Sarasota Real Estate Update: August 2018
Sarasota and Manatee Homes Sell Quickly in August 2018
August 2018 numbers report an increase in closed sales, inventory and new listings in the Sarasota and Manatee housing market. With pressure from rising prices, the median time to contract is down across both counties.
This month, there were 1,898 reported closed sales in Sarasota and Manatee, a 4.3 percent increase from August 2017. The condo market continues to improve with a 10.1 percent increase in Sarasota sales. As for single-family homes, Sarasota sales decreased by 1.2 percent.
Compared to last year, August 2018 reported fewer pending sales. In the two-county condo market, total pending sales increased by 6.6 percent. Single-family homes showed a decrease of 12.8 percent for total pending sales.
“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.”
The median time to contract decreased across the two counties. Sarasota condos decreased by 1.3 percent to 76 days on the market. As for single-family homes, both counties reported a median 44 days on the market, with a 12 percent decrease in Sarasota.
Median sales prices also continue to rise, year-over-year. Sarasota single-family homes increased by 9.9 percent to $283,488. Condo prices in Sarasota increased by 9.1 percent to $232,950.
The condo market continues to shine with a jump in new listings, or the number of properties put on this market this month. Sarasota condo new listings increased by 11.4 percent. Sarasota single-family home new listings only increased by 0.3 percent.
“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.”
With more listings comes more inventory. The overall inventory is up by 1.2 percent, compared to last year’s two-county area totals. Sarasota single-family home inventory increased by 3.2 percent to 2,595. Sarasota condo inventory increased by 5.1 percent to 1,425.
The Sarasota and Manatee County market favors the seller, as noted by the current month’s supply of inventory. Single-family homes in Sarasota and Manatee 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 condos, Sarasota is at a 4.1 month’s supply, a 4.7 percent decrease from last year.
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.