The Sarasota Real Estate Market recorded a more than 80% increase in sales of existing single-family homes and condominiums in April than were recorded in April 2020. And inventory at the end of April was almost 75% lower – a loss of more than 3,000 properties available for sale.
As last April we were experiencing lockdown resulting from the rapid spread of COVID, much of our data will show some remarkable aberrations. However, when comparing to a more normal April 2019 sales transactions this year were 40% higher, indicating that this year’s growth is truly impressive.
Prices have also continued their record-breaking rise. The median price for an existing single-family home in the Sarasota Real Estate Market is now $380,000, and condos come in at $310,000, both at over 20% higher than last year’s median.
Pending sales in April were also strong – almost 20% higher than 2019 – indicating that closings over the next few months will reflect incredible growth over last year.
As has been noted in my last few month’s reports, the upsurge in sales and prices and contraction of inventory is not just a result of the market’s near shut-down during the early months of the pandemic, it was also triggered by the demand that has been created from buyers seeking refuge from high-tax and densely populated cities and states, as well as those accelerating their future plans to relocate and/or retire to our region.
While new listings in April were much greater than during last year’s market pause and 23% more than 2019, they were still well short of the pace of sales and pending sales. With an inventory of existing properties at a level less than one month’s buyer demand, the market conditions continue to strongly favor sellers.
Our traditionally softer summer selling season is shaping up to be anything but! I encourage any home or condo owners considering a sale to think about this high-demand period as an ideal time to list their property. These extraordinarily competitive buyer conditions for Sarasota Real Estate will not last forever – so why wait!
And if you are a buyer in this most unique market, it is crucial that you have an expert realtor at your side. Never-before have we seen a rush of showings lined up even before the MLS listing ink is dry! Offers are made while customers or their realtors are still on site and sellers are receiving some of the most unusual contingency waivers and additional deal sweeteners.
Though a rushed decision is required to buy a prime property today, the risks of eliminating certain conditions to close are high. Having an experienced representative to ensure your interests are being carefully managed cannot be overstated.
As you consider your real estate goals for the year ahead, having valuable insight and guidance from a skilled real estate professional is vital. With decades of experience managing hundreds of buying and selling transactions, analyzing, and experiencing the Sarasota Real Estate Market’s variability, my knowledge throughout the region can help.
Whether looking to relocate to a new neighborhood, considering upsizing or downsizing, or adding to your real estate portfolio, I would be happy to discuss your next steps with you.
And now for my statistical report on the April 2021 Sarasota Real Estate Market activity:
- Total market dollar volume this past month was $1.066 billion, which increased by $686 million from a year ago.
- Broken down, single-family sales were $646 million and condo sales were $420 million for the month.
- The number of properties sold this past month was 1,729, which is 783 more than a year ago. The sales total includes 1,060 houses, 428 ahead of last year and 669 condos, 355 above below last year. The monthly sold properties average was 1,179 in 2020 and 1,074 in 2019.
- Florida’s single-family sales increased 55.4% from last year, and condo sales were more than 130% above last year. Homes and condos sold for in excess of $1 million were more than 300% higher than April 2020.
- U.S. single-family sales were 28.9% higher and condos 84.6% higher than April 2020.
- Of the closed sales in April 188 were for over $1,000,000, 112 were houses (180% more than last year) and 76 were condominiums (quadruple last year’s volume).
- In 2020 Sarasota averaged 50 house sales and 23 condo sales per month over a $1 million. Year-to-date in 2021 the monthly averages are 93 single family homes and 63 condos sold for $1 million or more.
- In April 1,569 listings went pending, an increase of 821 transactions from a year ago. For 2020 the monthly average for pending sales was 1,264.
- Florida’s single-family pending sales increased 60.7% and condos rose 208.8% compared to last year.
- U.S. pending sales in April were 51.7% greater of a year ago.
- Single-family homes were sold at a median price of $380,000. The 2020 monthly median price for houses sold was $321,000.
- In April, Florida median price for single-family homes was $336,525, a 22.4% increase over last year.
- The national median price for existing homes grew 20.3% to $347,400.
- Special note – California’s median price for existing homes in April was up 34% to $813,980. This is clearly one issue that is driving residents of the state to relocate.
- The condo median sale price was $310,000 in April. The 2020 monthly median price was $255,000.
- Median price for a Florida condo last month was $250,000, a 19.6% increase from April 2020.
- U.S. median condo price grew 12.6% to $300,400.
- Sarasota houses in 2021 have sold on average for $609,799 where the 2020 monthly average was $455,000.
- Condos sold for an average price of $627,776 in April. The condo monthly average sale price in 2020 was $382,000.
- Currently there are 1,075 properties for sale in Sarasota. This is a decrease of 82 listings from the month before. There were 2,272 at the end of 2020, 4,086 listings at the end of 2019 and 5,401 listings at the end of 2018. This explains the seller’s market we are in locally.
- Of the available inventory for sale, 278 properties are listed for over $1 million. Of the active listings over $1,000,000, 185 are houses (57.2% fewer than last year) and 93 are condos (44% less than April 2020).
- The Sarasota market had 1,551 new listings the past month. The market averaged 1,040 new listings in 2019. Of the new listings the past month 169 properties were listed over $1,000,000.
- Current inventory results in 0.7 months of single-family homes for sale in Sarasota and 0.9 month’s supply of condominiums.
- Florida currently has 1.1 month of single-family inventory and 2.3 month’s supply of condominiums. Inventory of properties selling for over $1 million have decreased more than 40% over the last year.
- U.S. inventory of existing homes and condos has fallen 20.5% to just over 2 months of supply.