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Sarasota-Manatee
Business Observer Thursday, Jul. 15, 2021 4 months ago

Single-family home median price reaches $405,000 — first time in region

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The median price increased 19% from last year.

The median price for single-family homes in Manatee County surpassed $400,000 for the first time, reaching a median of $405,000 in April. 

That's up 19.1% from April 2020, according to data compiled by Florida Realtors and the Realtor Association of Sarasota and Manatee. 

“It’s hard to compare to last year because of the lockdown, but we’re in a historically incredible market regardless. 2021 is turning out to be a fascinating year — an acute shortage of new homes and record migration to our area are driving prices skyward,” says Alex Krumm, RASM President and broker owner of NextHome Excellence, in a press release. “It’s a good year to be a seller.”

The housing inventory shortage continues to decrease, with both single homes and condos in Sarasota and Manatee counties decreasing by 75.5% year-over-year, the release adds. 

“Things are looking good for sellers — they're able to realize far more this year than they were last and can often dictate the terms of the sale. Buyers, on the other hand, are challenged and should be prepared to compete hard for a seller's attention,” Krumm says. “Half of all homes are selling in eight days or less. This means multiple offers, contracts over list price, and tons of activity are the norm.”

The median time from listing date to contract date continues to shrink each month. With low inventory and increased competition, homes are selling up to 76% faster than this time last year. 


 

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