure Island, and Madeira Beach median days on market were lower at 41, 38, and 43 respectively. Only the Redington beaches properties sold more slowly with a median of 64 days on market.
Of the southern beaches in Pinellas County only Treasure Island and Madeira Beach had very slight dips in their number of year-over-year residential property sales. But in both cases the overall dollar volume from closed sales indicates both real estate markets are healthy.
Although market trends in surrounding beach communities of St. Pete Beach, Treasure Island, Madeira Beach and Redington Beaches are important to the health of the real estate market as a whole, ultimately the market value of a specific property on Tierra Verde is determined by market activity here on the island.
I live on the island of Tierra Verde, so if you are considering a real estate purchase or a real estate sale here, you will want to review my 2017 Tierra Verde Market Analysis first! The report takes a look back at more than the last decade of sales activity on the island and breaks it down by on-water and off-water residential type (condo, townhome, single family) to identify market trends. Submit a request online here to receive a copy of the report!