Sarasota Real Estate Update: March 2019
Single-Family Home Sales Rise in March 2019
Following the same trend as February’s report, closed sales increased for single-family homes but decreased for condos in March. Single-family sales increased by 1.4 percent to 778 in Sarasota. Sarasota condo sales decreased by 13.6 percent to 393.
“The condo market in Sarasota was exceptionally strong last year,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “It would be very unusual for that trend to continue for an extended period of time.”
Pending sales, or the number of properties that went under contract during the month, decreased by 0.3 percent in the two-county area. Single-family pending sales increased by 0.2 percent in Sarasota County. Condo pending sales decreased by 6.4 percent.
“Single-family homes continue to become more balanced, spending more days on the market while closed and pending sales increase,” said Worth. “This could be a sign of more activity from sellers and buyers entering the market.”
The median time to contract, or number of days on market, increased for single-family homes, but decreased for condos. Sarasota is the same as this time last year at 51 days. Sarasota condos spent fewer days with a 21.2 percent decrease to a median 52 days on market.
Overall, inventory increased year-over-year in March 2019. For single-family homes, inventory increased by 13.2 percent in Sarasota. Condo inventory increased by 12.1 percent in Sarasota and by 1.9 percent in Manatee.
“When looking at price, the two counties differ. Manatee County’s decrease in month’s supply could explain the continued rise in median price. Sarasota shows the opposite with a decrease in price and increase in month’s supply,” added Worth. “Manatee seems to be out-pacing Sarasota especially with all the new development in Lakewood Ranch, Parrish, Palmetto, and Myakka City.”
Median sales prices decreased slightly in Sarasota County. Single-family home prices decreased by 0.7 percent to $285,000 and condo prices decreased by 5.1 percent to $227,825.
The month’s supply of inventory increased in Sarasota, but decreased Manatee County. Sarasota, single-family homes are now at a 5.3-month supply, while the condo market continues to favor the buyer with a 6.4-month supply.
Combined, new listings in the two-county area decreased in March. New listings for single-family homes increased by 3 percent in Sarasota. Condo new listings decreased by 13.6 percent.