Sarasota Real Estate Market Update - 2020

Posted by Matt Leicht on Friday, April 24th, 2020 at 10:57am.

Quarter 4 - 2020 

Let's take a look back to October, November, and December of 2020 as I review what the real estate market did in the last couple of months. Download the free PDF below for my full Sarasota Real Estate Market Update Q4 2020 or watch the update on Market with Matt – Sarasota Real Estate Market Update Q4 2020 below. 

Brief Market Summary For Q4 2020

Overall in the 4th quarter we’ve seen a lot of similarities that we saw in quarter 3 of 2020. Low inventory of homes on the market paired with homes selling quickly. The median days of getting a contract on a property was 28, compared to 39 days at this time of year in 2019. 

Single Family Homes: Single family sales were up 40%. Inventory was down 48%. Sale price increased from $324K to $393K which is a 21% increase. Average time on the market was 18 days. Compared to 36 days last year. This means that homes sold 50% quicker. 

Condominiums: Condo sales were up 29%. Inventory was down 31%. Sale price increased from $242K to $272K which is a 12% increase. Average time on the market was 38 days. Compared to 42 days last year. This means that condos in Sarasota County sold 10% quicker than the previous year.

Moving forward to 2021, I expect to see similar trends with low inventory and a high volume of sales. New construction is also continuing to increase with even more homes and communities appearing. The length of build time for new construction homes is increasing from around 6-8 months, now up to 10-12 months. So Buyers looking for new construction may need to reconsider their timelines.

Seeing a summary of Sarasota market statistics is beneficial, however, the real estate market is very location specific. For best results and statistics, you'll want to check out what the numbers say per that specific location. Download my free PDF titled, Sarasota Real Estate Market Q4 2020 or watch the update on my YouTube, Sarasota Real Estate Market Q4 2020. These market updates feature Sarasota market stats broken down by area. The following areas are featured in the updates: Islands and KeysDowntown SarasotaWest of the TrailEast of I-75Palmer RanchLakewood RanchNokomis/Osprey, and Venice.

For a free market report on your home, neighborhood, or specific area contact me at 941-356-5377 or by email at Matt@MattLeicht.com. Real estate is very specific per property, neighborhood, and area; if you have questions on your specific residence or any of these areas, send me a text or give me a call. I'd be honored to help answer any questions or assist you in your home buying or selling process. 

What will you find in my market PDF? My Sarasota Real Estate Market PDF breaks down Sarasota and the surrounding areas. For Q4 2020, you will find the number of closed sales, the average active inventory, the median sales price, and the average number of days on the market for Sarasota real estate. These statistics are separated by both single family homes and condominiums, so you can see the data that applies to your interest. You'll also find a comparison of Q4 2020 to the previous year, Q4 2019. See your specific area of interest as the market update details Sarasota County as a whole, but also breaks down the areas of Sarasota which includes: Islands and Keys, Downtown Sarasota, West of the Trail, East of the Trail, Palmer Ranch, Lakewood Ranch, Nokomis/Osprey, and Venice. All of the areas listed above work directly with my custom home search tool right here on my website. This means, you can search properties in the same location in which you can analyze the market data. To search Sarasota real estate, click here.

 

Quarter 3 - 2020 

Let's take a look back to July, August, and September of 2020 as I review what the real estate market did in the last couple of months. Download the free PDF below for my full Sarasota Real Estate Market Update Q3 2020 or watch the update on Market with Matt - Sarasota Real Estate Market Update Q3 2020 below. 

 

Brief Market Summary For Q3 2020

Overall in the 3rd quarter we noticed less inventory, however more transactions were occurring. This means that we are in a Sellers Market with the average months supply of inventory being 2.2 months. With a well marketed and priced property, you should see your property selling rather quickly in my opinion. 

Single Family Homes: Single family sales were up 19%. Inventory was down 36%. Sale price increased from $319K to $356K which is a 12% increase. Average time on the market was 33 days. Compared to 47 days last year. This means that homes sold 31% quicker. 

Condominiums: Condo sales were up 24%. Inventory was down 11%. Sale price increased from $232K to $247K which is a 6% increase. Average time on the market was 50 days. Compared to 59 days last year. This means that condos in Sarasota County sold 16% quicker than the previous year.

Moving forward to the next quarter, I expect to see a price increase due to the building supply shortage. I also expect to see more inventory coming on the market. It's likely to see an increase in new construction sales with so many new neighborhoods going up across Sarasota

Seeing a summary of Sarasota market statistics is beneficial, however, the real estate market is very location specific. For best results and statistics, you'll want to check out what the numbers say per that specific location. Download my free PDF titled, Sarasota Real Estate Market Update Q3 2020 or watch the update on my YouTube, Market with Matt - Sarasota Real Estate Market Update Q3 2020. These market updates feature Sarasota market stats broken down by area. The following areas are featured in the updates: Islands and KeysDowntown SarasotaWest of the TrailEast of I-75Palmer RanchLakewood RanchNokomis/Osprey, and Venice.

For a free market report on your home, neighborhood, or specific area contact me at 941-356-5377 or by email at Matt@MattLeicht.com. Real estate is very specific per property, neighborhood, and area; if you have questions on your specific residence or any of these areas, send me a text or give me a call. I'd be honored to help answer any questions or assist you in your home buying or selling process.

What will you find in my market PDF? My Sarasota Real Estate Market PDF breaks down Sarasota and the surrounding areas. For Q3 2020, you will find the number of closed sales, the average active inventory, the median sales price, and the average number of days on the market for Sarasota real estate. These statistics are separated by both single family homes and condominiums, so you can see the data that applies to your interest. You'll also find a comparison of Q3 2020 to the previous year, Q3 2019. See your specific area of interest as the market update details Sarasota County as a whole, but also breaks down the areas of Sarasota which includes: Islands and Keys, Downtown Sarasota, West of the Trail, East of the Trail, Palmer Ranch, Lakewood Ranch, Nokomis/Osprey, and Venice. All of the areas listed above work directly with my custom home search tool right here on my website. This means, you can search properties in the same location in which you can analyze the market data. To search Sarasota real estate, click here.

 

Quarter 2 - 2020 

Let's take a look back to April, May, and June of 2020 as I review what the real estate market did in the last couple of months. Download the free PDF below for my full Sarasota Real Estate Market Update Q2 2020 or watch the update on Market with Matt - Sarasota Real Estate Market Update Q2 2020 below. 

What will you find in my market PDF? My Sarasota Real Estate Market PDF breaks down Sarasota and the surrounding areas. For Q2 2020, you will find the number of closed sales, the average active inventory, the median sales price, and the average number of days on the market for Sarasota real estate. These statistics are separated by both single family homes and condominiums, so you can see the data that applies to your interest. You'll also find a comparison of Q2 2020 to the previous year, Q2 2019. See your specific area of interest as the market update details Sarasota County as a whole, but also breaks down the areas of Sarasota which includes: Islands and Keys, Downtown Sarasota, West of the Trail, East of the Trail, Palmer Ranch, Lakewood Ranch, Nokomis/Osprey, and Venice. All of the areas listed above work directly with my custom home search tool right here on my website. This means, you can search properties in the same location in which you can analyze the market data. To search Sarasota real estate, click here.

 

Brief Market Summary For Q2 2020

Overall the 2nd quarter showed a dip of around 30%. April was by far the worst month because most people were quarantined at home and looking to purchase property wasn’t their priority. However once restrictions began to decrease, we had one of the strongest months ever for the month of May and into June. I believe this is because people who were quarantined at home in northern states began to think about their next chapter in their life. 

Single Family Homes: Single family sales were down 32%. Inventory was down 28%. Sale price increased from $323K to $334K which is a 3% increase.Average time on the market was 40 days. Compared to 54 days last year. This means that homes sold 22% quicker. 

Condominiums: Condo sales were down 35%. Inventory was down 16%. Sale price increased from $239K to $241K which is a 1% increase. Average time on the market was 44 days. Compared to 57 days last year. This means that condos in Sarasota County sold 22% quicker than the previous year.

Moving forward to the next quarter, I expect to see an increase in the market. I think people realize that the cost of living is far less in Florida than some other less desirable areas in the country. Also property taxes in some states are increasing drastically, so many of those people are relocating to Florida. 

Seeing a summary of Sarasota market statistics is beneficial, however, the real estate market is very location specific. For best results and statistics, you'll want to check out what the numbers say per that specific location. Download my free PDF titled, Sarasota Real Estate Market Update Q2 2020 or watch the update on my YouTube, Market with Matt - Sarasota Real Estate Market Update Q2 2020. These market updates feature Sarasota market stats broken down by area. The following areas are featured in the updates: Islands and KeysDowntown SarasotaWest of the TrailEast of I-75Palmer RanchLakewood RanchNokomis/Osprey, and Venice.

For a free market report on your home, neighborhood, or specific area contact me at 941-356-5377 or by email at Matt@MattLeicht.com. Real estate is very specific per property, neighborhood, and area; if you have questions on your specific residence or any of these areas, send me a text or give me a call. I'd be honored to help answer any questions or assist you in your home buying or selling process.

 

Quarter 1 - 2020

Let's take a look back to January, February, and March of 2020 as I review what the real estate market did in the last couple of months. Download the free PDF below for my full Sarasota Real Estate Market Update Q1 2020 or watch the update on Market with Matt - Sarasota Real Estate Market Update Q1 2020 below. 

What will you find in my market PDF? My Sarasota Real Estate Market PDF breaks down Sarasota and the surrounding areas. For Q1 2020, you will find the number of closed sales, the average active inventory, the median sales price, and the average number of days on the market for Sarasota real estate. These statistics are separated by both single family homes and condominiums, so you can see the data that applies to your interest. You'll also find a comparison of Q1 2020 to the previous year, Q1 2019. See your specific area of interest as the market update details Sarasota County as a whole, but also breaks down the areas of Sarasota which includes: Islands and Keys, Downtown Sarasota, West of the Trail, East of the Trail, Palmer Ranch, Lakewood Ranch, Nokomis/Osprey, and Venice. All of the areas listed above work directly with my custom home search tool right here on my website. This means, you can search properties in the same location in which you can analyze the market data. To search Sarasota real estate, click here.

Brief Market Summary For Q1 2020

Overall the market statistics are saying that we have lower inventory than last year, pricing has increased slightly, and due to the low inventory, property is selling 36% faster than what we saw in the first quarter of 2019. In Sarasota County as a whole (South of University to South Venice), see a brief overview of what we saw single family homes and condominiums do below.

Single Family Homes: Single family sales were up 13%. Inventory was down 25%. Sale price increased from $312,874 to $325,833, which is a 4% increase. Average time on the market was 34 days, compared to 46 days last year. This means that homes sold 27% quicker.

Condominiums: Condo sales were up 33%. Inventory was down 20%. Sale price increased from $234,465 to 255,000, which is a 9% increase. Average time on the market was 41 days, compared to 51 days last year. This means that condos in Sarasota County sold 19% quicker than the previous year.

Moving forward to the next quarter, we expect to see a dip in the real estate market due to COVID-19. We have already seen a substantial increase in properties being removed from the market as homeowners abide by social distancing recommendations. 

Seeing a summary of Sarasota market statistics is beneficial, however, the real estate market is very location specific. For best results and statistics, you'll want to check out what the numbers say per that specific location. Download my free PDF titled, Sarasota Real Estate Market Update Q1 2020 or watch the update on my YouTube, Market with Matt - Sarasota Real Estate Market Update Q1 2020. These market updates feature Sarasota market stats broken down by area. The following areas are featured in the updates: Islands and Keys, Downtown Sarasota, West of the Trail, East of I-75, Palmer Ranch, Lakewood Ranch, Nokomis/Osprey, and Venice.

For a free market report on your home, neighborhood, or specific area contact me at 941-356-5377 or by email at Matt@MattLeicht.com. Real estate is very specific per property, neighborhood, and area; if you have questions on your specific residence or any of these areas, send me a text or give me a call. I'd be honored to help answer any questions or assist you in your home buying or selling process.

Matt Leicht, Realtor®

need a realtor 

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