Sarasota Real Estate Update: July 2018
Condo Market Shows Strength in Sarasota and Manatee
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“In a traditionally slower month, sales growth indicates a robust market for July 2018,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee.
In July 2018, Sarasota and Manatee County reported 1,885 closed sales, a 10.3 percent increase from last year. In Sarasota County, condo sales increased by 11.4 percent to 341, and single- family homes increased by 3.1 percent to 704.
Pending sales represent the number of properties that went under contract this month. Across both counties, pending sales increased in the condo market but decreased for single-family homes. Sarasota condo pending sales are up by 6.6 percent. As for single-family Sarasota is down by 1.8 percent.
“The condo market is strong as indicated by this month’s pending sales and new listings,” added Owens. “Pending sales are a good indication that condo sales will continue to uptick.”
July brought more condo listings, but fewer single-family homes were added to the market when compared to last year. New listings in Sarasota condos increased by 5.6 percent while single-family homes new listings decreased by 7.5 percent.
July’s overall inventory is down from last year. Sarasota single-family homes decreased by 4 percent to 2,605. Sarasota condo inventory decreased by 1.9 percent to 1,431.
Median sales prices stay on the rise, year-over-year. Sarasota single-family homes increased by 8 percent to $280,750. Condo prices increased by 8.3 percent to $232,000.
“Prices show a steady upward trend, a bellwether for the strength of our local economy,” said Owens.
Sarasota and Manatee County are both in a seller’s market, a reflection of the current month’s supply of inventory. Single-family homes are depleting the current inventory at an estimated 3.9 months, a 4.9 percent decrease in Sarasota. As for condos, Sarasota is at a 4.1 month’s supply, a 10.9 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.