Sarasota Real Estate Update: February 2019
Single-Family Home Sales Increase Amid Rising Inventory
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Single-family home sales increased increased by 4.2 percent in Sarasota. Condo sales decreased by 12.1 percent.
“Compared to last month, regular closed sales and cash sales increased, as well as the overall dollar volume,” said Amy Worth, second generation REALTOR® and 2019 President of the REALTOR® Association of Sarasota and Manatee. “It indicates our season is ramping up.”
Median sales prices increased in Sarasota County; single-family home prices increased by 5.3 percent to $287,000 and condo prices increased by 10.5 percent to $242,000.
Pending sales, or the number of properties that went under contract during the month, decreased in Sarasota County by 2.8 percent while condo pending sales decreased by 13 percent.
“Month-over-month, the combined pending sales continue to increase, a good indication of future closed sales,” said Worth. “Buyers are becoming more active in the market, taking advantage of low interest rates and more inventory to choose from.”
Across the two counties, inventory increased year-over-year in February. Single-family home inventory in Sarasota increased by 13.6 percent from last year. Condo inventory increased by 16.2 percent.
When the months’ supply of inventory reaches 5.5 months, the market becomes more balanced. In Sarasota County, single-family homes are at a 5.4-month supply, while the condo market has shifted to favor the buyer with a 6.5-month supply.
The two-county area experienced a decrease in new listings in February 2019. New listings for single-family homes decreased by 6.5 percent in Sarasota and decreased by 1.2 percent in Manatee. Sarasota condo new listings decreased by 6.8 percent and Manatee condo new listings decreased by 3.8 percent.
The median time to contract, or number of days on market, increased for the condo market in February 2019. Sarasota condos increased by 11.9 percent to a median 75 days on market. Single-family homes in Sarasota experienced a 30.4 percent increase to 60 days on the market.