Sarasota Real Estate Report: January 2021

The following report, information and statistics are from the Realtor Association of Sarasota and Manatee as published for their Realtor Membership on February 19, 2021 for closed January 2021business.

Sarasota and Manatee Housing Market Stays Hot in January

SARASOTA, Fla. (February 19, 2021) – Sarasota and Manatee’s housing market in January showed more closed sales, more new pending sales, and higher median prices compared to a year ago. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), closed sales increased year-over-year by 23.6 percent across the two-county market.

“Our sales tend to be strong through fall and winter, but what we're seeing right now is unprecedented. There are far more buyers than sellers, which reinforces the trend of rising prices and competition in our
marketplace,” said 2021 RASM President Alex Krumm. “Buyers can expect to see stiff competition in the marketplace, but should feel good about getting a home with a record low interest rate that's almost certain to increase in value this year.”

Closed Sales

In January, closed sales of single-family homes in Sarasota and Manatee counties totaled 1,181, up by 21.1 percent year-over year, while condo sales totaled 721, up 27.8 from January 2020. Single-family homes sales increased by 17.9 percent in Sarasota County and by 25.6 percent in Manatee. Condo sales increased year-over-year by 32.6 percent in Sarasota and by 20.5 percent in Manatee.

Median Prices Increase

In the two-county area, prices for both single-family homes and condos rose year-over-year in January. In Manatee County, the median price for single-family homes increased by 12.3 percent to $370,000, higher than any previously recorded price. As for Manatee condos, the median sales price increased by 10 percent to $231,000. In Sarasota County, the median price for single-family homes was $340,004, up 14.9 percent from a year ago, and condo prices rose by 9.1 percent to $302,250. The median is the midpoint; half the homes sold for more, half for less.

Don't Wait to Purchase

“Waiting to purchase is a mistake right now,” added Krumm. “Home prices are increasing at an incredible pace with no sign of slowing, and sellers can take advantage of a very favorable climate to fetch good prices and great terms.”

Pending Sales

Pending sales, totaled for both property types in both counties, increased year-over-year by 32.7 percent in January. For single-family homes, pending sales increased by 25.1 percent in Manatee and by 35.5 percent in Sarasota. Condo pending sales increased by 36.3 percent in Manatee and by 35.2 percent in Sarasota.

New listings in the two-county area decreased year-over-year in January in both property type categories. Single-family home new listings decreased by 20.9 percent in Manatee and by 18.2 percent in Sarasota. Condo new listings decreased by 35.8 percent in Manatee and by 10.6 percent in Sarasota. While there was a decline in new listings from the same month last year, more new listings were added to the market month-over-month with a 22.4 percent increase from December 2020.

Inventory of Homes and Condos Available

On the supply side, the combined inventory (total of both property types in the two counties) of active listings decreased year-over-year by 59.9 percent in January. Single-family supply is very limited with a 1.1-month supply in Manatee County, a year-over-year decrease of 67.6 percent, and a 1.2-month supply in Sarasota County, a 66.7 percent decrease from last year. Condo inventory also decreased year-over year by 66 percent to 1.6-months in Manatee County, and by 57.1 percent to a 2.1-month supply in Sarasota.

The median time from listing date to contract date stayed below a median of 20 days for single-family homes. In the single-family home market, the median time fell by 58.5 percent to 17 days in Manatee County and went down by 44.1 percent to 19 days in Sarasota County. As for condos, Manatee properties took a median of 40 days from listing to contract and in Sarasota, condos fell to a median of 28 days.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.