SARASOTA, Fla. (March 21, 2018) – Home sales in Sarasota and Manatee County increased for the second consecutive month in 2018. The two-county area reports another month of tight inventory, pressuring median prices to rise again.
Combined closed sales in the two-county area increased by 8.8 percent from February 2017. Manatee County single-family home sales increased by 8.6 percent to 441. Sarasota County showed a 9.8 percent increase to 569 closed sales. Sarasota condo sales jumped by 14.1 percent to 315, while Manatee increased by 5.2 percent to 202.
“So far, our traditional ‘snowbird’ season has been more robust than last year,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “The opportunity for growth is reflected in the continuing demand for homes in our community.”
Overall, median sales prices are up. Manatee condos increased by 22.2 percent to $213,250, breaking $200,000 for the first time since 2008. As for Sarasota condos, the median price decreased by 0.1 percent to $219,000. Manatee single-family homes increased by 3.5 percent to $300,000, while Sarasota single-family home prices increased by 5.8 percent to $272,500.
“We are seeing a steady increase in sales and prices which is a good indication of how strong our market is,” said Owens. “This competitive situation makes it even more important for buyers and sellers to turn to their local, professional REALTOR®.”
Inventory is tight, with a combined 2 percent decrease from February 2017. Manatee County single-family homes decreased by 1.6 percent, while Sarasota single-family homes decreased by 5 percent from last year. Condo inventory increased by 2.9 percent in Manatee County, while Sarasota decreased by 0.1 percent.
The number of properties that went under contract in February increased by 5.6 percent overall from last year. Condo pending sales are up by 11.3 percent, while single-family homes are up by 2.9 percent.
New listings increased from this time last year, with condos increasing by 15 percent and single-family homes by 7.5 percent. However, when compared to last month, the combined number of new listings decreased 10.1 percent, expected after January’s jump at the start of the season.
The month’s supply of inventory reflects a sellers’ market. The condo market is close to the balanced market benchmark with Manatee condos at a 5.3-month supply and Sarasota condos at a 5.7-month supply. Manatee County single-family homes are at a 4.4-month supply and Sarasota single-family homes are at a 4.7-month supply.
Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.