The spring housing market is in full swing in Sarasota and Manatee counties. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), March 2022 reported more new listings and closed sales from the previous month, while homes are going under contract quicker than any month prior. The median sale price for single-family homes in the North Port-Sarasota-Bradenton MSA increased year-over-year by 29.9 percent to $500,000, the highest recorded median sale price for the metropolitan area.
Closed Sales... Decrease
Closed sales in March 2022, combined for both property types in the two counties, decreased year-over-year by 29 percent. Compared to the previous month, closed sales increased by 29.8 percent to a total of 2,350 sales, compared to 1,811 sales in February.
“Spring is a popular time for the housing market. Between February and March of this year, there was a month-over-month increase in closed sales, pending sales, new listings, and inventory; indicating more activity in our market,” said 2022 RASM President Tony Veldkamp, a Senior Advisor at SVN Commercial Advisory Group. “Notably, the median sale price for single-family homes has reached a new threshold that may be out of reach for many buyers looking to enter the market; especially as interest rates continue to increase. We’ll be watching the effects of rising interest rates to determine if this is the start of the market beginning to settle down.”
There were fewer single-family home sales in March 2022 when compared to the same month last year; single-family sales decreased by 20.2 percent to 724 sales in Manatee County, and Sarasota County sales decreased by 26.5 percent to 859 sales. In the condo market, closed sales decreased year-over-year; down by 39.9 percent to 298 sales in Manatee and down by 36.4 percent to 469 sales in Sarasota.
Median Sale Price... Increase
The median sale price for both property types in the two counties has once again increased from the previous year. Prices for single-family homes in Sarasota County rose year-over-year by 28.4 percent to $487,500, while in Manatee the median price surpassed the previous record with a 32.9 percent increase to $525,000.
For condos, the median price in Sarasota increased by 27.7 percent from last year to $370,000 and Manatee prices increased by 30.8 percent to $320,539.
New Listings... Increase & Decrease
The number of properties added to the market last month increased year-over-year by 4.2 percent for single-family homes but decreased by 2.4 percent for condos. Compared to the previous month, condo new listings increased month-over-month by 18.2 percent, and single-family new listings increased by 28.5 percent from the month earlier.
“The single-family home market is showing a positive change in new listings when compared to last year. If new listings continue to outpace the total number of sales each month, inventory will start to level off,” added Veldkamp. “In Sarasota County, inventory for single-family homes shows the first positive year-over-year increase since June of 2019. We’ll be watching to see if this is another initial sign of the market beginning to stabilize.”
At the end of March, there were 1,594 active listings combined in both counties which is a 14 percent decrease from March 2021. Compared to last month, active inventory increased by 23.9 percent when combined for the two counties. Unsold inventory sits at a 0.7-month supply for single-family homes and condos, which is up from February’s report of 0.6 months for single-family homes and 0.5-months for condos.
Time to Contract... Decrease
The median time it took for properties to go under contract was just five days in March, a year-over-year decrease of 54.5 percent for single-family homes and a 75 percent decrease for condos. Just last month, properties went under contract at a median of six days.
Sarasota County | Single Family Home Summary
Sarasota County | Townhouse & Condo Summary
This monthly report is provided by Florida REALTORS® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
