Sarasota Real Estate Update: May 2018
Year-to-Date Home Sales are Strong in Sarasota and Manatee
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The two-county area reported 2,191 total closed sales, a one percent increase from May 2017. In the condo market, Sarasota sales increased by 6.4 percent to 452, while Manatee condo sales increased by 16.8 percent to 278. As for single-family homes, Manatee sales increased by 2.6 percent to 641, while Sarasota County decreased by 0.2 percent to 820.
"The condo market in both counties has had an upward trend in pricing and sales so far this year," said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. "Combined with the continuing strength in the single-family homes, we are seeing a very robust market. This makes it a great time to contact your local REALTOR® to sell, buy or invest in real estate."
The number of properties that went under contract this month increased by 8.2 percent from May of 2017. In the two-county area, condo pending sales increased by 6.6 percent, while single-family homes increased by 9 percent. Pending sales can be a good indicator of future closed sales.
Inventory remains tight. Sarasota single-family homes decreased by 5.9 percent and, as for condos, Sarasota inventory increased by 1.8 percent.
Median sales prices continue to rise in Sarasota. Single-family homes increased by 8 percent to $280,750. Condo prices in Sarasota increased by 4 percent to $234,675.
Year-over-year, the month’s supply of inventory continues to decrease, indicating a seller’s market. Sarasota condos are at a 4.8 month-supply and Sarasota single-family homes are at a 4.2-month supply.
Inventory may be tight, but the median time to contract showed an overall increase this month. Sarasota condos spent 63 days on the market, a 3.3 percent increase from this time last year. For single-family homes, the median time to contract is down to 45 days, a 2.2 percent decrease.
Monthly reports are provided by Florida REALTORS® with data compiled from My Florida
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