Sarasota Real Estate Update: April 2019
More Options for Home Buyers
SARASOTA, Fla. (May 21, 2019) – The April 2019 housing report shows a rise in inventory and median sales prices, with properties spending more time on the market.
Year-over-year, closed sales and new pending sales decreased. In Sarasota single-family homes decreased by 2.6 percent to 793 and condo sales decreased by 8.3 percent to 444.
Inventory continues to rise with a year-over-year increase in the two-county area. For single-family homes, inventory increased by 10.4 percent in Sarasota and condo inventory increased by 16 percent.
“As inventory rises and interest rates stay near historical lows, now is the time for interested buyers to explore the market and make the decision to purchase,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “Talk with a local Realtor® to get a true pulse on the market you’re interested in.”
Dr. Lawrence Yun, chief economist of the National Association of Realtors® (NAR) recently delivered his 2019 midyear forecast at the REALTORS® Legislative Meetings & Trade Expo. Yun expects inventory to continue to rise as it has been for eight straight months nationwide. According to Yun, home prices are growing in most markets, which impacts both sales and inventory.
Single-family home prices in Sarasota County, single-family home prices increased by 1.5 percent to $290,000 and condo prices increased by 0.3 percent to $235,700.
The median time to contract, or number of days on market, increased for both markets in both counties. Single-family homes in Sarasota increased by 37.5 percent to 55 days. Sarasota condos spent more days with a 34.9 percent increase to a median 58 days on market.
New listings for single-family homes decreased by 2.3 percent in Sarasota and condo new listings decreased by 9.9 percent.
The number of properties that went under contract during the month increased for single-family homes but decreased for condos. Compared to last year, single-family pending sales increased by 7.7 percent in Sarasota County and condo pending sales decreased by 16.2 percent.
The month’s supply of inventory increased in Sarasota. Single-family homes are now at a 5-month supply, while the condo market continues to favor the buyer with a 6.2-month supply.