Home Prices Climb to Record Highs in Sarasota and Manatee Counties
SARASOTA, Fla. (December 22, 2021) – Rising home prices have yet to slow down with November 2021 marking the highest recorded median prices in the two-county area. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), the trend of low supply and high demand will round out this year with fewer available properties and higher prices.
November 2021 data indicates the highest recorded prices in both counties for both property types. The single-family median price in Manatee County increased by 28.5 percent to $450,411. In Sarasota County, the single-family median price increased by 19.9 percent to $419,225. Condo prices increased by 28.6 percent to a median of $349,900 in Sarasota and by 26.4 percent to $300,000 in Manatee.“
It’s not surprising that our market is now priced higher than it’s ever been before. New listings that come to market are being sold in a matter of hours and there are far more buyers than there are homes to sell them,” said 2021 RASM President Alex Krumm, Broker Owner of NextHome Excellence. “I expect we’ll continue to see higher prices next year.”
In November 2021, the combined closed sales of all property types in both counties decreased year-over-year by 7.8 percent to a total of 2,141 sales. For single-family homes, closed sales decreased year-over-year by 2 percent to 833 sales in Sarasota County and by 2.5 percent to 699 sales in Manatee. Condo sales decreased by 16.8 percent to 351 sales in Sarasota and decreased by 22.3 percent to 258 sales in Manatee.
Cash sales make up a large percent of all closed sales in this seller’s market, accounting for 41.9 percent of single-family home sales in the Sarasota and Manatee area. Of all condo sales in the two counties, 55.5 percent were closed with cash offers.
“High season for home sales is upon us. Florida—and Sarasota and Manatee Counties in particular—continues to be the go-to destination for buyers from around the country. Expect a very busy winter and spring,” added Krumm.
At the end of November, the inventory of all active listings in the two counties decreased by 59.4 percent to 1,654 listings. The month’s supply of inventory is at 0.7 months for single-family homes, a 61.1 percent decrease in Sarasota and a 56.3 percent decrease in Manatee. Condo supply is at 0.6 months, a 73.9 percent decrease in Manatee County and 79.3 percent decrease in Sarasota.
The median time from listing date to contract date hovers around one week in the two counties. The median time to contract for all property types in the North Port-Sarasota-Bradenton MSA was 7 days in November, while the median time from listing date to sale date was 48 days.
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 November 2020 & November 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.