Sarasota Real Estate Update: September 2018
Slow and Steady Market Growth in Sarasota and Manatee
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“Hurricane or no hurricane, September typically slows down in our area,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “However, the market continues to show consistent growth with an overall increase in closed sales, year-to-date.”
Compared to last year, combined closed sales in the two-county area are up by 7.6 percent. The condo market improved with a 7.5 percent increase in Sarasota sales. As for single-family homes, Sarasota sales increased by 3.6 percent.
More properties went under contract this month, compared to last year’s stall, with a 31.8 percent combined increase. Condo pending sales in Sarasota county increased by 40.5 percent, while Sarasota single-family homes increased by 28.8 percent.
As for new listings, the combined totals increased from last year by 36.5 percent. Single-family home new listings increased by 50.5 percent in Sarasota. Condo new listings increased by 19.5 percent in Sarasota.
“Slow and steady wins the race,” said Greg Owens. “Despite last year’s stall, this month stays on the 2018 trend: more sales, higher prices and narrow inventory.”
Notably, median prices continue to rise. Sarasota increased by 3.7 percent to $280,000. and condo prices in Sarasota increased by 7.4 percent to $236,248.
Inventory is up by 2.7 percent, compared to last year’s two-county area totals. Sarasota single-family home inventory increased by 6.7 percent to 2,583, while Manatee single-family homes decreased by 0.8 percent to 2,002. Sarasota condo inventory increased by 4.2 percent to 1,463, while Manatee condo inventory is down by 3 percent to 774 available properties.
“The law of supply and demand tells us that low supply will impact median prices and eventually closed sales,” said Greg Owens.
According to current month’s supply of inventory, the market continues to favor the seller. Single-family homes in Sarasota and Manatee are both at a 3.8-month supply, a 2.7 percent increase in Sarasota and a 5 percent decrease in Manatee. As for condos, Sarasota is at a 4.2 month’s supply, a 6.7 percent decrease from last year.
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