Sarasota Real Estate June 2018 Update
Sarasota and Manatee Home Sales Rise Again in June
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"We’ve consistently seen low inventory levels and rising prices over the last few months,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “But, sales continue to maintain a steady pace, supporting a strong local economy.”
Sarasota County and Manatee County reported a total of 2,097 closed sales in June 2018, a 5.2 percent increase from last year. In the condo market, Sarasota sales increased by 3.8 percent to 384. As for single-family homes, Sarasota increased by 1.7 percent to 798.
Combined pending sales, or the number properties that went under contract this month, increased by 3 percent from June 2017. For Sarasota County, there was no change in the condo market and a 2.3 percent decrease in single-family home pending sales.
"Real estate is local,” added Owens. “Single-family pending sales are up in Manatee and down in Sarasota County. Find a REALTOR® with the expertise in your specific, local market.”
Overall, inventory is down compared to June 2017. Sarasota single-family homes decreased by 3.4 percent, while condo inventory increased by 1.9 percent.
Median sales prices continue to rise. Sarasota single-family homes increased by 1.6 percent to $279,500 and condo prices increased by 2.7 percent to $221,250.
At less than 5 months to deplete the current inventory, the two counties represent a seller’s market in June 2018. Sarasota condos are at a 4.5 month-supply, a 6.3 percent decrease. Both Manatee and Sarasota single-family homes decreased to a 4.1-month supply of inventory.
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.