May 2021 Sarasota County Real Estate Market Update
May 2021 was a Seller's market! The number of for sale listings was down 77.1% from one year earlier and down 9.1% from the previous month. The number of sold listings increased 90.1% year over year and decreased 13.3% month over month. The number of under contract listings was down 4.5% compared to previous month and up 28.6% compared to previous year. The Months of Inventory based on Closed Sales is 0.6, down 87.4% from the previous year.
The Average Sold Price per Square Footage was down 0.9% compared to previous month and up 55.7% compared to last year. The Median Sold Price increased by 4.3% from last month. The Average Sold Price also decreased by 3% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Appreciating".
The Average Days on Market showed a downward trend, a decrease of 48.4% compared to previous year. The ratio of Sold Price vs. Original List Price is 98%, an increase of 6.5% compared to previous year.
2021 May Sarasota County Home & Condo Statistics
How Are Sellers in the Current Market REALLY Doing? With a low supply of homes for sale, sellers find sales happen quickly and fetch higher and higher offers. According to a new survey conducted with 1,600 homeowners, here are some statistics to showcase how the real estate market, nationally, is doing.
In the past six months, 82% of listings, or 8 out of 10 properties, sold for list price or higher. Plus 1 in 10 had no showings before contract signing, and 1 in 4 had 5 showings or less.
What’s more, homes are selling faster too: 25% of home sellers said they had 5 or fewer showings before finding a buyer. 26% had between 6 and 10 showings before selling. Nearly 10% say they had no in-person showings at all and still sold their home due in part to the uptick in virtual tours that have been increased during the pandemic.
In April, almost 9 out of 10 homes sold were on the market for less than a month, according to the National Association of Realtors®.
27% of sellers surveyed say they accepted offers $10,000 or even $20,000 higher than their requested sales price, according to the same seller survey.
Sellers expect more than just the best price from offers lately. Many sellers in the survey said they refused to consider offers with any contingencies or other strings-attached: 28% required all-cash payments, no contingencies, and 30 days or less to close, and 14% opted to sell their home “as is.”
Source: “How Are Sellers in the Current Market REALLY Doing?” Homes .com