Local INFOSRQ RE Market Updates June 30, 2022

Trend of more home sales & rising prices in 2021, APRIL

The Sarasota and Manatee housing market continues the trend of more home sales and rising prices in April 2021. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), April reported more sales, more new listings, and record-high prices.

“It’s hard to compare to last year because of the lockdown, but we’re in a historically incredible market regardless. 2021 is turning out to be a fascinating year — an acute shortage of new homes and record migration to our area are driving prices skyward,” said 2021 RASM President Alex Krumm, Broker Owner of NextHome Excellence. “It’s a good year to be a seller.”

Closed sales increased year-over-year by 83.7 percent to a total of 2,991 sales this month. In Manatee County, single-family sales increased by 69.7 percent to 847 sales, and condo sales increased by 126.8 percent to 415 sales. In Sarasota County, single-family sales increased by 67.7 percent to 1,060 sales, and condo sales increased by 113.1 percent to 669 sales.

Year-to-date in the North Port-Sarasota-Bradenton MSA, single-family closed sales increased by 39.2 percent to 6,531 sales, and condo closed sales have increased by 58.3 percent to 3,854 sales.

Buyer demand and low supply continue to drive up median sales prices in both counties. In Manatee County, the median price for single-family homes surpassed $400,000 for the first time, reaching a median price of $405,000 in April 2021, a 19.1 percent increase from last year. In Sarasota County, the median sales price for single-family homes was $380,000 in April, a year-over-year increase of 21.3 percent. As for condos, the median sales price is $235,000 in Manatee and $310,000 in Sarasota.

According to the North Port-Sarasota-Bradenton MSA reports, the dollar volume for all sales closed in April 2021 increased year-over-year by 137.6 percent to $1.1 billion for single-family homes, and by 269 percent to $545.8 million for condos.

On the supply side, the combined inventory of both property types in both counties decreased year-over-year by 75.5 percent. The month’s supply of inventory for single-family homes stayed below one month in April, with an 80 percent decrease to 0.7 months in Sarasota, and an 81.8 percent decrease to 0.6 months in Manatee. Condo inventory decreased by 80.4 percent to a 0.9-month supply in Sarasota and dropped by 84.1 percent to 0.7 months in Manatee County.

“Things are looking good for sellers — they’re able to realize far more this year than they were last and can often dictate the terms of the sale. Buyers, on the other hand, are challenged and should be prepared to compete hard for a seller’s attention,” added Krumm. “Half of all homes are selling in eight days or less. This means multiple offers, contracts over list price, and tons of activity are the norm.”

The median time from listing date to contract date continues to shrink each month. With low inventory and increased competition, homes are selling up to 76 percent faster than this time last year. Combined for the two counties in April 2021, the reported median time to contract was 7 days for single-family homes and 11 days for condos.

The total number of pending sales across the two-county market increased by 99.2 percent, a complete rebound from the decline in pending sales during the April 2020 lockdown. For single-family homes, pending sales increased by 66.6 percent in Manatee and by 81.8 percent in Sarasota. For the condo market, pending sales increased by 184.3 percent in Sarasota, and by 146.3 percent in Manatee.

Provided by Florida Realtors® – Sarasota Manatee Association RASM