Real Estate Inventory Sinks 1.7K
Real Estate Report:
Another Strong Month of Sarasota and Manatee Home Sales in November 2020SARASOTA, Fla. ( December 22, 2020) – As 2020 winds down, home sales in Sarasota and Manatee continue to show year-over-year growth. In November 2020, the housing market reported another rise in closed sales, cash sales, and median prices. According to data compiled by Florida Realtors® and provided by the Realtor® Association of Sarasota and Manatee, the supply of inventory continues to be the ongoing challenge in today’s market.“As we reflect on 2020, the pandemic has reminded us just how important our homes are. Real estate is essential with a high demand from buyers right now and as Realtors® we are so grateful to be able to continue serving our customers,” said David Clapp, 2020 President of the Realtor® Association of Sarasota and Manatee. “The numbers in November are following the same trends seen throughout the last several months and we expect 2020 to exceed 2019 when the year-end data is released in the new year.”
Closed sales have been rising year-over-year each month since July. Combined for both counties in both markets, closed sales increased by 40.2 percent in November 2020. Single-family closed sales increased by 36.7 percent to 850 sales in Sarasota and by 40.3 percent to 717 sales in Manatee.
Condo sales rose in November with a 58.9 percent increase to 332 sales in Manatee and a 34.8 percent increase to 422 sales in Sarasota. New listings decreased in November, which is typical during the yearly holiday season. The total number of new listings combined for single-family homes and condos decreased by 6.2 percent from the same month last year.
Single-family home new listings increased by 4.2 percent in Manatee and decreased by 6.5 percent in Sarasota. Condo new listings decreased by 14.3 percent in Manatee and by 13.2 percent in Sarasota. “The really challenging issue from November’s data is that our months’ supply of inventory has declined to a new low of only 1.7 months for single-family homes and around 2.6 months for condos,” added Clapp. “ The inventory challenge could continue to put pressure on rising prices and potentially impact affordability in our area.” The month’s supply of inventory is the estimated number of months it will take to deplete the current inventory. For single-family homes, month’s supply decreased by 51.5 percent to 1.6-months in Manateeand by 50 percent to a 1.8-month supply in Sarasota. Condo supply decreased by 45.2 percent to a 2.3-month supply in Manatee and by 40.8 percent to 2.9-months in Sarasota. The combined inventory of active listings in all markets decreased year-over-year by 35.1 percent across the two counties. Condo inventory decreased by 31.5 percent in Sarasota and by 35.4 percent in Manatee. Single-family inventory decreased by 46.2 percent in Manatee and by 46.8 percent in Sarasota.
The low supply coupled with high demand continues to push up median prices each month. Single-family prices in Manatee County increased by 7.2 percent to $350,500 while Sarasota prices increased by 19 percent to $349,695. Condo prices increased by 10.3 percent to $237,250 in Manatee and by 13.3 percent to $271,999 in Sarasota. “While pending sales continue to be strong with a total 24.9 percent increase from the same time last year, they are being tempered by the lack of inventory,” added Clapp. “Pending sales are a useful indicator of future closed sales. If we had more inventory, our total sales would be even higher than what they are now, which we do expect to increase after the holidays.” For single-family homes, pending sales increased by 25.7 percent in Manatee and by 28 percent in Sarasota. Condo pending sales increased by 22.8 percent in Manatee County and by 19.8 percent in Sarasota. Cash sales continue to rise, with a strong year-over-year increase in Manatee County. Single-family cash sales in Manatee increased year-over-year by 52 percent and condos in Manatee increased by 77.4 percent. In Sarasota, single-family cash sales increased by 29.6 percent and condos increased by 12.7 percent.
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.