HomeBusinessReal estate markets upturned

Real estate markets upturned

The old rules governing a buyer’s and a seller’s market have been seriously adjusted in the time of COVID-19. Areas of the country where they never dreamed of running out of inventory and integrating buyers from major cities are still trying to figure it out while at the same time welcoming their good luck.

Realtor.com, after interviewing over 50 real estate agents in specific markets, has come up with the 10 top buying and selling markets nationwide. This analysis reflected closed sales for upper-end homes at $1 million or over.

A buyer’s market is something that we’re not remotely in right now in the Tampa Bay area, but since you never know when markets will turn, let’s establish some guidelines. The definition of a buyer’s market simply is one with more supply than demand. Santa Barbara County, California was at the top of the buyer’s market list with Santa Cruz County, California coming in at number 10. Florida had two counties on the list, Pinellas at number two and Collier at number four. Remember we’re talking about sales at $1 million or over.

A seller’s market is, of course, the opposite of a buyer’s market, defined as a market that has more demand than supply, with low levels of inventory and appreciating sales prices. Fairfax County, Virginia is at the top of the seller’s market analysis with Suffolk County, New York at the bottom. Florida has two counties on the top 10 list, Hillsborough County (Tampa) at number six and Broward County (Ft. Lauderdale) at number seven. Seller’s markets in this COVID cycle are typically suburban areas close to big employment centers that offer larger homes, property with office space and new construction.

Manatee County is certainly in a seller’s market, so potential buyers need to be cautious not to get in a bidding war and consider making an offer with an escalation addendum. Also eliminating all home sale contingencies like a mortgage will certainly put you in an advantageous position.

Now it’s time to review the October Manatee County sales statistics, reported by the Realtor Association of Sarasota and Manatee, to determine if October’s numbers are as good as September’s were.

Single-family sales numbers compared to October of last year are as follows: Closed sales, up 48.4%; median sale price, $360,000, up 10.4%; average sale price, $481,349, up 20.7%; median time to contract, 18 days, down 58.1%; month’s supply of available properties, 1.8 months, down 45.5%; pending inventory, up 44.5% and cash transactions, up 53.6%.

Condo sales numbers compared to October of last year are as follows: Closed sales, up 39%; median sale price, $255,000, up 34.2%; average sale price, $294,595, up 13.2%; median time to contract, 41 days, up 8.9%; month’s supply of available properties, 2.6 months, down 36.6%; pending inventory, up 71.9% and cash transactions, up 10%.

Not only were the October numbers as good as September, they surpassed them in almost every area. The market is indeed soaring in both Manatee and Sarasota counties, and where this merry-go-round stops, I don’t think anyone knows, certainly not me.

The old adage, “All real estate is local,” has been a little upended this year. However, the principals are the same and we’ll eventually fall back into a normal market. Have a happy and safe Thanksgiving.

Most Popular

More from Author

Save our homes

This column should be titled “Save our Taxes,” since that’s what...

Energize your home

When you think of energy you probably think of power used...

Declutter, depersonalize, clean

After perusing what I like to consider my very organized database...

Winter of the big freeze

You should have warmed up from the unusually cold Florida winter....

Floridian Mortgage wins championship

ANNA MARIA – Spring has sprung and winter sports at The Center are coming to a close, with team Floridian Mortgage earning the win against team Moss Builders Thursday night in the adult co-ed flag football championship game. The top two teams in the league matched up in...

Man completes Chamber passport program in five hours

ANNA MARIA ISLAND - The annual Anna Maria Island Chamber of Commerce’s Passport Program is a fun way for residents and visitors to the Island to get out and discover Island businesses with a passport offered for free by the chamber. Participants are encouraged to get their passports...

One ARK Foundation raises funds for foster families

live music, delicious food and spirited fundraising as the One ARK Foundation held its second annual “Kindness Matters Extravaganza” at The Cheesecake Cutie & Cafe on March 21. “One ARK” stands for “one act of random kindness” and is a newly-established 501(c)(3) nonprofit organization founded by The Cheesecake...

Save our homes

This column should be titled “Save our Taxes,” since that’s what we’re really talking about. However, saving on property taxes is part of the Save Our Homes benefits and portability transfers are another piece of this law. In January of 2008, the Florida Legislature passed legislation that allows...

 Reel Time: Salon fundraiser meets with success

Salon (noun) - a conversational gathering of notables held at the home of a prominent person. On Saturday afternoon, Suncoast Waterkeeper held its Suncoast Salon fundraiser at the Sarasota home of Anna Maria residents Bill and Debbie Partridge. The event was a sellout and attracted some of...

Temporary paid parking vendors hired

BRADENTON BEACH – City commissioners considered four temporary use parking permits at the March 21 commission meeting and after much discussion, approved three with stipulations, denying one. Permit applications were submitted by developer Shawn Kaleta for temporary parking lots at 102 Third St. N., 207 Church Ave. and...

Fire department sued over rental regulations

BRADENTON – Almost a year after passing a resolution changing the district’s approach to taxing and inspecting vacation rental properties in residential areas, West Manatee Fire Rescue is receiving pushback from one rental owner. During a March 19 commission meeting, the district’s attorney, Maggie Mooney, informed the board...

Bridge Street traffic, parking among commission concerns

BRADENTON BEACH – In what was an unusually lengthy, seven-hour city commission meeting that began at noon on March 21, commissioners dove into parking and traffic issues, pickleball and organ donation. BRIDGE STREET ONE WAY? A Bridge Street business owner asked the commission to consider making Bridge Street one...

Scaccianoce new Bradenton Beach commissioner

BRADENTON BEACH – Ward 1 has a new commissioner. The application for commissioner by business owner and former Manatee County records manager Deborah Scaccianoce was approved by the commission and she was sworn in at its March 21 meeting. She filled the vacant seat left by former Commissioner Jake...

Kruse talks beach parking, Island consolidation

HOLMES BEACH – About two dozen people came out on March 20 to meet with Manatee County Commissioner George Kruse, bringing their questions for the candidate, who is seeking re-election in November. Kruse held a town hall meeting at the Island Branch Library where he answered every question...

Commissioners deny bids for paid parking

BRADENTON BEACH – Rather than partnering with an outside vendor as planned, commissioners are now considering city-managed paid parking lots throughout Bradenton Beach. The city had put out a Request for Proposals (RFP) on Feb. 9 to “Provide the City with a complete parking management and enforcement system...