SARASOTA, Fla. (February 12, 2020) – Single-family closed sales in Sarasota and Manatee counties increased by 4.8 percent from last year, reporting the highest number of sales since 2015. According to reports from Florida REALTORS®, the year-end data confirms a decrease in housing inventory while median prices continue to rise.
Sarasota and Manatee counties reported a combined total of 22,391 closed sales in 2019, a 4.8 percent increase from last year. Sarasota single-family homes increased by 12.6 percent to 8,951 closed sales and Manatee increased by 6.6 percent to 6,911 sales. For condo sales, Manatee County decreased by 6.1 percent to 2,588 sales and Sarasota decreased by 5 percent to 3,941 sales.
“This year showed great strength for our single-family home market with Sarasota and Manatee counties bringing in $6.2 billion in sales volume,” said David Clapp, 2020 President of the REALTOR® Association of Sarasota and Manatee. “Low mortgage rates continue to encourage buyers to be active in the market.”
As a share of sales, foreclosures and short sales represented 2.3 percent of total closed sales in 2019. The two counties reported 514 distressed sales (foreclosures and short sales), a 9.8 percent increase from 2018.
Median sales prices increased year-over-year in both counties. Sarasota single-family home prices increased by 2.6 percent to $289,798 and Manatee single-family homes reached a median sales price of $316,000, a 5.2 percent increase from 2018. Sarasota condo prices increased by 1.2 percent to $235,000, while Manatee condos increased by 5 percent to $200,000.
The combined inventory for the two-county area decreased by 16.1 percent from 2018. For single-family homes, Manatee inventory decreased by 9.4 percent, while Sarasota decreased by 11.4 percent. Sarasota condo inventory increased by 31.5 percent and Manatee decreased by 16.5 percent.
Throughout 2019, the market favored the seller. The month’s supply of inventory, or the estimate of the number of months it will take to deplete the current inventory, decreased in both counties. In Manatee County, condos represent 3.6 months of supply, while single-family homes represent 3.5 months. Sarasota condos sit at a 3.9 months’ supply, while single-family homes represent a 3.7 months’ supply.
Monthly reports are provided by Florida REALTORS® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.