Updated: Dec 1, 2021
‘Seller’s Market’ Shows No Signs of Slowing in October 2021
SARASOTA, Fla. (November 22, 2021) – The Sarasota and Manatee housing market shows little signs of abandoning the trends we’ve been accustomed to over the last few months. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), the low supply of inventory continues to decrease the days on market and drive up prices.
Realtors® in Sarasota and Manatee counties represented a total of 2,037 sales in October, a 15.5 percent decrease from the same month last year. Single-family home sales in Sarasota County decreased by 15.2 percent to 788 sales, while Manatee County single-family sales decreased by 12.3 percent to 672 sales. Condo closed sales decreased by 24.6 percent to 319 sales in Sarasota, and decreased by 11.6 percent to 258 sales in Manatee.
Despite a decrease in the number of single-family home sales this month, both counties have seen an increase in total dollar volume from a year ago. The total dollar volume of single-family homes in Sarasota increased by 1.9 percent to $467.7 million and by 3 percent to $379.9 million in Manatee.
“Make no mistake: prices are going to rise in 2022, and most likely by a lot. There simply aren’t enough homes coming to market to offset the enormous demand for homes.” said 2021 RASM President Alex Krumm, Broker Owner of NextHome Excellence. “It is more critical than ever to set a game plan with your Realtor® to figure out the best way for you to buy or sell. The market is complicated, and it looks like it might get even trickier.” added Krumm.
Prices continue to rise year-over-year for the two counties in September. In Manatee County, the median price for single-family homes is $425,000, an 18.1 percent increase from last year. In Sarasota, the median price for single-family homes reached a record-high at $410,000, an increase of 18.8 percent. Condo prices increased by 27.1 percent to a median of $332,990 in Sarasota and by 9 percent to $278,000 in Manatee.
Cash sales are still prominent in this market, accounting for 39 percent of single-family home sales in the Sarasota and Manatee area. Of all condo sales in the two counties, 61 percent were closed with cash offers.
“Buyers should be prepared to be patient. Competition will be fierce for the foreseeable future and there isn’t a market correction around the corner.” added Krumm. “Buyers who have already taken advantage of this market are being rewarded handsomely, and we expect those rewards will keep on coming through the first part of the year.”
The inventory of all active listings in the two counties decreased by 59.4 percent to 1,785 listings at the end of October. The month’s supply of inventory is at 0.8 months for single-family homes, a 60 percent decrease in Sarasota and a 55.6 percent decrease in Manatee. Condo inventory decreased 76.9 percent in Manatee County to 0.6 months and decreased by 78.1 percent in Sarasota County to a 0.7 months supply.
The median time from listing date to contract date continues to hover around one week. For single-family homes in the North Port-Sarasota-Bradenton MSA, the median time to contract was 6 days in October, a decrease by one day from the previous month. For condos, combined in the two counties, the median time to contract is 7 days, a one day increase from September 2021.
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 October 2020 & October 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.