Sarasota Real Estate Update: October 2018
Market Remains Stable Going into Season
Compared to last year, the Sarasota and Manatee County market statistics report more closed sales, inventory and a general rise in median prices in October 2018.
Year-over-year, combined closed sales in the two-county area increased by 8 percent. The condo market improved with a 10.3 percent increase in Sarasota. Single-family home sales decreased by 2.1 percent.
“Real estate sales in October remained strong for both counties with a just a slight drop in single family home sales and prices in Sarasota,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “This shows our market continues to remain solid as we go into season, which differs from other parts of the country where there has been a dramatic shift downward in price and sales.”
“The data for October again reflects the axiom that all real estate is local.”
Pending sales in Sarasota County decreased by 4.7 percent for condos and by 6.3 percent for single-family homes. Median prices for Sarasota single family homes decreased by 3.2 percent to $270,000. Condo prices in Sarasota increased by 4.4 percent to $233,745.
New listings increased year-over-year. For single-family homes, new listings increased by 12.5 percent in Sarasota. Condo new listings increased by 1.7 percent in Sarasota.
Inventory is up by 6.1 percent, compared to last year’s totals. Sarasota single-family home inventory increased by 12.8 percent to 2,866, while condo inventory increased by 6.9 percent to 1,624.
With month’s supply of inventory falling under 5.5 months, a sellers’ market remains. Single-family homes in Sarasota increased by 10.3 percent from last year to a 4.3-month’s supply. As for condos, Sarasota is at a 4.6 month’s supply, a 6.1 percent decrease from last year.