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

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

Click HERE: https://www.myrasm.com/wp-content/uploads/2022/03/February-2022-Press-Release-and-Statistics.pdf for the February 2022 statistics press release and summary charts.

In February 2022, the Sarasota housing market continues to be affected by a historically low supply of homes.

According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM):
closed sales took a dip last month along with a decrease in pending sales and new listings combined for both property types.

The overall closed sales combined in the two counties decreased by 17 percent from February 2021, with a total of 1,811 sales in February 2022. Compared to last month, February sales are up by 2.6 percent from January 2022.

In the single-family home market, closed sales decreased in Sarasota County by 16.8 percent to 691 sales.

Closed sales for condos decreased down by 39.4 percent to 314 sales in Sarasota.

With only around half a month’s supply of inventory, the median sales price continues to increase year over year. Single-family homes in Sarasota County increased year-over-year by 25 percent to $449,900 in February 2022.

For condos, the median price in Sarasota increased by 29.9 percent from last year to $368,630 The number of properties added to the market in February decreased year-over-year by 0.4 percent for single-family homes and by 11.2 percent for condos.

Since last month, new listings for condos increased by 3.4 percent from January 2022, while single-family new listings decreased by 0.8 percent from January 2022.

Properties are selling in just under a week with the median time from listing date to contract date reported at 6 days for both property types, compared to 16 days this time last year for single-family homes and to 30 days for condos.

As for cash sales, the number of single-family homes bought with cash increased by 5.8 percent from February 2021, while condo cash sales decreased year-over-year by 22.3 percent.

At the end of February, there were 1,287 listings combined in both counties, down by 4.5 percent from January 2022 and down by 42.6 percent from February 2021.

Unsold inventory sits at a 0.6-month supply for single-family homes and at 0.5-months for condos.

The inventory of single-family homes decreased year-over-year by 35.2 percent in Sarasota County and by 27 percent in Manatee County. As for condos, Sarasota is down by 63.2 percent from last year and Manatee decreased by 48.8 percent.

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