//Sarasota/Manatee Real Estate Prices Rise, Supply Dwindles
Sarasota/Manatee Real Estate Prices Rise, Supply Dwindles, Our Town Sarasota News Events

Sarasota/Manatee Real Estate Prices Rise, Supply Dwindles

SARASOTA, Fla. (March 20, 2020) – In Sarasota and Manatee counties, the February housing market reports more closed sales and an overall rise in dollar volume. According to monthly reports from Florida Realtors®, median prices increased while inventory declined in both counties.

Closed sales in Sarasota and Manatee totaled 1,710 in February 2020, a 13.7 percent increase from the same time last year. Condo sales increased by 35.7 percent to 376 sales in Sarasota and by 40.1 percent to 241 in Manatee. In Sarasota, single-family sales increased by 4.2 percent to 618 sales and Manatee increased by 2.8 percent to 475 sales.

“The month of February continues in January’s footsteps, showing a continued strong real estate market in Sarasota and Manatee counties,” said David Clapp, 2020 President of the Realtor® Association of Sarasota and Manatee. “The year-over-year numbers went up for closed sales, median sales price, and the dollar volume of sales. What continues to go down is the length of time it takes for a listed property to go under contract, especially as inventory declines.”

For the third month in a row, cash sales increased year-over-year in both counties. Single-family cash sales in Manatee increased by 22.4 percent and showed no change for Sarasota. Condo cash sales increased by 25.6 percent in Sarasota and increased by 15.7 percent in Manatee.

Pending sales increased in both markets in both counties. Combined, single-family pending sales increased by 16.1 percent and condo pending sales increased 26.4 percent in the two counties.

“We are pleased with the great sales numbers in January and February, as there is a feeling that they may be tempered a bit in March due to the coronavirus and the shift of peoples focus onto the health, safety and welfare of their families,” added Clapp. “It’s hard to say whether the rise in pending sales will translate into future closed sales as we face uncertainties in March and possibly the next few months.”

Median prices continue to rise in both counties in both markets. Single-family home prices increased by 8.9 percent to $325,000 in Manatee. Sarasota single-family prices increased by 5.9 percent to $304,000. Condo prices increased by 11.1 percent to $210,000 in Manatee and increased by 7.4 percent to $260,000 in Sarasota.

The number of properties added to the market in February increased in both counties. Condo new listings increased by 1.1 percent in Manatee and by 0.2 percent in Sarasota. Single-family new listings increased by 1.7 percent in Manatee and increased by 0.5 percent in Sarasota.

Combined inventory in both counties decreased by 21.4 percent from February of 2019. Single-family home inventory decreased by 19.2 percent in Manatee and by 25.5 percent in Sarasota. Condo inventory in Manatee decreased by 6.4 percent while Sarasota decreased by 25 percent.

“The amount of active inventory continues to drop by double-digit percentages,” said Clapp. “This has led to the months’ supply of properties for sale to drop to around 3.5-months for single-family homes and 4.5-months for condos. A balanced market would be considered 6 months of supply.”

Sarasota condo inventory declined to 4.5-months’ supply and Manatee condos decreased to a 4.5-month supply. Sarasota single-family homes decreased to 3.6-months’ supply and Manatee fell to 3.4-months.

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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