Sarasota County Real Estate Market Update March 2022 | Homes for Sale in Sarasota County

Sarasota County Real Estate Market Update March 2022 | Homes for Sale in Sarasota County

Click HERE: https://www.myrasm.com/wp-content/uploads/2022/04/March-2022-Press-Release-and-Statistics.pdf for the March 2022 statistics press release and summary charts.

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What are the latest numbers telling us? We may be seeing a pattern starting to appear. Are the historically low inventory numbers starting to bottom out?

First let’s review the primary numbers…

Like last month, closed sales for single family homes are off for the month. They are down 26.5% compared to March of last year. Sales of townhouses and condos are down even more 36.4% year over year.

Does this signal the beginning of a downturn? Or is it still a function of our historically low inventory?

It would seem that the low inventory is still the main catalyst behind our decrease in closed sales. Why? Well, as compared to February’s numbers, there is still a substantial increase. Single family home sales in February were 691 and for March they were 859, an increase of 24.3%.
Condo sales in February were 314. In March they were 469, an increase of almost 50%.
The median sales price for single family homes increased 28.4% to $487,500
And the median sales price for condos was $370,000 an increase of over 27%. If you factor these number into your analysis and you would conclude that, indeed, the low inventory is still the main variable affecting the marketplace.
So what pattern is starting to appear? I like to keep an eye on the number of new listings as compared to the new pending sales. During highest point in this hot market, there were almost 2 new pending sales for every 1 new listing. But now we see that this ratio is starting to slowly turn. The latest number show 1 new listing for every .75 new pending sales. Last month the number was 1 new listing for every .95 new pending sale.
For condos right now the number is 1 new listing for every .89 new pending sales and last month it was 1 for every 1.
We’ll keep an eye on that ratio going forward as it may be signaling, at minimum, a slowdown in price increases. As far as a serious downturn goes? I’m not seeing it yet for at least the next 12-18 month due to the old supply and demand principal. It’ll take at least that much time for the market to work its’ way through it all. Since we have .08 months’ worth of inventory currently. A stable market is considered 6 months of inventory and a downturn would be over at least 10 months’ worth of inventory.

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