Prospective home buyers and sellers in the Sarasota real estate market track a fast lane moving into 2021. At end-2020, both sales and price gains were on a brisk pace for single-family homes and condos on the local market.
Sales of single-family homes in December rose to 1,038 residences, up a hefty 49.1 percent from the 746 homes sold a year earlier. For the whole of 2020, total sales rose 8.9 percent to 9,521 single-family homes.
The median price of single-family homes sold in Sarasota in December rose to 17.8 percent to $350,000. Low market inventory continued to drive prices higher, which also resulted in listings selling at a faster clip.
The same buoyant market scenario prevails over Sarasota condos for sale. In December, 498 condos were sold in the county, up 19.4 percent from last year’s 417. Total 2020 Sarasota condo sales rose 11.8 percent to 4,635. The December condo median price increased 7.3 percent to $276,745.
It is likely for the upward sales momentum to extend onwards 2021, industry analysts say, as they expect more buyers to enter the market. Despite projections of rising interest rates, the mortgage rate level is foreseen to continue hovering close to the near-record lows of around 3 percent. The new economic stimulus lined up in 2021 and the progress on the Covid-19 vaccine distribution also augur well for the real estate market’s health.
A good time to sell
The currently thin inventory of single-family homes for sale in Sarasota sets sellers to get the top dollar for their listing. Active listings of single-family homes in December dropped 50.4 percent to 1,253 residences. Also, condominium inventory declined by 34.7 percent to 1,019 units.
Months of inventory in the Sarasota real estate market firmly indicate a sellers’ market, December figures show. Statistics for the month, indicate just a 1.6-month supply for single-family homes and a 2.6-month supply for condos. For a balanced market favoring neither seller nor buyer in pricing, the industry’s benchmark inventory level is a 5.5-month supply.
Given the low inventory of Sarasota homes for sale, listings are selling fast on the market.
The median time from the date of listing to contract date decreased by 47.1 percent to 18 days in Sarasota in December. For Sarasota condos, the median time to contract declined by 10.8 percent to 33 days.
Deeper market reading
Prospective sellers though have to tap the services of a professional real estate agent with an even deeper reading of the Sarasota market in order to bag the best deal for their property. The levels of home inventory, while generally low, vastly vary in the different price segments of the market. The number of active listings of comparables in specific Sarasota areas also vary greatly.
In Longboat Key, for example, there are just nine available single-family homes in the active list priced under $1 million as of end-2020. The listed condos in the town within this price range are at 60 units as of year-end.
With the professional help of a local real estate agent, home buyers and sellers can benefit from the dynamism of the Sarasota real estate market in 2021. Contact the Judy Kepecz-Hays Team to learn more about the opportunities available in our market.
Here are the compiled MLS numbers in comparison 2019 vs 2020 for you. Please call me if you would like a more detailed report: 941.587.1700.