Sarasota Real Estate Update: 2018 Year in Review
Sarasota and Manatee Condos Hit New Sales Record in 2018
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The two counties reported a combined total of 21,344 closed sales in 2018, a 6.7 percent increase from 2017. In Sarasota County, single-family home sales increased by 0.5 percent to 7,952 closed sales.
Condo market sales increased year-over-year, with both counties reporting the highest recorded number of sales over the last ten years. Sarasota condos increased by 8.1 percent from 2017 to 4,150 closed sales.
“Even with the national trends of low inventory and rising prices, our year-end report illustrates how strong the Sarasota and Manatee markets were in 2018,” said Amy Worth, second generation REALTOR® and 2019 President of the REALTOR® Association of Sarasota and Manatee.
As a share of sales, foreclosures and short sales represented only 2.2 percent of total closed sales in 2018. Distressed sales continue to decrease in the two-county area. In 2018, there were 466 distressed sales across the two counties, a 39.7 percent decrease from 2017.
The overall volume of sales for Sarasota single-family homes increased by 5.1 percent to $3.1 billion. As for condos, sales volume increased by 6.7 percent to $1.5 billion.
Median sales prices continue to rise year-over-year in both counties. Sarasota single-family home prices increased by 5 percent to $282,500. Sarasota condo prices increased by 3.2 percent to $232,300.
Combined inventory for the two-county area increased by 9.8 percent from 2017. For single- family homes, Sarasota increased by 16.9 percent and condo inventory increased by 10.8 percent.
“A record-breaking year may be tough to follow,” added Worth. “With rising prices and an increase in inventory, the market could become more balanced in 2019.”
New listings will often increase in response to rising prices. New listings, or the number of properties put on the market during the year, increased overall by 5.4 percent in the two counties combined. For single-family homes, new listings increased by 5.2 percent in Sarasota and condo new listings increased by 5.9 percent.
During 2018, the market favored sellers. The month’s supply of inventory, or the estimate of the number of months it will take to deplete the current inventory, increased year-over-year in Sarasota. Condos are at a 5.5 month’s supply, while single-family homes are at a 4.8 month’s supply.
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.