In September 2019, closed sales increased in the two counties with single-family homes showing the best year-over-year gains this year. According to monthly reports from Florida REALTORS®, inventory
The combined number of properties sold in Sarasota and Manatee counties increased by 17.1 percent from September 2018 to September 2019. In Sarasota County, single-family home sales increased by 25.7 percent to 689 sales. Single-family sales in Manatee County increased by 15.2 percent to 538 sales. Single-family home sales report the highest year-over-year gains since November of 2016.
The condo market shows sales growth in Sarasota but decreased in Manatee. Sarasota condo sales increased by the highest percentage so far this year, with a 22.1 percent increase to 315 sales. Manatee condo sales showed an 8.6 percent decrease to 181 sales in September 2019.
“It’s always a good time to sell a home in our market and with low mortgage rates, buyers are even more attracted to make their purchase,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “With the rise in sales this month, it’s clear that the buyers are here, now we just need more sellers to add to our inventory.”
Overall, prices continue to rise year-over-year. The median sale price for single-family homes in Sarasota increased by 6.4 percent to $298,000, while Manatee single-family homes increased by 6.8 percent to $315,000. Condo prices increase by 6.7 percent to $199,000 in Manatee County and decreased by 1.8 percent to $232,000 in Sarasota.
More listings were added to the market in September compared to this time last year. For single-family homes, new listings increased by 8.7 percent in Manatee County and by 4.5 percent in Sarasota. Condo new listings in Manatee increased by 36.2 percent, while Sarasota increased by 7.9 percent.
“In the markets where we see a rise in sales, we also see a decrease in inventory,” said Worth.
“The rise in new listings this month could help supply from being outpaced by sales. If inventory continues to shrink, we can expect prices to keep increasing.”
Combined inventory for both markets in both counties decreased year-over-year by 5.3 percent. Condo inventory in Manatee County increased by 6.5 percent while Sarasota decreased by one
percent. Single-family home inventory decreased by 8.1 percent in Sarasota and decreased by 9.2 percent in Manatee County.
A sellers’ market remains with the month’s supply of homes below the 5.5-month benchmark for a balanced market. The months’ supply of inventory increased for condos but decreased for
single-family homes. Sarasota condo supply increased by 4.8 percent to a 4.4-month supply, while Manatee condos increased by 11.8 percent to a 3.8-month supply. Sarasota single-family
homes decreased by 10.5 percent to a 3.4-month supply, and Manatee County decreased by 13.2 percent to a 3.3-month supply.
The combined data for the two counties shows a 12.6 percent increase in pending sales. Single-family pending sales increased by 10.7 percent in Sarasota County and decreased by 0.4 percent
in Manatee County. Condo pending sales increased by 16.5 percent in Sarasota and by 7.7 percent in Manatee. An increase in pending sales can indicate more closed sales in the coming