Condo Prices Continue to Rise, but Buyers Still Hold the Leverage. Pinellas County condo and townhouse prices moved higher in August 2026, with the median sale price reaching $275,000 (+5.8% year over year). Closed sales fell to 463 (-6.5% YoY), showing that buyers remain cautious and selective.
Inventory tightened to 6.4 months, down 20% from last year, but that still gives buyers a meaningful level of choice. New listings were essentially flat (+1%), while the median time to contract increased to 74 days (+8.8%). In other words, good condos in wel -run buildings can still attract buyers, but sellers should not expect every listing to move quickly.
The key number remains the 91.7% median sale to list ratio, which points to continued room for negotiation on price, closing costs and other terms. Sellers need realistic resale pricing and organized condo documents from the start. Buyers should use their leverage wisely, but complete thorough due diligence on reserves, insurance, assessments and required building inspections before committing.
💼 What This Means for Condo Sellers
Condo inventory has tightened, but buyers still have substantial choice and remain selective. A successful sale depends on credible pricing, strong presentation and clear answers to condo document questions.
- Price for Today’s Buyer: The median sale price rose to $275,000 (+5.8% YoY), but the median sale to list ratio was still only 91.7%. Price from true comparable resales, not from the highest active listings.
- Allow Time for the Right Buyer: Median days to contract increased to 74 days, up 8.8% year over year. A listing that starts too high can quickly lose momentum in this market.
- Make Due Diligence Easy: Inventory declined to 6.4 months, but it remains a buyer friendly level. Have association documents, reserve information, milestone or SIRS records and recent assessments ready before going live.
🔑 What This Means for Condo Buyers
Buyers continue to have negotiating leverage, even as inventory tightens. The opportunity is to use that leverage carefully while focusing on buildings with sound financials and manageable future costs.
- Negotiation Remains Important: The 91.7% sale to list ratio shows that many buyers are still purchasing below asking price. Support any offer with current comparable sales, property condition and days on market.
- Take Time to Review the Building: With a median of 74 days to contract, there is usually time for thorough due diligence. Review budgets, reserves, insurance, assessments and required inspections before removing contingencies.
- Luxury Buyers Have More Choice: Closed sales above $1 million fell to 20, down 58.3% year over year. High end buyers should compare competing buildings and individual residences carefully, while recognizing that a small number of sales can make this category volatile.
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