Single-Family Home Sales Increase In Sarasota, Manatee Counties

SARASOTA, FL — In December, more homes closed and at a faster pace than the same month in 2019, the Realtor Association of Sarasota and Manatee said in a news release.

Single-family home sales increased year-over-year by 40 percent percent across the two-county market, according to data from Florida Realtors and compiled by RASM. December closed 2020 with an increase in closed sales and median prices along with lower inventory levels, causing properties to spend less time on the market.

“This is one of those weird moments when it's a great time to sell, but it's also a great time to buy,” Alex Krumm, broker-owner of NextHome Excellence and RASM president, said. “If this trend continues - and data is showing that to be the likeliest forecast - then sellers can get top dollar in record-short timeframes, while buyers can lock in record-low interest rates and buy a home that is going to be worth much more a year from now. And if they do both, they can get the best of both worlds.”

In December, the total number of closed sales in the two-county area increased by 36 percent from the same month last year, RASM said. In Sarasota County, 1,038 single-family sales closed in December, a 39 percent jump from last year. And in Manatee County, the single-family market reported 831 closed sales, a year-over-year increase of nearly 42 percent. Condo sales also increased year-over-year with a 45 percent increase to 338 sales in Manatee, and a 19 percent increase to 498 sales in Sarasota.

Median prices closed 2020 with a year-over-year increase for all markets in December. Single-family prices in Manatee increased by about 7 percent to $357,900, while Sarasota single-family prices increased by nearly 18 percent to $350,000, RASM said. Condo prices increased by almost 20 percent to $239,000 in Manatee and by 7 percent to $276,745 in Sarasota.

Pending sales also increased year-over-year in December. For single-family homes, pending sales increased by 49 percent in Manatee and by 34 percent in Sarasota. Condo pending sales increased by 42 percent in Manatee and by 24 percent in Sarasota, RASM said.

New listings increased by 11 percent in December 2020, as well. It is typical to see a rise in new listings this time of year as sellers prepare to reach more seasonal buyers returning to the area. Single-family home new listings increased by about 21 percent in Manatee and about 9 percent in Sarasota. Condo new listings increased by 8 percent in Manatee and approximately 5 percent in Sarasota.

The median time from listing date to contract date decreased in December 2020, RASM added. For single-family homes, the median time to contract fell by nearly 69 percent percent to 15 days on the market in Manatee and by 47 percent to 18 days in Sarasota. As for condos, Manatee properties took a median of 26 days to contract and in Sarasota, condos fell to a median of 33 days to contract.

“The median number of days from listing date to contract date is astonishingly short, especially for single-family homes. With so few homes on the market and a high demand from buyers, homes are flying off the market,” Krumm said. “Buyers can expect to see fewer homes come to market as season progresses, which means more competition and higher prices. A skilled Realtor can give buyers the edge they need to buy their dream home and help sellers maximize their return through market exposure and skilled negotiation.”

The month’s supply of inventory continues its downward trend in both counties, RASM said. In December, single-family homes reported a one-and-a-half-month supply in both Manatee and Sarasota. As for condos, the month’s supply of inventory fell to a two-month supply in Manatee and a one-and-a-half-month supply in Sarasota.

The combined inventory of active listings in all markets and both counties decreased year-over-year by nearly 46 percent. Condo inventory decreased by about 35 percent in Sarasota and by 42 percent in Manatee. Single-family inventory decreased by about 50 percent in both Manatee and Sarasota counties.