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

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

Click HERE: https://www.myrasm.com/wp-content/uploads/2022/05/April-2022-Press-Release-and-Statistics.pdf for the April 2022 statistics press release and summary charts.

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What are April’s numbers showing us? As we've been anticipating, it appears that the rising interest rates & inflation are beginning to put pressure on the market. While we're still seeing fewer pending & closed sales when compared to last year, we are seeing an increase in new listings & the amount of inventory for sale. In fact, Sarasota County has its highest home inventory in 12 months, with its 2nd month in a row of positive year-over-year increases. Single-family home inventory has risen to a 1-month supply, 1st time since January 2021

Like last month, closed sales for single family homes are off for the month. They are down 25.3% compared to April of last year. And sales of townhouse and condos are down 25.7% year over year. However as compared to last month, closed single family homes are up a whopping 72.8% & townhomes & condos are up 5.9%

These numbers would indicate that inventory will still be the factor to keep an eye on along with new pending sales as these data points will signal how the rising interest rates will be affecting price going forward.

Keep in mind, closings usually don’t occur until 30-60 days from when the contract is executed. So, we should see some leveling off of price in the months ahead.

Looking at April’s number, pricing has not shown any sign of slowing. Prices for single-family homes in Sarasota County rose year-over-year by 27.1 percent to $482,803. For condos, the median price in Sarasota increased by 27.4 percent from last year to $395,000.

New pending sales vs new listings is where I look for an indication of a leveling off of pricing. Single family homes was 1 new listing for every .8 new pending sale, last month it was .75 & last year 1.03. For townhouses & condos it was 1 new listing for every .84 new pending, last month it was .89 & last year .92. Again, the next 30-60 days will truly be telling.

Ideally what we’re looking for is a stable market, which is considered 6 months of inventory and a downturn would be over at least 10 months’ worth of inventory.

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