Intense Buyer Competition Speeds Sales

Op Ed

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.

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.

Michael Moulton is a Realtor with Michael Saunders & Company.


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