Sarasota Real Estate Update: March 2018
Closed and Pending Sales Increase in Residential Market
As of March 2018, the two-county area has closed on 5,015 properties so far this year, an increase from this time last year. Inventory levels dropped this month and median prices continue to rise. This month also showed an increase in pending sales, indicating more closed sales on the horizon.
Overall, closed sales for single-family homes and condos in the two-county area increased by 2.3 percent from this time last year. The condo market improved in sales with a 9.9 percent increase in Sarasota. As for single-family homes, Sarasota decreased by 2.3 percent to 766.
"With the close of ‘season’ fast upon us, we are once again showing an increase in combined sales in both counties,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee.
The median sales price for Sarasota condos increased by 4.3 percent to $240,000. Single-family median prices in Sarasota increased by 9.3 percent to $287,053.
The number of properties that went under contract increased from this time last year. Combined, pending sales for single-family homes and condo increased by 4.9 percent from March 2017.
"Pending sales showed a combined 14.9 percent increase from February 2018 to March 2018,” added Owens. “This increase indicates a strong finish going into summer.”
A drop in new listings is another good indication of the selling season ending. The number of properties put on the market during March 2018 decreased by 7.6 percent from 2017 in the two-county area.
Combined inventory in the two-county area decreased by 14 percent from March 2017. Compared to last year, single-family homes experienced a 15.4 percent decrease, while condos decreased by 11.4 percent. When compared to last month, inventory decreased by 12.2 percent in the two-county area.
The market is strong on the seller’s side this month. Sarasota condos are at a 4.8 month-supply and single-family homes are at a 4.1-month supply.
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.