January 2022 | Market Update | Blog

The January real estate stats are in and the Sarasota market continues to heat up.

According to data from Florida Realtors® and compiled by the Realtor® Association of Sarasota and Manatee (RASM), single family homes in Sarasota County had a median price increase of 37% and active inventory reduced by 47% from a year ago.

"New listings tend to rise in delayed response to the increase in prices, and inventory rises when new listings outpace the number of properties that go off-market,” said 2022 President Tony Veldkamp, Senior Advisory at SVN Commercial Advisory Group. “In January, there were more new listings than closed sales in the region. While it’s too early to determine whether this is a trend that will continue through 2022, it is a figure that we will be watching closely. As sellers see a continued increase in home prices and interest rates, which eventually will lead toward more supply, they have to decide whether to take advantage of now being the ‘time to sell’ before the market levels off.”

New pending sales were down 28% and median days to contract was 7 as compared to 19 days a year ago. In addition, 100% of homes sold at full list price with many selling for much more.

“The Sarasota and Bradenton area is growing rapidly with many out-of-state buyers entering our market. That is especially true this time of year when more ‘snowbirds’ are enjoying the Florida winter lifestyle,” said Veldkamp. “As buyers see the increase in home prices and interest rates, they are in a tough competition to get into the market before their purchasing opportunity is out-of-reach.”