The holiday season is here—and the Sarasota/Manatee real estate market is still on FIRE. Curious what these numbers mean for your current situation? Let’s dive into this month’s real estate market update! First, we always like to look at the number of new homes coming on the market.
New Homes on the Market
What this means: The number of houses that were listed in the month of October.
October saw an increase in new listings coming on the market. Fortunately, there’s still room for a lot more inventory. Seller inventory is still not matching buyer demand, which is great news for sellers. If you’re considering a move, now is the time.
Number of Homes Under Contract
What this means: Homes that went under contract in October.
October saw another HUGE increase in new pending contracts—close to a 36% increase over this same time last year. That brings us to over 11% year-to-date growth! The economy is rebounding, home affordability is at an all-time high, and record-low rates staying near 3% is creating the perfect storm for home buyers.
Months Supply of Inventory
What this means: If every home available was sold and no more inventory came on the market, how long would that take?
Inventory continues its downward trend, now sitting shy of 2 months. With pendings overshadowing new listings again, this number could drop even lower. Since listings are down, this creates a tightening inventory. This is typically a sign that it’s a great time to get your home on the market or downsize/upsize.
Median Sale Price
What this means: Amount that values have increased/decreased.
The median price is up 9.6% on the year. With tightening inventory levels, this is to be expected. If people are competing for homes, this will drive prices up.
Inventory (Active Listings)
What this means: Number of homes that are actually for sale.
The number of homes for sale has decreased 41% from this time last year. With a total of under 2,600 homes for sale in Sarasota and Manatee County, we are seeing Value (Price/Condition) as one of the most important factors. If inventory remains low, this could change. Our advice is to price your home correctly the first time. Capitalize on the equity you can get now, and do not attempt to time the market. Speak with your House Match Realtor to make sure you are positioned to best capitalize on this.
Median Time to Contract
What this means: How long it’s taking for homes to go into escrow.
When you have fewer homes for sale, naturally the time on market will go down. The time to contract is down more than 50% from this time last year to 19 days. This number can be dialed in to specific neighborhoods and price points. However, if your home has been sitting longer than 19 days, you have to review THE BIG TWO: Price and Condition.
With inventory shrinking, homes that are priced well are getting snatched up almost 14 days quicker then they were this time last year. If you are in the market to buy and you find a home you love, don't sleep on it...or you might not sleep in it.
Median Time to Contract by Sale Price
What this means: Shows the difference between price points in how quickly homes are selling.
Days to contract dropped throughout the entire range of home prices. With inventory at record-low levels, the homes that were sitting are now starting to pick up activity again. We use this data to know the competitive market and how to best position your home to WIN!
It all has to do with supply and demand. Take a look at the next chart.
New Listings By Initial Listing Price
What this means: Number of properties put on the market broken down in price ranges.
We are seeing the biggest increase in that $300- $399 range of listings. We’re noticing that a lot of Sellers are taking advantage of the great interest rates to MOVE UP in home. They are selling, taking the equity they made in the $300- $399 range, and then moving up into the $400-$599 range of homes. Couple that with sub 3% interest rates and you can get a lot of home for the money!
What this means: The number of real estate transactions that were finalized.
Closed sales are up 37.8% from this time last year and on pace to break last year’s record of sales! Year-to-Date we have now surpassed 2019's sales numbers, which is a great sign that housing will remain strong through 2021.
If you have any questions or would like more specific data on your home, neighborhood, or price point, please do not hesitate to reach out!
We hope all of you are staying safe, healthy, and happy during this holiday season!