Housing Inventory is on the Rise in Sarasota and Manatee Counties

By | December 28, 2018

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House Upward GraphThe Realtor Association of Sarasota and Manatee reports an increase in closed sales, median prices and inventory in the real estate market. On trend with a typical November report, the market slows in new pending sales and new listings during this time of year.

Year-over-year, closed sales in the combined two-county area increased by 4.5 percent in November. Condo sales increased by 12.9 percent in Manatee County and decreased by 4 percent in Sarasota. Manatee single-family home sales increased by 7.6 percent, while Sarasota single-family home sales increased by 4.2 percent.

November 2018 experienced a decrease in pending sales, or the number of properties that went under contract this month. In Manatee County, pending sales for single-family homes decreased by 8.4 percent, while condos decreased by 31.4 percent. Pending sales in Sarasota County decreased by 9.8 percent for single-family homes and by 18.8 percent for condos.

Inventory is up overall by 9.9 percent, compared to last year’s two-county totals. Sarasota single-family homes increased by 16.3 percent to 3,131 available properties, while Manatee increased by 4.1 percent to 2,229. Sarasota condo inventory increased by 9.5 percent to 1,811, while Manatee condo inventory is up by 5.6 percent to 931 available properties. In addition to year-over-year, inventory also increased month-over-month in November.

New listings increased year-over-year with a combined increase of 2.9 percent. For single-family homes, new listings increased by 6.2 percent in Sarasota and by 5 percent in Manatee. Condo new listings decreased by 2.7 percent in Sarasota and decreased by 1 percent in Manatee. Aside for Sarasota condos, median prices increased when compared to November of last year. Manatee single-family homes increased by 8.5 percent to $313,496, while Sarasota prices increased by 5.3 percent to $300,000. Condo prices in Manatee increased by 2.9 percent to $186,500 and decreased by 4.6 percent to $229,000 in Sarasota County.

The market continues to favor the seller with the month’s supply of inventory under 5.5 months. Single-family homes in Sarasota increased by 14.6 percent to a 4.7-month’s supply. Manatee single-family homes sit at a 4.1-month supply, a 4.7 percent decrease. As for condos, Manatee County decreased by 7 percent to a 4-month’s supply and Sarasota is at a 5.1 month’s supply, a 1.9 percent decrease from last year.

The median time to contract, or the number of days between the listing date and contract date, hovers between 40 to 50 days in November. In Sarasota County, single-family homes spent a median 38 days on market, down 14 days from last year. For Manatee County, single-family homes were on the market for 50 days, down by one day from last year. As for condos, Sarasota county increased by 12 days to 49 days on the market, while Manatee condos decreased by 13 days to 46 days on the market.

To read the full press release and view the statistical charts click here.

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