Seller's Market Continues with High Prices, Low Inventory

Todays News

While there may be signs of a market finally flattening, real estate professionals in the region still reported record prices and record-low inventory in January.

Total closed transactions in the region declined 7.2% year-over-year in January, according to the Realtor Association of Sarasota and Manatee. But the drop came primarily in the condo market. Single-family home sales in the region slightly increased by 4.7% in Manatee County compared to last January and decreased about 2% in Sarasota County. Meanwhile, condo sales dropped 15.1% in Manatee and 23.5% in Sarasota.

“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,” said Tony Veldkamp, RASM president and a senior advisory at SVN Commercial Advisory Group. “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.”

The rise in new listings also was in homes, which jumped 1.2% marketwide while new condo lists dipped by 19.6%. But compared to January, new condo listings jumped up 35.6% and new home listings leapt 26.5%.

“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,” Veldkamp said.

As far as prices go, those continue to reach new heights. The median home price in Sarasota climbed to $464,500 and it reached $480,000 in Manatee County. That’s a 36.6% increase in Sarasota compared to last year, and a 29.7% jump in Manatee year over year. The median price on condos also jumped up to $350,000 in Sarasota and $301,000 in Manatee.

It continues to be an extreme seller’s market. Despite new listings, there was just a 0.6-month supply of homes in Sarasota or Manatee counties. The goes for Sarasota condos, and the supply of condos in Manatee is only 0.4 months. All active lists at the close of the month totaled 1,348 as properties continue to sell rapidly after hitting the market, with the median time from listing to sale sitting at seven days. 

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