November 2021 Housing Market Report
Home Prices Climb to Record Highs in Sarasota and Manatee Counties
SARASOTA, Fla. (December 22, 2021) – Rising home prices have yet to slow down with November 2021 marking the highest recorded median prices in the two-county area. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), the trend of low supply and high demand will round out this year with fewer available properties and higher prices.
November 2021 data indicates the highest recorded prices in both counties for both property types. The single-family median price in Manatee County increased by 28.5 percent to $450,411. In Sarasota County, the single-family median price increased by 19.9 percent to $419,225. Condo prices increased by 28.6 percent to a median of $349,900 in Sarasota and by 26.4 percent to $300,000 in Manatee.
What does all this mean for you?
Prices aren't going to decrease and this isn't a bubble. This is a supply and demand issue. Once interest rates start to increase and we see an increase in inventory, prices will start to level out.
For sellers, this is a great time to sell. You can almost craft your sale for your needs. If you need a longer closing or a leaseback, you can do that. Most sellers are having 4 or 5 days of showings, then a deadline for offers. When structured correctly, this can go smoothly for both sellers and buyers.
Buyers need to be ready to make offers. Know your comfortable buying power. Have your proof of funds or pre-approval ready. If you are putting a substantial amount down on your loan, have a proof of funds for that amount. Make sure you understand escalation clauses and appraisal gaps and if they are the right decision for you.
Not every seller is taking the highest offer presented. They are also taking well crafted, solid offers. Buyer agents who ask listing agents what the seller needs and/or pay attention to Realtor instructions have a better chance. I can personally tell you that when ther are multiple offers coming in, I'm not calling buyer agents to chase down information such as proof of funds or preapprovals. If you don't have it, you may very well lose that home, even if your offer is higher than others.
The bottom line
Be prepared. For sellers, it can get a bit chaotic, unless you are prepared and ready to handle it. For buyers, have all your information ready for your offers.