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

Sarasota County Real Estate Market Update May 2022 | Homes for Sale in Sarasota CountyShow more

Click HERE: https://www.myrasm.com/wp-content/uploads/2022/06/May-2022-Press-Release-and-Statistics.pdf for the May 2022 statistics press release and summary charts.

To search for properties throughout Southwest Florida, go to https://GenerousProperty.com or call (941) 275-9399

The Sarasota County real estate market statistics for May were recently released by the REALTORS Assoc of Sarasota & Manatee.
What’s the story with inventory? Still low or growing? Are prices starting to stabilize? What effect are interest rates having on the market? What are May’s numbers showing us? Rising interest rates & inflation are affecting the market. We are seeing an increase in new listings & the amount of inventory for sale. However, we ARE also coming into our summer season which traditionally reflects a slowdown as well.

Single-family sales decreased from last year in Sarasota County by 7.6 percent to 910 sales. In the condo market, closed sales are down by 1.7 percent to 532 sales in Sarasota. Single-family sales increased from last month in Sarasota County by 14.9 percent. In the condo market, closed sales are up 7% as compared to April.

Prices continue to rise in May, with the highest median prices reported for both property types. Single-family home prices in Sarasota increased by 21.6 percent to $495,000. For condos, the median price in Sarasota increased by 29 percent from last year to $403,000 .

Unsold inventory for single-family homes is now at a 1.2-month supply, a 71.4 percent increase in Sarasota County. As for the condo market, the months supply of inventory is at one month, a 42.9 percent increase for Sarasota County. Keep in mind, a buyer’s market is 7+ months of inventory

When considering your real estate purchase going forward remember this:

Marry the house, Date the rate.

Rates are ever changing and go up and down. Get in now and pay a much higher percentage of principal in your payment then perhaps in another year or two. When they go back down, you can refinance at the lower rate.

For those of you planning on standing on the sidelines in this real estate market and putting you family’s plans on hold, remember this famous quote: “Time is free, but it’s priceless. You can’t own it, but you can use it. You can’t keep it, but you can spend it. Once you’ve lost it, you can never get it back." (Harvey MacKay)

If your next home is your forever dream home, don’t put it off or it may forever be just a dream.

Looking to enjoy the good life here in Southwest Florida where we "Focus on the Good" every day?

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