/Sarasota Real Estate Report

Sarasota Real Estate Report

Single-Family Home Sales Up as Inventory Continues to Decline

For the August 2019 housing market, single-family home sales increased, pushing sales volume up to $279.6 million in Sarasota and $267.3 million in Manatee. According to monthly reports from Florida REALTORS®, inventory decreased across the two-county area this month while prices picked up again in Manatee County.

The combined number of properties sold in Sarasota and Manatee counties increased by 3.2 percent from August 2018 to August 2019. In Manatee County, single-family home sales increased by 10.3 percent to 654 and Sarasota single-family home sales increased by 7.4 percent to 769. In the condo market, Sarasota sales increased by 6.3 percent to 335. However, Manatee condo sales fell short of last year’s growth with a 25.9 percent decrease to 203 sales in 2019.

“In the first eight months of the year, single-family homes lead the market with year-to-date home sales growth,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “The area remains to be an attractive place to live and work, keeping buyers interested and our local economy strong.”

Combined inventory for both markets in both counties decreased year-over-year by 7 percent. Condo inventory in Sarasota County decreased by 0.8 percent, while Manatee decreased by 0.9 percent. Single-family home inventory decreased by 8.9 percent in Sarasota and decreased by 11.3 percent in Manatee County.

As for listings added to the market this month, Sarasota single-family new listings continue to increase year-over-year while the other markets fall short. For single-family homes, new listings increased by 4.7 percent in Sarasota and decreased by 3.9 percent in Manatee. Condo new listings in Manatee decreased by 4 percent, while Sarasota decreased by 6.2 percent.

“New listings historically drop this time of year before they pick up again around October,” added Worth. “The decreasing inventory may be an offset to the amount of new construction in our area.”

Median prices cooled slightly in Sarasota County, while Manatee continues to increase year-over-year. Sarasota single-family home prices decreased by 1.2 percent to $280,000, while Sarasota condo prices decreased by 0.8 percent to $231,000. In Manatee County, single-family prices increased by 7.1 percent to $317,000 and condos increased by 7.9 percent to $205,000.

The combined data between the two counties shows a 12.6 percent increase in pending sales, which could lead to more closed sales in the future. Single-family pending sales increased by 27.6 percent in Sarasota County and increased by 5.3 percent in Manatee County. Condo pending sales increased by 19.9 percent in Sarasota and decreased by 16.9 percent in Manatee.

The month’s supply of homes continues to stay below the 5.5-month benchmark for a balance between buyers and sellers. Sarasota single-family home supply decreased by 10.3 percent to a 3.5-month supply, while the condo market increased by 7.3 percent to a 4.4-month supply. As for Manatee County, single-family home supply decreased by 15.4 percent to a 3.3-month supply and condos are at a 3.6-month supply, showing no change from this time 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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