Sarasota Real Estate Update: June 2019
Median Prices Rise Again in Sarasota and Manatee County
SARASOTA, Fla. (July 23, 2019) – The Sarasota and Manatee housing market favors the seller with a decrease in existing home sales in June 2019. Inventory is steady among the two counties as median prices continue to increase year-over-year. Pending sales and new listings showed a decrease in June 2019, according to monthly reports from Florida REALTORS®.
In June, there were a total of 2,032 closed sales in the two-county market, a 3.1 percent decrease from this time last year. In Sarasota County, single-family home sales increased by 2.9 percent to 821 and condo sales decreased from this time last year, with a 10.4 percent decrease to 344 sales.
“Interest rates have stayed relatively low, allowing buyers who may be on the fence to consider the advantages of home-ownership in our area,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “And with inventory growing, it’s a great opportunity for REALTORS® to support buyers and sellers in their next transaction.”
Pending sales may indicate future closed sales, depending on the current market conditions. Compared to last year, single-family pending sales increased by 4.3 percent in Sarasota County and condo pending sales decreased by 2 percent.
Year-over-year, median sales price increases across the two-county area. Sarasota single-family home prices increased by 3.8 percent to $290,000, while Sarasota condo prices increased by 5.8 percent to $234,000.
Rising prices and a decrease in sales keeps inventory at bay. Combined inventory for both markets in both counties increased year-over-year by 1.8 percent. Single-family home inventory increased by 2.1 percent in Sarasota and condo inventory increased by 11.8 percent.
“The market continues to adjust to a more balanced position as inventory grows amid rising prices,” added Worth. “But, new inventory is needed to help us toward a stable market. New construction is offering additional options to buyers, opposed to existing homes.”
In June 2019, the month’s supply of single-family homes increased in Sarasota, but decreased in Manatee. The benchmark for a balanced market is 5.5 months of inventory. Sarasota singlefamily homes increased by 2.4 percent to a 4.2-month supply, while the condo market sits at a 5.3-month supply, a 20.5 percent increase from this time last year.
As for new listings, the number of properties put onto the market during the month decreased across the two-county area. New listings for single-family homes decreased by 8.6 percent in Sarasota and condo new listings decreased by 11.5 percent.
Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service.