/Sarasota Real Estate Report

Sarasota Real Estate Report

 
Sarasota October Real Estate Report

Compared to last year, the Sarasota and Manatee
County 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.
“Real estate sales in October remained strong for both counties with a just a slight drop in single
family home sales and prices in Sarasota.,” said Greg Owens, 2018 President of the
REALTOR® Association of Sarasota and Manatee. “This shows our market continues to remain
solid as we go into the season, which differs from other parts of the country where there has been a
dramatic shift downward in price and sales.”
“The data for October again reflects the axiom that all real estate is local.”
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. For comprehensive statistics dating back to 2005, visit
www.MyRASM.com/statistics.