Sarasota Real Estate Update: November 2018
Housing Inventory Rises in November
Overall, November 2018 reports an increase in closed sales, median prices and inventory in the Sarasota and Manatee market. On trend with a typical November report, the market slows in new pending sales and new listings during this time of year.
Year-over-year, closed sales in the combined two-county area increased by 4.5 percent in November. Condo sales decreased by 4 percent in Sarasota while single-family home sales increased by 4.2 percent.
November 2018 experienced a decrease in pending sales, or the number of properties that went under contract this month. Pending sales in Sarasota County decreased by 9.8 percent for single-family homes and by 18.8 percent for condos.
Inventory is up overall by 9.9 percent, compared to last year’s totals. Sarasota single-family homes increased by 16.3 percent to 3,131 available properties. Sarasota condo inventory increased by 9.5 percent to 1,811. In addition to year-over-year, inventory also increased month-over-month in November.
“As we close out the year, inventory showed an increase from October 2018 to November 2018,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “New listings also start to rise as sellers prepare for post-holiday season buyers.”
New listings increased year-over-year with a combined increase of 2.9 percent. For single-family homes, new listings increased by 6.2 percent in Sarasota and condo new listings decreased by 2.7 percent.
Aside for Sarasota condos, median prices increased when compared to November of last year. Sarasota prices increased by 5.3 percent to $300,000. Condo prices decreased by 4.6 percent to $229,000.
“Even with rising median prices and a tight month’s supply of inventory, sellers will need to be patient when it’s time to negotiate,” added Owens. “If inventory continues to rise, buyers have more options and likely more time before purchasing a property.”
The market continues to favor the seller with the month’s supply of inventory under 5.5 months. Single-family homes in Sarasota increased by 14.6 percent to a 4.7-month’s supply. As for condos, Sarasota is at a 5.1 month’s supply, a 1.9 percent decrease from last year.
The median time to contract, or the number of days between the listing date and contract date, hovers between 40 to 50 days in November. In Sarasota County, single-family homes spent a median 38 days on market, down 14 days from last year. Condos increased by 12 days to 49 days on the market.
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.