Market Updates

Sarasota Home Sales Slowed in December

By | January 22, 2019

Housing Market Street Sign

Housing Market Street SignThe Realtor Association of Sarasota and Manatee reports that after a strong year of sales in 2018, the housing market fell short in December. Compared to December 2017, this month showed a decrease in overall closed sales, pending sales, and median prices. However, inventory increased across the two-county area. Year-to-date, 2018 shows an increase in sales when compared to 2017 year-to-date numbers.

Combined, closed sales in the two-county area decreased by 14.4 percent. Single-family homes in Manatee County decreased by 1.6 percent, while Sarasota decreased by 17.5 percent in closed sales. Condo sales in Manatee County decreased by 17.2 percent, while Sarasota County decreased by 26.6 percent.

Combined inventory in the two counties increased again in December. Single-family home inventory in Manatee County increased by 4.6 percent from last year, while Sarasota increased by 16.9 percent. Condo inventory experienced a 10.8 percent increase in Sarasota, while Manatee decreased by 0.9 percent.

Manatee County single-family homes fall to a median price of $309,000, a 2.7 percent decrease from the highest recorded median price in 2017; $317,500. Sarasota single-family home prices increased by 3.6 percent to $285,000. Sarasota condo prices decreased by 12 percent to $220,000, while Manatee condos decreased by 2.6 percent to $190,000.

Pending sales, or the number of properties that went under contract during the month, decreased in December. Single-family pending sales decreased by 6.1 percent in Manatee County, while Sarasota decreased by 18.4 percent. Condo pending sales decreased 36.9 percent in Sarasota, while Manatee decreased by 0.6 percent.

New listings, or the number of properties put onto the market, typically decline in December as many buyers will wait to list their property in the new year. When combined, the two counties experienced a 9.3 percent decrease from last year. New listings for Manatee single-family homes decreased by 2.1 percent, while Sarasota single-family homes decreased by 9.3 percent. As for condos, Sarasota decreased by 17 percent, while Manatee County decreased by 15.5 percent.

The median time to contract is up across the two counties. Sarasota condos increased by 33.3 percent to 48 days on the market. As for Manatee condos, the median time to contract is up by 4.3 percent. Single-family homes spent about the same amount of time on the market as they did last December, with no change in Manatee County and a 2.5 percent increase in Sarasota County.

Sarasota condos represent a balanced market with a 5.5-month supply, while Manatee condos are at a 4.0-month supply, down by 11.1 percent from last year. Manatee County single-family homes are at a 4.1-month supply, a 2.4 percent decrease from last year, and Sarasota single-family homes are at a 4.8-month supply, an increase of 17.1 percent.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

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Housing Inventory is on the Rise in Sarasota and Manatee Counties

By | December 28, 2018

House Upward Graph

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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Sarasota Manatee Real Estate Update

By | November 27, 2018

The Sarasota Manatee Realtor Association reports that compared to last year, the market statistics report more closed sales, inventory and a general rise in median prices in October 2018.

Year-over-year, combined closed sales in the two-county area increased by 8 percent. The condo market improved with a 27.3 percent increase in Manatee County and a 10.3 percent increase in Sarasota. Manatee single-family home sales increased by 14 percent, while Sarasota single-family home sales decreased by 2.1 percent.

In Manatee County, pending sales for single-family homes increased by 2.8 percent, while condos decreased by 3.6 percent. Pending sales in Sarasota County decreased by 4.7 percent for condos and by 6.3 percent for single-family homes.

Median prices for Manatee single-family homes increased by 4.2 percent to $298,000, while Sarasota decreased by 3.2 percent to $270,000. Condo prices in Sarasota increased by 4.4 percent to $233,745 and Manatee decreased by 1.9 percent to $191,250.

Aside from a decrease in the Manatee condo market, new listings increased year-over-year. For single-family homes, new listings increased by 12.5 percent in Sarasota and by 5.1 percent in Manatee. Condo new listings increased by 1.7 percent in Sarasota and decreased by 4.9 percent in Manatee.

Inventory is up by 6.1 percent, compared to last year’s two-county area totals. Sarasota single-family home inventory increased by 12.8 percent to 2,866, while Manatee single-family homes increased by 0.5 percent to 2,092. Sarasota condo inventory increased by 6.9 percent to 1,624, while Manatee condo inventory is down by 2.4 percent to 810 available properties.

With month’s supply of inventory falling under 5.5 months, a sellers’ market remains. Single-family homes in Sarasota increased by 10.3 percent from last year to a 4.3-month’s supply. Manatee single-family homes sit at a 3.9-month supply, a 7.1 percent decrease. As for condos, Manatee County decreased by 14.6 percent to a 3.5 month’s supply and Sarasota is at a 4.6 month’s supply, a 6.1 percent decrease from last year.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. To view the full press release and statistical charts, visit www.MyRASM.com/statistics.

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Current Real Estate Market Statistics for Sarasota and Manatee Counties

By | October 20, 2018

When Hurricane Irma made its path toward Sarasota and Manatee County in September 2017, sales stalled in both counties due to limited business days surrounding the storm. After last year’s irregular report, this September showed significant improvement in new listings, pending sales and overall closed sales.

Compared to last year, combined closed sales in the two-county area are up by 7.6 percent. The condo market improved with a 7.5 percent increase in Sarasota sales and a 12.5 percent increase in Manatee County. As for single-family homes, Sarasota sales increased by 3.6 percent and Manatee sales increased by 10.7 percent.

More properties went under contract this month, compared to last year’s stall, with a 31.8 percent combined increase. Condo pending sales in Sarasota county increased by 40.5 percent, while Sarasota single-family homes increased by 28.8 percent. In Manatee County, condo pending sales increased by 32.8 percent, while single-family homes increased by 39.9 percent.

As for new listings, the combined totals increased from last year by 36.5 percent. Single-family home new listings increased by 50.5 percent in Sarasota, while Manatee experienced a 31.7 percent increase. Condo new listings increased by 19.5 percent in Sarasota and by 29.4 percent in Manatee.

Notably, median prices continue to rise. Manatee single-family homes stayed at $295,000, while Sarasota increased by 3.7 percent to $280,000. Condo prices in Sarasota increased by 7.4 percent to $236,248 and Manatee increased by 2.8 percent to $186,575.

Inventory is up by 2.7 percent, compared to last year’s two-county area totals. Sarasota single-family home inventory increased by 6.7 percent to 2,583, while Manatee single-family homes decreased by 0.8 percent to 2,002. Sarasota condo inventory increased by 4.2 percent to 1,463, while Manatee condo inventory is down by 3 percent to 774 available properties.

According to current month’s supply of inventory, the market continues to favor the seller. Single-family homes in Sarasota and Manatee are both at a 3.8-month supply, a 2.7 percent increase in Sarasota and a 5 percent decrease in Manatee. As for condos, Manatee County decreased by 12.8 percent to a 3.4 month’s supply and Sarasota is at a 4.2 month’s supply, a 6.7 percent decrease from last year.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

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Homes Sold Quickly in August

By | September 20, 2018

The Realtor Association of Sarasota and Manatee reports that August 2018 numbers show an increase in closed sales, inventory and new listings in the Sarasota and Manatee housing market. With pressure from rising prices, the median time to contract is down across both counties.

This month, there were 1,898 reported closed sales in Sarasota and Manatee, a 4.3 percent increase from August 2017. The condo market continues to improve with a 10.1 percent increase in Sarasota sales and a 26.9 percent increase in Manatee County. As for single-family homes, Sarasota sales decreased by 1.2 percent and Manatee sales increased by 0.2 percent.

Compared to last year, August 2018 reported fewer pending sales. In the two-county condo market, total pending sales increased by 6.6 percent. Single-family homes showed a decrease of 12.8 percent for total pending sales.

The median time to contract decreased across the two counties. Sarasota condos decreased by 1.3 percent to 76 days on the market, while Manatee condos decreased by 16.1 percent to 47 days on the market. As for single-family homes, both counties reported a median 44 days on the market, a 2.2 percent decrease in Manatee and a 12 percent decrease in Sarasota.

Median sales prices also continue to rise, year-over-year. Sarasota single-family homes increased by 9.9 percent to $283,488, while Manatee increased by 3.2 percent to $296,000. Condo prices in Sarasota increased by 9.1 percent to $232,950 and Manatee increased by 3.8 percent to $190,000.

The condo market continues to shine with a jump in new listings, or the number of properties put on this market this month. Sarasota condo new listings increased by 11.4 percent and Manatee condo new listings increased by 8.2 percent. Single-family home new listings increased by 4.5 percent in Manatee County, while Sarasota single-family home new listings only increased by 0.3 percent.

With more listings comes more inventory. The overall inventory is up by 1.2 percent, compared to last year’s two-county area totals. Sarasota single-family home inventory increased by 3.2 percent to 2,595. Manatee single-family home inventory decreased by 2.7 percent to 2,050. Sarasota condo inventory increased by 5.1 percent to 1,425, while Manatee condo inventory is down by 1.5 percent to 801 available properties.

The Sarasota and Manatee County market favors the seller, as noted by the current month’s supply of inventory. Single-family homes in Sarasota and Manatee are both at a 3.9-month supply, a 2.6 percent increase in Sarasota and a 4.9 percent decrease in Manatee. As for condos, Manatee County decreased by 7.7 percent to a 3.6 month’s supply and Sarasota is at a 4.1 month’s supply, a 4.7 percent decrease from last year.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

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Condo Market in Sarasota and Manatee

By | August 27, 2018

Condos

CondosThe Realtor Association of Sarasota and Manatee reports that July inventory fell short, but sales continued to climb year-over-year. The condo market is strong with more pending sales and new listings this month.

In July 2018, Sarasota and Manatee County reported 1,885 closed sales, a 10.3 percent increase from last year. In Sarasota County, condo sales increased by 11.4 percent to 341, and single-family homes increased by 3.1 percent to 704. As for Manatee County, condo sales increased by 10.1 percent to 218 and single-family homes increased by 19.2 percent to 622.

Pending sales represent the number of properties that went under contract this month. Across both counties, pending sales increased in the condo market but decreased for single-family homes. In Manatee County, condo pending sales are up by 18 percent, while Sarasota condo pending sales are up by 6.6 percent. As for single-family homes, Manatee County is down by 1.2 percent, while Sarasota is down by 1.8 percent.

July brought more condo listings, but fewer single-family homes were added to the market when compared to last year. New listings in Sarasota condos increased by 5.6 percent and Manatee condos increased by 18 percent. As for Sarasota single-family homes, new listings decreased by 7.5 percent and Manatee decreased by 14.7 percent.

July’s overall inventory is down from last year. Sarasota single-family homes decreased by 4 percent to 2,605, while Manatee single-family homes decreased by 5.3 percent to 2,045. Sarasota condo inventory decreased by 1.9 percent to 1,431, while Manatee condo inventory is down by 0.2 percent to 849 available properties.

Median sales prices stay on the rise, year-over-year. Sarasota single-family homes increased by 8 percent to $280,750, while Manatee increased by 3.2 percent to $309,500. Condo prices in Sarasota increased by 8.3 percent to $232,000 and Manatee increased by 20.8 percent to $199,250.

Sarasota and Manatee County are both in a seller’s market, a reflection of the current month’s supply of inventory. Single-family homes are depleting the current inventory at an estimated 3.9 months, a 4.9 percent decrease in Sarasota and a 9.3 percent decrease in Manatee County. As for condos, Manatee County decreased by 4.9 percent to a 3.9 month’s supply and Sarasota is at a 4.1 month’s supply, a 10.9 percent decrease from last year.

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

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Home Sales Rise Again

By | July 26, 2018

The Sarasota and Manatee market stays on trend with increasing home sales, rising median prices and low inventory in June 2018. Sarasota County and Manatee County reported a total of 2,097 closed sales in June 2018, a 5.2 percent increase from last year. In the condo market, Sarasota sales increased by 3.8 percent to 384, while Manatee condo sales increased by 20.9 percent to 278. As for single-family homes, Manatee sales increased by 4.8 percent to 637, while Sarasota increased by 1.7 percent to 798.

Combined pending sales, or the number properties that went under contract this month, increased by 3 percent from June of 2017. In Manatee County, condo pending sales are up by 7.3 percent, while single-family pending sales are up by 9.9 percent. As for Sarasota County, there was no change in the condo market and a 2.3 percent decrease in single-family home pending sales.

Overall, inventory is down compared to June 2017. Sarasota single-family homes decreased by 3.4 percent, while Manatee single-family homes decreased by 1.1 percent. Sarasota condo inventory increased by 1.9 percent, while Manatee condo inventory is down by 2.8 percent in the two-county area.

Median sales prices continue to rise. Sarasota single-family homes increased by 1.6 percent to $279,500, while Manatee increased by 0.8 percent to $300,000. Condo prices in Sarasota increased by 2.7 percent to $221,250 and Manatee increased by 4.9 percent to $191,500.

At less than 5 months to deplete the current inventory, the two counties represent a seller’s market in June 2018. Manatee condos are at a 4.1-month supply, a 6.8 percent decrease from last year. Sarasota condos are at a 4.5 month-supply, a 6.3 percent decrease. Both Manatee and Sarasota single-family homes decreased to a 4.1-month supply of inventory.

To view the full press release or to view the statistical charts visit: Sarasota Manatee Realtors

 

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Real Estate Sales Going Strong in Sarasota and Manatee Counties

By | June 21, 2018

The Realtors Association of Sarasota and Manatee  reports that both counties have closed more home sales so far in 2018 than sales in January through May of 2017. Inventory is still tight and median prices continue to rise year-over-year. Overall, this month reports more closed sales and pending sales across the two counties.

The two-county area reported 2,191 total closed sales, a one percent increase from May 2017. In the condo market, Sarasota sales increased by 6.4 percent to 452, while Manatee condo sales increased by 16.8 percent to 278. As for single-family homes, Manatee sales increased by 2.6 percent to 641, while Sarasota County decreased by 0.2 percent to 820.

The number of properties that went under contract this month increased by 8.2 percent from May of 2017. In the two-county area, condo pending sales increased by 6.6 percent, while single-family homes increased by 9 percent. Pending sales can be a good indicator of future closed sales.

Inventory remains tight in the two-county area. Sarasota single-family homes decreased by 5.9 percent, while Manatee single family homes increased by 0.8 percent. As for condos, Sarasota inventory increased by 1.8 percent, while Manatee condo inventory is down by 0.9 percent in the two-county area.

Median sales prices continue to rise in Sarasota and Manatee. Manatee single-family home prices increased by 2 percent to $305,000 and Sarasota increased by 8 percent to $280,750. Condo prices in Sarasota increased by 4 percent to $234,675 and Manatee decreased by 1.3 percent to $183,750.

Year-over-year, the month’s supply of inventory continues to decrease, indicating a seller’s market. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.8 monthsupply.

Manatee single-family homes are at a 4.3-month supply and Sarasota single-family homes are at a 4.2-month supply. Inventory may be tight, but the median time to contract showed an overall increase this month.

Sarasota condos spent 63 days on the market, a 3.3 percent increase from this time last year. Manatee condos also increased with a 14.9 percent jump to 54 days. For single-family homes, the median time to contract is up by 12.8 percent in Manatee to 53 days, while Sarasota is down to 45 days, a 2.2 percent decrease.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

 

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Real Estate Prices Continue to Rise in Sarasota and Manatee Counties

By | May 29, 2018

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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Sarasota Real Estate Sales Increasing

By | April 24, 2018

As of March 2018, the two-county area has closed on 5,015 properties so far this year, an increase from this time last year. Inventory levels dropped this month and median prices continue to rise. This month also showed an increase in pending sales, indicating more closed sales on the horizon.

Overall, closed sales for single-family homes and condos in the two-county area increased by 2.3 percent from this time last year. The condo market improved in sales with a 9.9 percent increase in Sarasota and a 9.7 percent increase in Manatee. As for single-family homes, Manatee County sales decreased by 0.2 percent to 580, while Sarasota decreased by 2.3 percent to 766.

The median sales price for Manatee condos increased by 15.1 percent to $201,500 and Sarasota condos increased by 4.3 percent to $240,000. Single-family median prices in Sarasota increased by 9.3 percent to $287,053 and Manatee decreased by 1.7 percent to $285,000.

The number of properties that went under contract increased from this time last year. Combined, pending sales for single-family homes and condos increased by 4.9 percent from March 2017.

A drop in new listings is another good indication of the selling season ending. The number of properties put on the market during March 2018 decreased by 7.6 percent from 2017 in the two-county area.

Combined inventory in the two-county area decreased by 14 percent from March 2017. Compared to last year, single-family homes experienced a 15.4 percent decrease, while condos decreased by 11.4 percent. When compared to last month, inventory decreased by 12.2 percent in the two-county area.

The market is strong on the seller’s side this month. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.8 month-supply. Manatee single-family homes are at a 4.0-month supply and Sarasota single-family homes are at a 4.1-month supply.

To view the full press release and view the statistical charts visit: http://sarasotamanateerealtors.com/wp-content/uploads/2018/04/March-2018-Statistics-Report.pdf

 

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