Home sales and prices in Southwest Florida continued to soar in March while inventory dwindled, marking one year into the coronavirus pandemic.
Closed sales in the Sarasota-Manatee county market were up 47.2%, amounting to a total of 3,310 homes and condos sold, according to a news release from the Realtor Association of Sarasota and Manatee.
In Sarasota County, single-family home sales were up 20.5% from one year ago, with prices up to a median of $379,695. Condo sales increased by 62.6%, jumping to a median sales price of $289,750, an 18.3% increase from March 2020. There were 1,169 single family homes sold in Sarasota County, a 40.2% increase, and 738 sales.
Homes:Luxury Siesta Key waterfront estate hits Sarasota real estate market for nearly $8 million
Support Local Journalism:Get an unlimited digital subscription to the Herald-Tribune.
In Manatee County, single-family home sales prices increased 23.6% to a median sales price of $395,000 compared to a year ago. Condo sales jumped to a median of $245,000, a 14% increase year over year. There were 907 single-family home sales in Manatee County and 496 condo sales, an increase of 40.2% and 63.7%, respectively.
“Half of all single-family homes are closing above list price, our sales volume is more than double what we’ve seen historically in March and we have fewer than a quarter of the homes we would typically have available to sell,” Alex Krumm, broker/owner of NextHome Excellence said in the news release.
Because of the feverish demand for homes, the area only has a three-week supply of inventory. A balanced market normally has six months’ of inventory, Krumm noted.
Single-family homes in Sarasota County sold in a median time of 13 days, a 65.8% decrease from a year ago, while condos sold in a median time of 21 days. In Manatee County, the median sales time was nine days for single-family homes and 19 days for condos.
New listings increased for single-family homes by 7.8% in Manatee and 17.5% in Sarasota County. Condos listings increased by 19% in Manatee and by 21.6% in Sarasota.
“The astonishing pandemic rush continues with banner months for real estate nationally,” Krumm said. “Immense buyer demand continues to drive multiple offers; there simply aren’t enough homes for sale to satiate our market.”
Originally Appeared Here