Real Estate Prices Continue to Rise in Sarasota and Manatee Counties

By | May 29, 2018

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The Realtors Association of Sarasota and Manatee recently reported that in April 2018, Sarasota and Manatee housing inventory levels dropped again, with pressure from rising median sales prices.

Overall, April showed an increase in sales across the two counties, as well as an increase in new listings. April reported 2,014 total sales which is a 3.3 percent increase from last year.

Sarasota condo sales increased by 17.8 percent and Manatee condo sales increased by 2.5 percent. As for single-family homes, Manatee sales increased by 5.8 percent, while Sarasota decreased by 5.3 percent. Overall, inventory is down compared to this time last year. For single-family homes, the number
of properties listed decreased by 10.3 percent. As for condos, inventory decreased by 8.9 percent in the two-county area.

Dr. Lawrence Yun, chief economist of the National Association of Realtors® (NAR), commented on this trend in his recent 2018 midyear forecast presentation at the REALTORS® Legislative Meetings & Trade Expo. Yun indicated that a stronger economy, wage growth and improving job market is expected to raise sales and prices. However, low inventory and the
challenging affordability for the next generation of homebuyers may temper growth. Overall, he predicts a moderate and multiyear increase in home sales ahead.

Median sales prices continue to rise in Sarasota and Manatee. Manatee single-family home prices increased by 5.4 percent to $311,000 and Sarasota increased by 4.6 percent to $285,000. Condo median prices in Sarasota increased by 9.3 percent to $235,000 and Manatee increased by 23.1
percent to $209,950.

A seller’s market remains, indicated by the decreased month’s supply of inventory. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.6 month-supply. Manatee single-family homes are at a 3.9-month supply and Sarasota single-family homes are at a 4.1- month supply.

The median time to contract for Sarasota single-family homes is down by 11.1 percent to 40 days, while Manatee increased by 2.2 percent to 47 days from April 2017. For Sarasota condos, the time to contract is down by 6.5 percent to 43 days, while Manatee condos are down by 24 percent is to 38 days on the market. With tighter inventory, properties are spending less time on the market.

Overall pending sales, or the number of properties that went under contract in April, decreased from last month. This is an indication that sales are tapering off the traditional snowbird season.

Compared to 2017, the condo market experienced more pending sales with a 22.1 percent increase in Manatee and a 1.7 percent increase in Sarasota. Single-family homes, however, experienced a drop in pending sales. Sarasota single-family homes decreased by 13.1 percent and Manatee by 16.1 percent.

For more detailed information or to view the entire press release visit: Sarasota Manatee Realtors Association


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