Sarasota County Far Exceeds Manatee County During February
Sales of Single Family Homes and Condo/Townhouse Properties continued to grow during February with Inventory now reaching an historical low.
Double-Digit Sales Growth continues for Single Family Homes
Sales of Single Family Homes in Sarasota County exploded during February. Sales increased by a whopping 34.5% over February of 2020. These results could be attributed to the onset of the Covid-19 health crisis last year. But the increase in Manatee County was not as pronounced. There, sales of Single Family Homes jumped 12.8% to 536 units.
Prices continued to rise with the Median Sale Price increasing to $380,000, a 16.9% increase over the same period last year. Prices paid in Sarasota County were even better as the increase over last year was 18.4% to a Median Sale Price of $359,900. Discounting was virtually nonexistent with the Median Percentage of Original List Price Received as 99.0% and 98.8% in Manatee and Sarasota Counties respectively.
Sales velocity maintained a very brisk pace during February with the Median Time to Contract in Manatee County recorded as a mere 13 days. The pace was also fast in Sarasota County with properties selling in about 17 days after being listed.
But it was on the supply side that most significant news was made. Active Listings in both counties fell by over 70% (70.7% in Manatee County and 71.5% in Sarasota County). Translating this into Months Supply of Inventory paints a very grim Inventory picture. As of the end of February, there exists less than a 1 month supply of properties list for sale.
You may review the entire report by clicking on the appropriate graphic.
Townhouse and Condo Properties experience a surge in sales during February
Sales of Condo/Townhouse Properties grew by a healthy 23.2% over February 2020 in Manatee County last month. But this was dwarfed by the 37.8% growth seen in Sarasota County during this period. It is interesting to note that a large percentage of these sales were paid in cash (161 out of 297 in Manatee County and 306 out of 518 units in Sarasota County).
Prices rose moderately during February. Manatee County saw the Median Sale Price increase by 9,5% over the same period last year while Sarasota saw a slightly lower increase of 9.1%. Median Prices paid for Condo/Townhouse properties were $230,000 and $283,750 in Manatee and Sarasota Counties respectively.
Sales velocity was modest during the period. The Median Time to Contract in Manatee County was 34 days, a decrease of 12.8% over February 2020. The pace was a bit faster in Sarasota County with Townhouses and Condos selling within 25 days of the date they were listed for sale. Discounting was present but not at an excessive level with the Median Percentage of Original List Price Received being reported as 97.1% and 97.6% in Manatee and Sarasota Counties respectively.
As in the Single Family Home category, the real story resides with Inventory. In Manatee County, the number of Active Listings during the month fell by a whopping 71.2% over February 2020. Sarasota County saw their Inventory fall by 62.2% during the same period. And while not as dire as the condition with Single Family Homes, the Months Supply of Inventory of Condo/Townhouse properties are at an historic low with 1.5 months and 1.1 months supply respectively in Sarasota and Manatee Counties.
Remember, you may view the entire report by clicking on the appropriate graphic.
What does all of this mean?
The market for both property types in Manatee and Sarasota Counties are in a sold-out condition. Propelled by the lowest mortgage rates in years and people fleeing some states, Florida will continue to see a very tight market. So it is important to engage with a realtor so that you can receive the most current and accurate information. Give us a ring today at 941-799-1234 if you'd like to discuss your real estate plans with us.