Median Home Sales Prices Skyrocket

Todays News

Graphic courtesy Realtor Association: data for North Port-Sarasota-Bradenton MSA.

A resilient seller’s market continued in the region as the median home price climbed above $400,000 for both Sarasota and Manatee Counties.

For the entire North Port-Sarasota-Bradenton area, the median price rolled in at $422,810, with Manatee County’s median sale coming in at $406,699 and above the $400,000 mark for the first time in the current boom. The frequently cited statistic may tell just part of  the story as the luxury market performs well, outing the average sale price in April for the metropolitan area at $595,748.

Moreover, the association reports the median percentage of list price for units sold was 100% in April.

“It is the most pronounced seller’s market— maybe ever,” said Alex Krumm, broker owner of NextHome Excellence and 2021 President of the Realtor Association of Sarasota and Manatee.

Krumm said he hasn’t seen this type of growth in the market in the Sarasota-Manatee region since the real estate boom that pre-dated the Great Recession. But lest that comparison clench too many a fist, Krumm said this market appears to be driven by organ factors instead of speculation. “Investors are priced out of this market,” Krumm said. “Some want a buy and hold pattern, where they put a tenant in place. That’s a possibility, but that’s the only area of investment that makes sense. That’s very different than 15 years ago when there was not a supply-and-demand problem.”

What’s really driving up prices now, data from the Realtors Association shows, is the low inventory of available homes to purchase.  In April 2020, the area had a 3.4-month supply of homes available. As the end of April. That inventory was around 21 days.

During the month of April, Realtors reported 2,991 sales of homes and condominium units in the two-county area. That level of activity represents an 83.7% increase over the same month last year, though such comparisons are especially difficult to make for the month, as last April Florida entered a statewide lockdown because of the pandemic.

The biggest downside to this market, Krumm said, is that many sellers even after moving their own units don’t have the ability to buy another home and end up seeking places to rent. That will start to change, Krumm said, if supply can start to meet demand in region. That may not be happening soon as outside forces have forces the costs for homebuilding to increase.

Graphic courtesy Realtor Association: data for North Port-Sarasota-Bradenton MSA.

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