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Sarasota Friday, Jan. 7, 2022 2 weeks ago

Manatee, Sarasota real estate sellers keep smiling as prices keep climbing

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Region's median sales price for homes is third in Florida, behind Miami-Fort Lauderdale and Naples.
by: Eric Garwood Managing Editor

Although the calendar has flipped to a new year, real estate experts say they have no reason to believe the beginning of 2022 will look anything different than 2021.

That is to say, the connection of short supply, high demand and rising median prices region wide shows no signs of slowing down.

“It’s not surprising that our market is now priced higher than it’s ever been before," said Alex Krumm, the 2021 president of the Real Estate Association of Sarasota and Manatee. “New listings that come to market are being sold in a matter of hours and there are far more buyers than there are homes to sell them. I expect we’ll continue to see higher prices next year.”

December figures are expected to be released on Jan. 20, but November numbers continued as they have for most of the previous year.

November 2021 data indicates the highest recorded prices in both counties for both property types.

 The single-family median price in Manatee County increased by 28.5% to $450,411. In Sarasota County, the single-family median price increased by 19.9% to $419,225.

Condo prices increased by 28.6% to a median of $349,900 in Sarasota and by 26.4% to $300,000 in Manatee.

In November, the Sarasota Bradenton area’s regional median price for single-family homes rose to $432,625, third highest of the state’s 22 metro areas. The year-to-date median price, which stands at $400,000, likewise is third highest — a 21% increase since 2020, according to statewide figures collected by Florida Realtors. Condominium median prices for the region in November stood at $325,000 — fourth in the state.

At the end of November, the inventory of all active listings in the two counties decreased by 59.4% to 1,654 listings. The supply of inventory is at 0.7 months for single-family homes, a 61.1% decrease in Sarasota and a 56.3% decrease in Manatee. Condo supplies are comparable.

The median time from listing date to contract date hovers around one week in the two counties. The median time to contract for all property types in the North Port-Sarasota-Bradenton MSA was seven days in November, while the median time from listing date to sale date was 48 days.

Reflective of the most recent figures, eight of the nation’s hottest 10 real estate markets (as defined by speed of sales) are in Florida. Six of those are in Sarasota County (South Sarasota County, East Venice, Englewood, Venice, Nokomis and The Meadows).

“High season for home sales is upon us. Florida — and Sarasota and Manatee Counties in particular — continues to be the go-to destination for buyers from around the country. Expect a very busy winter and spring,” Krumm said.

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