Although we are well into the new year, real estate experts say they have no reason to believe the 2022 will look anything different than 2021.
That is to say, the connection of short supply, high demand and rising median prices region wide shows no signs of slowing down. In January 2022, Sarasota home prices were up 23.6% compared to last year, selling for a median price of $445K. On average, homes in Sarasota sell after 9 days on the market compared to 28 days last year. There were 421 homes sold in January this year, down from 487 last year.
Cash sales are still prominent in this market, accounting for 39 percent of single-family home sales in the area. Of all condo sales in the both Sarasota and Manattee, 61 percent were closed with cash offers.
The median time from listing date to contract date continues to hover around one week. For single-family homes in the region, the median time to contract was six days in late 2021. For condos, combined in the two counties, the median time to contract is seven days.
Amid a surge of demand from out-of-state buyers, limited inventory and booming neighborhood redevelopment, Sarasota and Manatee counties are quickly becoming one of the least affordable places to live in the United States, a trend that is straining new home buyers and renters even as longtime homeowners reap a windfall of equity.
The warm weather and beaches of Sarasota help attract many people to the state. This, along with low interest rates and lower taxes, brings in new residents every year so we also don’t expect the market to slow down in 2022.
Norton Hammersley’s real-estate practice group provides comprehensive legal representation to individual and corporate clients in the acquisition, development and sale of residential and commercial real property, leasing and financing of single-family homes, multi-family projects, residential subdivisions, hotels, office buildings, condominiums, shopping centers and other real-property developments throughout Florida.
The firm is well positioned to assist its clients with real-estate transactions, including closings, tax-deferred exchanges, construction development and land-use matters, mortgage transactions, and serve as agent for several state and national title-insurance underwriters. Sarasota Real Estate Lawyer Norton Hammersley have extensive knowledge and experience with various lending and secured transaction matters, loan workouts, venture-capital financing and international banking matters, and regularly assist borrowers, commercial lending institutions, community banks, credit unions and holding companies in various loan and banking transactions.
For more information regarding our various Sarasota Real Estate Lawyer services, please contact one of Norton Hammersley’s real-estate attorneys: Peter Z. Skokos, Sam D. Norton, Ally S. Glauser or Kirsten E. Guerin.