In October 2019, Sarasota and Manatee residential sales totaled 1,768 units, up by 12.8 percent from October of last year. According to monthly reports from Florida REALTORS®, the combined inventory across both markets decreased for the fourth consecutive month.
In Manatee, single-family sales increased by 5 percent to 522 sales. Sarasota condo sales by 17.5 percent increase to 315 sales while Manatee condo sales decreased by 0.5 percent to 204 sales in October 2019. Year-to-date, closed sales are up for single-family homes in both counties but are down for condos in both counties.
Combined inventory for both markets in both counties decreased year-over-year by 8.5 percent. Single-family home inventory decreased by 6.2 percent in Sarasota and by 7.5 percent in Manatee. Condo inventory in Manatee decreased by 0.7 percent while Sarasota decreased by 17.7 percent.
“Low inventory brings an opportunity for sellers,” says 2019 REALTOR® Association of Sarasota and Manatee President Amy Worth. “With the our typical ‘snowbird’ season approaching, now is an excellent time to list a home, especially while buyers are attracted to lower mortgage rates.”
Overall, median sales prices have increased over the past ten months. Single-family home prices in Sarasota increased by 5.6 percent to $285,000, while Manatee prices increased by 9.1 percent to $325,000. Condo prices increased by 0.9 percent to $192,999 in Manatee County and decreased by 5.7 percent to $220,352 in Sarasota County.
New listings increased year-over-year for single-family homes but decreased in the condo market. The number of single-family properties added to the market this month increased by 1.8 percent in Manatee County and increased by 0.2 percent in Sarasota. Condo new listings in Manatee decreased by 4.1 percent, while Sarasota condo new listings decreased by 13.8 percent.
Combined pending sales are up 8.2 percent compared to October last year. Single-family pending sales increased by 15.9 percent in Sarasota County and increased by 9.9 percent in Manatee County. Condo pending sales increased by 5.6 percent in Sarasota and decreased by 14.6 percent in Manatee.
The month’s supply of Sarasota condo inventory decreased by 10.9 percent to 4.1-months and Manatee condos increased by 5.7 percent to 3.7-months. Sarasota single-family homes decreased by 11.6 percent to 3.8-months and Manatee decreased by 12.8 percent to 3.4-months.