June 2021 Home Sales Increase While Inventory Falls to a Record-Low
The Sarasota and Manatee housing market continues to set records in June, marking the 12th consecutive month of year-over-year sales growth. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), June 2021 reports more closed sales, higher median prices, and record-low inventory.
Closed sales increased year-over-year by 41 percent to a total of 2,849 sales in June, with 100 percent of properties closing at or above the original list price. In Sarasota County, single-family sales increased by 42.8 percent to 1,097 sales, and condo sales increased by 72.2 percent to 575 sales. In Manatee County, single-family sales increased by 24.3 percent to 830 sales and condo sales increased by 38.8 percent to 347 sales.
Year-to-date, single-family closed sales have increased by 85.1 percent to 4,038 sales, bringing in $5.8 billion in volume. Condo sales have also increased year-to-date with a 65.2 percent increase to 5,636 sales, bringing in $2.6 billion to the local market.
“These first six months of 2021 have consistently demonstrated the demand for housing in our area. This past month reported the largest volume of sales ever recorded for the month of June,” said 2021 RASM President Alex Krumm, Broker Owner of NextHome Excellence. “Interest rates are still playing a big role in the home-buying ‘frenzy’ here, as well as the desire to live and invest in Sarasota and Manatee counties.”
New pending sales showed a year-over-year decline this month. Combined for both counties, new pending sales decreased by 15.5 percent for single-family homes and by 7.5 percent for condos.
Newly listed homes totaled between the two counties grew year-over-year by 23 percent for single-family homes and decreased by 4.4 percent for condos. Since March, the number of closed sales has consistently outpaced the number of new listings added to the market each month. The supply of homes is unable to keep up with the current demand, continuing a steady decline to an all-time low of availability properties.
In June, the inventory of all property types in the two counties decreased by 72.4 percent to 1,537 active listings at the end of the month, the lowest level of inventory recorded in the two counties.
The month’s supply of inventory for single-family homes decreased by 74.1 percent to 0.7 months in Sarasota and decreased by 76.9 percent to 0.6 months in Manatee. Condo inventory decreased by 86 percent to a 0.6-month supply in Sarasota and dropped by 86.8 percent to 0.5 months in Manatee County.
The Sarasota median sales price for single-family homes was $400,150 in June, a 31.2 percent increase from last year. As for Manatee County, the median price for single-family homes was $405,305, a yearover-year increase of 24.7 percent. In the condo market, Sarasota condos reported a median sales price of $309,700 and Manatee reported a median price of $280,000.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
Information courtesy of: REALTOR® Association of Sarasota and Manatee
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Based information from the Stellar Multiple Listing Service for the period June 2020 & June 2021. This information may or may not include all listed expired, withdrawn, pending, or sold properties of one or more members of the Stellar Multiple Listing Service.