It has been more than a year since the pandemic’s start; the Sarasota and Manatee County housing markets continue to surpass all pre-pandemic levels. According to data provided by Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), March 2021 reported more sales, more new listings, and higher prices than the same month last year. In this seller’s market, buyer demand continues to outpace the number of new listings.
The illustrated graphic above reflects Manatee and Sarasota County statistics provided by Florida REALTORS® and RASM.
What does this mean for sellers?
When it comes to the median percent of original list price received, sellers in Manatee and Sarasota Counties are recording 100 percent, which is an increase of 4 percent from last year this time. Find out how much your home is worth with my free home value estimate.
What does this mean for buyers?
The real estate market continues to be very competitive. With a limited supply of inventory, buyers find themselves in bidding wars; properties are selling at a much faster pace and at a higher sale price.
Sarasota County
Below, I have summarized Sarasota County Market Statistics, a year-over-year (March 2021 vs. March 2020) comparison for single-family homes and condominiums.
There continues to be a limited supply of inventory; a balanced market reflects six months of available inventory. In Sarasota, we currently have three weeks of available inventory – and that number is shrinking every day. Still, it is one of the best times in history to sell a home.
SARASOTA COUNTY
Year-Over-Year Comparison
March 2021 versus March 2020
- Number of closed sales
Single-family homes increased to 1,169 (40.2%) over March 2020. Condos was 738 (62.6%). - Number of active listings
Single-family homes decreased to 680 (-75.2%). Condos 477 (-72.2%). - New listings The number of properties put onto the market during March
Single-family homes increased to 1,075 (17.5%). Condos increased to 563 (19%) - Median Price
Single-family homes increased $379,695 (17.8%). Condos increased to $289,750 (18.3%). - Average Sales Price
Single-family homes increased to $606,126 (46.3%). Condos increased to $580,688 (54.4%). - Paid in Cash
Single-family homes increased 493 (55.5%). Condos increased 425 (61.6%). - Median Time from Listing to Contract Date
Single-family homes decreased 13 days (-65.8%). Condos decreased 21 days (- 56.3%). - Median Time to the Sale
Single-family homes decreased 56 days (-30.9%). Condos decreased 65 days (-29.8%) - Limited Month’s Supply of Inventory and Properties continues its downward trend. Single-family homes reported a decrease to a 0.8-month supply (-78.4%); Condos decreased to a 1.1 supply (-76.1%)%. A typical market is a 6-month supply.
If you have any questions regarding marketing and selling your property or starting your search for a new home, please contact me to discuss.
Email: georgia@georgiasalaverri.com
Phone/Text: 941-260-6429
Source: Florida Realtors® and Stellar MLS