Without question, 2021 is the year of the seller when it comes to the housing market. Looking specifically at Sarasota’s Q1 summary, the number of new listings was down 5.5% from one year earlier. However, the number of sold listings increased 32.2% year over year and the number of new pending sales was up 36.8% compared to the previous year. The current months of inventory is approximately 0.8, down 78.4% from the previous year. Below are real estate statistics for Sarasota County real estate.

Click to read the full Sarasota Q1 2021 market report

Due to these market conditions, today’s buyers shouldn’t be surprised if faced with a bidding war while trying to purchase a home. Though no accurate stats exist regarding how many properties experienced a multiple offer situation, we do know it was substantial and are experiencing it everyday.

The average sale price was up 34.1% compared to last year. The median sale price increased by 19.2% from last year. The median time to contract was down 56.8%.

The single-family home market continues with an incredibly strong demand at all price points. Unquestionably, demand characterizes the $1 million plus market segments. Homes going under contract were even stronger in the first quarter than the prior quarter, thus we anticipate continued strength in closings well into the next quarter. Below are real estate statistics for Manatee County real estate.

Click to read the full Manatee Q1 2121 market report

In the first quarter for the Manatee real estate market, the number of home sales was down slightly from previous quarter but it was up 26.9% from the previous year. Another noticeable first quarter trend was ongoing inventory shortfall, which means a higher likelihood of selling homes at or over list price. The months of inventory is estimated at 0.7, down 79.4% from the previous year. This market makes it a historically advantageous time to sell a home.

In general, our region experienced significant population growth, as more and more people migrate south for work, not just to retire. Either way, the buyers are here. The current peak demand may subside over the coming months, but we do not expect a significant drop off this year.

If you’re looking at homes in Sarasota or Manatee, buying earlier in the year could be a smart move. I work one-on-one with my clients to provide a personal approach to the home-buying process. Whether you’re a first-time buyer or a snowbird looking for a second home, don’t let the toasty market scare you away. Instead, consider homes in our region a sound financial decision and a great investment, as their value is projected to continue to increase for the foreseeable future. To learn more about the 2021 Sarasota real estate market and buying a home in the area, give me a call at 941.266.0529.