January 2021 real Estate market news for Sarasota & Manatee counties
The start of the new year showed no signs of a slow-down in buyer demand, proving Sarasota’s desirability as the next best place to live remains at an all-time high. According to the REALTOR® Association of Sarasota and Manatee (RASM), January showed more closed sales, more new pending sales and higher median prices compared to a year ago. Across the two-county market, year-over-year closed sales were up 23.6%.
In Sarasota County, condo sales were up almost twice as much as single family homes, 32.6% compared to 17.9% respectively. In Manatee County, it was the opposite, and while not as dramatic, single family home sales commanded the lead with an increase of 25.6% vs. condos/townhomes at 20.5% year over year.
The record buyer demand is also nudging prices upward, which is good news for sellers or homeowners looking to list their property. January median prices also continued to rise, up 14.9% for single family homes and 9.1% for condos/townhomes in Sarasota and up 12.3% and 10% respectively in Manatee.
Pending inventory showing promise
While current inventory levels, hovering between one to three months depending on the county, remains a challenge, the good news is pending inventory is up 59.7% for single family homes and 46.8% for condos/townhomes in Sarasota and up 46.8% and 52.7% respectively in Manatee. While still lagging behind “healthy” levels, there continues to be new inventory coming to market so buyers still have options.
What it means for buyers and sellers
Alex Krumm, RASM president, advises not to wait, both as a buyer and seller. “Waiting to purchase is a mistake right now,” said Alex Krumm, RASM president. “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,” Krumm added.
As a Florida native and 37+ year Sarasota resident, I have dedicated my professional career to providing expert knowledge and personalized service to both buyers and sellers. I would be happy to discuss your specific needs and interests and how I might assist you in finding your next dream home, selling your existing one or working with a friend, family member or neighbor who make also be looking to buy or sell in Sarasota and Manatee Counties.
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I look forward to the opportunity to work with you.