August 2021 Sarasota & Manatee Housing Stats
Housing prices continue to go up with August marking the 15th consecutive month of an increase. In August 2021, the combined closed sales of all property types in both counties decreased year-over-year by 7.5 percent to a total of 2,125 sales. August tends to be a slower month for home sales in the region, and while sales are down from the pandemic induced ‘frenzy’ in late 2020, closed sales for August 2021 improved by 8.4 percent when compared to August 2019.
“We’re just a few months out from our high season, and right now we have about half the number of available homes than we did this time last year. There is still enormous buyer demand—expect competition, and therefore prices, to continue to rise,” said 2021 RASM President Alex Krumm, Broker Owner of NextHome Excellence. “Inventory almost always creeps up in the late summer and this year is no exception. It will be interesting to see what happens as we enter season with one-third of the available homes we had last year.”
What does this mean for you?
Season traditionally starts in October and goes through March. Our "High Season" is January through March. We are expecting a larger number of people this year. As you know, last season was cut short due to the shutdown, and many people are eager to return. Combine that with the opening of the Canadian border and we expect to be very full. Typically, some sellers will wait to list their homes until season because of that business. While we don't expect to be back to pre-shutdown listings, we are hoping for more than we've had.
What should you be doing?
As a seller, you need to properly prepare your home. This means decluttering, staging, small repairs, and professional photography. Buyers are starting to push back. Homes are on the market a little longer and the feeding frenzy seems to be done. We are also seeing more markdowns. While it is very likely you will sell in a couple of weeks, if not sooner, presenting your home in the best light will still bring more buyers and better offers.
For buyers it's still the same we've been advising. Know your purchasing power. Get your preapproval or proof of funds ready. If getting a loan, know what the down payment is and what your approximate monthly payment will be. Knowing what you can comfortably afford will be invaluable when making an offer.
If you have any questions reach out; I'm happy to help!
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