Building on the momentum of the third quarter and trends that took root during the pandemic, Sarasota's residential real estate market demonstrated surging activity in the fourth quarter of 2020, outpacing prior year benchmarks in nearly every enclave.
Despite a significant reduction year-over-year in the number of active listings, the number of sales rose across almost all communities. Adding to the usual seasonality of our market, buyers in the fourth quarter and early 2021 have been motivated by record-low financing rates and the relocation incentive of Florida's tax advantages.
In an annualized year-over-year comparison, total sales for 2020 rose nearly 13 percent from 2019, with median sales price rising 7.8 percent. Average days on the market declined by 2.1 percent, with the steepest declines for single-family properties priced above $1M. With increasing corporate relocation and continued lifestyle adaptations, we expect these trends to continue throughout the first half of 2021.
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