With buyers leaving major cities and high-tax states, the region’s housing market has been performing exceptionally well. There has rarely been a better time to put your home on the market. Here are the reasons why now is the time to sell.
- Property sales have increased
When comparing December 2020 to December 2019, property sales in Sarasota county are up nearly 39.1% and in Manatee County, they are up 41.6%. Sellers can get top-dollar in record short timeframes.
- Median sale price is up
With demand at what seems like an all-time high bumping up against a persistent shortage of available properties, the median home price throughout Sarasota rose 19% year over year for single family homes and 13.3% for condominiums. Manatee County shows a similar trend, growing 7.2% for single family homes and 10.3% for condominium sales.
- Average days on the market have gone down
With a limited number of properties for sale and a number of buyers competing for them, the time it takes to sell a home in Sarasota and Manatee counties was reduced dramatically in 2020 and into 2021. As of December, the average property was only on the market for 62 days, compared to 73 days a year ago. When priced competitively, just listed properties are receiving massive buyer interest, often with multiple offers.
- Home sales in Sarasota are outperforming the rest of the country
In late 2020, prices in the Sarasota-Manatee region jumped 6.95% over the year in September, topping the increases of 5.9% in Florida and 6.7% throughout the U.S., according to a report from real estate database CoreLogic.
- Interest rates remain low
The average 30-year mortgage rate in Florida is currently $3.97% while the average 15-year mortgage rate is 3.45%. These percentages are some of the lowest they’ve ever been going all the way back to 1971. Low mortgage rates encourage buyers who are ready to move – one more reason listings are moving quickly.
If you are interested in selling your Sarasota home, contact me. I’ll help you price it right, sell it as quickly as possible, and keep the process as easy and enjoyable as possible.