The scarce inventory of houses and condominiums for sale, even compared to the typically tense midsummer markets of previous years, is driving property prices higher in the counties of Sarasota and Manatee, according to the region’s industry group.
This continues the price increase that began in June 2020, a 15-month route with ever higher sales prices for homes, condominiums and townhouses.
“We are only a few months away from our peak season, and right now we have about half the available homes than we did last year at this time,” said the Sarasota Realtor Association and Manatee President Alex Krumm, broker owner of NextHome Excellence in a Prepared Statement.
“There is still tremendous buyer demand – expect competition, and therefore prices, to continue to rise. Inventories almost always rise in late summer and this year is no exception. It will be interesting to see what happens when we start the season with one. “-Third of the available apartments we had last year.”
According to the organization’s data, the median Manatee single-family home price was $ 430,000, up 19.4% from 2020. The single-family home price in Sarasota was $ 390,093 in August, up 18.2%. In the housing market, Sarasota reported a 26.3% increase to a median price of $ 315,000 and Manatee a 23.3% increase to $ 275,000.
Fueling this rise is a tight inventory.
- There were 761 active single-family homes in August, up from 1,577 a year ago
- There were 293 active condo listings in August, up from 1,300 a year ago
- There were 564 active single-family homes in August, up from 1,183 a year ago
- There were 218 active single-family homes in August, up from 753 a year ago.
“The high level of competition for the limited number of available apartments is tempting buyers to compromise on price or condition in order to buy,” said Krumm. “Buyers should be patient when looking for an apartment, aggressive when offering a home, and most importantly, ensure that their offers give them the opportunity to exercise their due diligence.”
Krumm’s point of view can be read in the data on the contract period. The average time from the listing to the contract date in the two districts is around a week, in most cases less than around a month and a half.
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