Sarasota – Manatee – Charlotte

Historically, September along the Southwest Florida Gulf Coast is generally the slowest month of the year. September 2020 was an anomaly as selling and buying intensified whereas September 2021 continued to move at a brisk pace and we returned to a more familiar pattern comparable to September 2019.

Markets are appreciating, but at a slower pace than previously experienced. This is great news for both buyers and sellers as it creates more stabilization. Buyers can more easily maneuver price increases and sellers can still achieve the best value for their property.

The results from Q3 give us an opportunity to predict what is to come when we embark on Season continuing through Q4 and heading into 2022. We will most likely experience an increase in market pressure as more sellers list and more buyers from outside markets migrate to the Suncoast.

Third Quarter 2021 – Tri-County Market Insights

Our tri-county market remains very active but has taken the typical respite we
see at the end of summer and beginning of fall as the pace of sales has slowed
down — although overall our region continues to exceed pre-pandemic levels
in sales.
• Buyers continue to be drawn to Florida’s Gulf Coast not only for the friendly low
taxes, but also for the sunshine and appealing year-round climate conducive to a
healthier lifestyle with access to plenty of outdoor activities.
• Q3 2021 { July – September 2021 } versus Q3 2020 { July – September 2020 } not only showed a drastic reduction in inventory in single
family homes (down 47.9%) and condominiums (down 74.3%), but also a reduction
in closed sales and listings under contract.
• At the end of Q3, there was less than one month of inventory as well as a dramatic
drop of days on the market in our region (down 67.6% in single family homes and
down 70% in condominiums).
• We are still in a strong seller’s market but are now seeing some signs of a return to
a balanced market with the indication of more listings coming on the market.

Third Quarter 2021- Tri-County Luxury Market Insights

The $1M-plus luxury market in our tri-county area remains attractive to buyers seeking
the value and lifestyle amenities we offer when compared to pricier markets like Palm
Beach and Naples — and continues to exceed pre-pandemic levels in sales.
• Luxury buyers continue to be drawn to Florida’s Gulf Coast not only for the friendly low
taxes, but also for the healthier lifestyle we offer with access to a plethora of outdoor
activities in an idyllic, year-round climate. They are also seeking homes that meet their
need for space both inside and outside the home.
• Q3 2021 versus Q3 2020, not only showed a reduction in inventory in single family homes
(down 31.3%) and condominiums (down 47%), but an increase in closed sales over $1M (up
23% in single family homes and up 38.5% in condominiums).
• In the $3M-plus market, our region experienced a dramatic increase in closed sales (up
81.9% in single family homes and up 88.9% in condominiums) Q3 2021 vs. Q3 2020.
• Listings under contract experienced a slight drop Q3 2021 versus Q3 2020 in both single
family homes and condominiums.
• While still considered a seller’s market, we are seeing the needle inch closer to a more
balanced market with months of inventory hovering just under 3 months at the end of Q3.

The third quarter of 2021 proved we are in a seller’s market and offers a positive outlook for the rest of Q4 and 2022. By taking advantage of the current market climate, sellers can benefit from the minimum inventory and appeal to buyers; and buyers can look for the home they want while still locking in low mortgage rates before season makes the market more competitive.

Our region continues to be named as one of the top choices for owning a home. Highly taxed states like New York, Illinois and California continue to show high levels of interest among individuals desiring he home of their dreams along Florida’s Gulf Coast.