Single-Family Median Price Breaks $400,000 in Manatee County

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SARASOTA, Fla. (May 21, 2021) – The Sarasota and Manatee housing market continues the trend of more home sales and rising prices in April 2021. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), April reported more sales, more new listings, and record-high prices.

This time last year, Governor DeSantis issued a statewide stay-at-home order on April 1, 2020, which lasted through the month. The housing market experienced a “pause” in activity, affecting sales, new listings, and pending sales. Compared to today’s hot real estate market, April 2021 shows some significant year-over-year increases for closed sales, pending sales, and new listings.

“It’s hard to compare to last year because of the lockdown, but we’re in a historically incredible market regardless. 2021 is turning out to be a fascinating year — an acute shortage of new homes and record migration to our area are driving prices skyward,” said 2021 RASM President Alex Krumm, Broker Owner of NextHome Excellence. “It’s a good year to be a seller.”

Closed sales increased year-over-year by 83.7 percent to a total of 2,991 sales this month. In Manatee County, single-family sales increased by 69.7 percent to 847 sales, and condo sales increased by 126.8 percent to 415 sales. In Sarasota County, single-family sales increased by 67.7 percent to 1,060 sales, and condo sales increased by 113.1 percent to 669 sales.

Year-to-date in the North Port-Sarasota-Bradenton MSA, single-family closed sales increased by 39.2 percent to 6,531 sales, and condo closed sales have increased by 58.3 percent to 3,854 sales.

Buyer demand and low supply continue to drive up median sales prices in both counties. In Manatee County, the median price for single-family homes surpassed $400,000 for the first time, reaching a median price of $405,000 in April 2021, a 19.1 percent increase from last year. In Sarasota County, the median sales price for single-family homes was $380,000 in April, a year-over-year increase of 21.3 percent. As for condos, the median sales price is $235,000 in Manatee and $310,000 in Sarasota.

According to the North Port-Sarasota-Bradenton MSA reports, the dollar volume for all sales closed in April 2021 increased year-over-year by 137.6 percent to $1.1 billion for single-family homes, and by 269 percent to $545.8 million for condos.

On the supply side, the combined inventory of both property types in both counties decreased year-over- year by 75.5 percent. The month’s supply of inventory for single-family homes stayed below one month in April, with an 80 percent decrease to 0.7 months in Sarasota, and an 81.8 percent decrease to 0.6 months in Manatee. Condo inventory decreased by 80.4 percent to a 0.9-month supply in Sarasota and dropped by 84.1 percent to 0.7 months in Manatee County.

“Things are looking good for sellers — they’re able to realize far more this year than they were last and can often dictate the terms of the sale. Buyers, on the other hand, are challenged and should be prepared to compete hard for a seller’s attention,” added Krumm. “Half of all homes are selling in eight days or less. This means multiple offers, contracts over list price, and tons of activity are the norm.”

The median time from listing date to contract date continues to shrink each month. With low inventory and increased competition, homes are selling up to 76 percent faster than this time last year. Combined for the two counties in April 2021, the reported median time to contract was 7 days for single-family homes and 11 days for condos.

The total number of pending sales across the two-county market increased by 99.2 percent, a complete rebound from the decline in pending sales during the April 2020 lockdown. For single-family homes, pending sales increased by 66.6 percent in Manatee and by 81.8 percent in Sarasota. For the condo market, pending sales increased by 184.3 percent in Sarasota, and by 146.3 percent in Manatee.

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.

BRENT LEATHWOOD, MBA

LICENSED REAL ESTATE BROKER | BK 3300751

CROSS BORDER REALTY LLC | CQ1046895
2100 CONSTITUTION BLVD. #207
SARASOTA, FL, 34231
(941) 882-2995
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3 Big Mistakes Buyers make:

  1. 1. NOT KNOWING THE NEIGHBORHOOD...ContinuedReal estate always has been and always will be a local business. Know your neighborhood is a cardinal rule in this business. A real estate professional knows what is going on in their local market area. Hire a knowledge, local professional. When we see folks wandering around with a notebook and a list of questions, we know they are the most likely to make a costly mistake. A PROFESSIONAL Realtor, (please note the word professional), can spend 15 minutes listening to your needs and wants, and probably rule out 90% of the local market options, and focus your attention, on the 3 or 4 or 5 communities that will meet your needs, and make sense from both a financial and lifestyle point of view. I am amazed at how many people from out of State, go it alone, end up buying in the wrong community, and come to regret it. I meet people like this everyday, and everyone single one of them will say to me: “I wish we had met you first.”
  2. 2. GETTING STUCK IN AN HOA NIGHTMARE...ContinuedHome owners association nightmares are the stuff of legend in our State. Do not buy the wrong property in the wrong community. A knowledgeable real estate professional can explain to you upfront, the ins and outs of the HOA regulations of the community you are considering, and help you avoid 99% of these potential pitfalls. This is another very costly mistake.
  3. 3. THINKING YOU DO NOT NEED A REALTOR WHEN BUYING A NEW HOME...ContinuedEverybody knows you need a Realtor to represent you, when buying a resale home. Many do not know, you also need a Realtor to represent you, when buying a new home. The new home sales person in the model home works for the Builder, not the Buyer. They are paid to look out for their employer’s interests, not yours. You will not save $1 by going it alone. You will lose money. A lot of money. One of our largest local builders reported 872 annual sales, of which, 762 were handled by Realtors representing the Buyer. That is 87% of the total. The Builder has already factored paying a finder’s fee into the price. The Builder will not rebate $1 of this money back to you. Builders laugh under their breath, when Buyers try this negotiating tactic, even though they will politely agree with you. Professional representation costs you $0, why would you fend for yourself, in a market you know almost nothing about? Buyers know less than 20% of what they actually need to know, to get a great deal. Having gone through the new home buying process hundreds of times with clients, we know all the pitfalls to avoid, and how to make the process go smoothly. Do not go it alone, get professional representation, it costs you $0. Not doing this is the most costly of the 3 mistakes. But everyone has heard the old saying, you can lead a horse to water. We are in the business of helping our customers solve a problem. Our ability to do that, is the sole reason we have a thriving business. We are here to help you through the entire process, and get a great deal.

4 Big Mistakes Investors make:
  1. INCOME... ContinuedThe rental income does not justify the $/sq. ft. purchase price.
  2. EXPENSES... Continued The monthly expenses are too high, relative to the property type and rental income produced.
  3. CAP RATE... Continued The capitalization rate is too low to justify the investment.
  4. HOA REGS... Continued The home owners association regulations are too restrictive, or do not permit the intended use. Frequently overlooked or glossed over by some sales people, the long run financial consequences are catastrophic if a mismatch occurs.
Avoid Costly $$$ Mistakes: Hire Brent. Costs you $0.