In November 2019, REALTORS® in Sarasota and Manatee counties participated in 1,655 total residential sales, 4.1 percent more than the same time last year. According to monthly reports from Florida REALTORS®, inventory in the two-county area declined year-over-year and the number of pending sales increased as buyers rush to close before the New Year.
Manatee County single-family home sales increased by 10.9 percent to 550 total sales and Sarasota single-family homes increased by 23.6 percent to 707 sales. Sarasota condo sales decreased by 26.9 percent to 228 sales, while Manatee condo sales decreased by 19 percent to 170 sales.
“Even with an ongoing inventory challenge, we see some positive indicators in November,” said 2019 REALTOR® Association of Sarasota and Manatee President Amy Worth. “The significant increase in pending sales could encourage future home sales. Some of this movement could be attributed to more favorable interest rates compared to last year or motivated buyers seeking homeownership tax benefits before the New Year.”
Total pending sales for both markets in the two counties increased by 25.9 percent from November of last year. Single-family pending sales showed a significant increase with a 41.7 percent uptick in Sarasota and a 20.8 percent rise in Manatee. In Manatee, condo pending sales increased by 23.9 percent and Sarasota condos increased by 4.7 percent.
The combined inventory for both markets in both counties decreased by 13.9 percent from November of 2018. Single-family home inventory decreased by 10.2 percent in Sarasota and by 10 percent in Manatee. Condo inventory in Manatee decreased by 14.5 percent while Sarasota decreased by 24.8 percent.
Median home prices for single-family homes decreased by 6.7 percent in Sarasota to $280,000. Manatee prices increased by 2.1 percent to $319,995. Condo prices increased by 11.4 percent to $207,750 in Manatee and increased by 6.9 percent to $244,745 in Sarasota.
The number of properties added to the market increased year-over-year for single-family homes but decreased for condos. Single-family new listings increased by 0.4 percent in Manatee County and increased by 5.6 percent in Sarasota. Condo new listings in Manatee decreased by 21.4 percent, while Sarasota condo new listings decreased by 18.7 percent.
The current inventory combined with the current pace of closed sales created a decrease in the month’s supply. Sarasota condo inventory decreased by 17.6 percent to 4.2-months’ supply and Manatee condos decreased by 7.5 percent to 3.7-months. Sarasota single-family homes decreased by 17 percent to 3.9-months and Manatee decreased by 14.6 percent to 3.5-months.