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Oct
18
Sarasota-Manatee Home Prices Are On the Rise

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It’s no secret to anyone in the real estate industry that the Sarasota-Manatee area is at the peak of a sellers’ market. Home prices, and the demand for them, are at record highs. But that isn’t just speculation, according to August 2018 RASM statistics there has been a reported increase in closed sales, inventory, and new listings in the Sarasota and Manatee housing market. Along with these steadily increasing home prices, the median time to contract has been on a decline.


The numbers don’t lie, and the sales are up! In August alone, there were 1,898 reported closed sales in Sarasota and Manatee, which is a 4.3 percent increase from August of last year. But it isn’t just single-family homes that are seeing movement, the condo market is thriving beyond expectations, with a 10.1 percent increase in Sarasota sales and a whopping 26.9 percent increase in Manatee County. As for typical single-family home sales, Sarasota has seen a 1.2 percent decrease, and Manatee only increasing by 0.2 percent.


In comparison to last year, August 2018 reported fewer pending sales, with single family homes showing a 12.8 percent decrease. However, between Sarasota and Manatee’s condo market, there was a 6.6 increase in pending sales. Things are looking pretty good for condo life, huh?


“Homes went under contract at a faster rate in August and prices continue to go up,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “We’re still feeling the impact of low inventory levels.”


With Sarasota-Manatee homes being in such demand, the median time to contract has decreased across the board. Sarasota condos have seen a 1.3 percent decrease, to a median of 76 days on the market, while Manatee condos decreased by 16.1 percent, to 47 days on the market. In the realm of single-family homes there was a reported 44 days on market in both counties, which is a 2.2 percent decrease for Manatee and a 12 percent decrease in Sarasota. Homes are selling fast in these parts!


To further emphasize the strength of this sellers’ market, not only are homes selling quicker, but they’re selling at higher price points. Median sales prices in the two counties are steadily rising year-over-year. Sarasota single-family home prices have increased by 9.9 percent to $283,488, while Manatee has increased by 3.2 percent to $296,000. As for the current market favorite, condos, the median prices have risen in Sarasota by 9.1 percent to $232,950, while Manatee increased by 3.8 percent to $190,000.


Did we mention condos are the current best thing ever? Yes? Well, the condo market continues to leap ahead of its competition with an influx of new listings put on the market this month. New Sarasota condo listings have increased by 11.4 percent and Manatee condo listings have increased by 8.2 percent. Single-family homes lag behind with a 4.5 percent increase in Manatee and a meager 0.3 percent increase in Sarasota.


“New listings tend to rise in response to rising prices,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “Our typical snowbird season is just around the corner, the trend indicates that now is a good time to prepare listings for market.”


As the listings pour in, the inventory goes up. The overall inventory has increased by 1.2 percent compared to 2017’s Sarasota-Manatee area totals. Sarasota single-family home inventory increased by 3.2 percent to 2,595. It isn’t all uphill though, with 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.


We are in the midst of a sellers’ market, and the current month’s supply of inventory shows it. Single-family homes in Sarasota and Manatee counties 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 condominiums, Manatee County has 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 2017.


So, if you’re looking to sell, right now just might be the best time to do it.


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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