Sarasota Manatee July 2018 Real Estate Market Condo Sales Strengthen

Dated: 08/29/2018

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Sarasota, Florida (August 2018) -- During the month of July, inventory shrank but nevertheless, sales continued to rise in a year-over-year comparison. In fact, things are looking up in more ways than one. During June, condo sales in Sarasota rose by 3.8 percent to hit 384. Meanwhile, in Manatee, condo sales were up by 209 percent to 278. But, during the month of July, the condo market heated up to keep pace with the recent heat of the single family sector. (For the sake of comparison, let’s take a quick look back at just a few months ago. During May of this year, single family home closed transactions recorded mixed results. During the month of May, there were a total of 820 single family house closings in Sarasota, a tiny 0.2 percent decrease. However, in Manatee, closed transactions for single family properties hit 641, or a 2.6 percent increase.)Fast-forward to July and the dynamics in the two-county market has changed. And, this is particularly true in regard to the local condo market.For July 2018, there was a total of 1,885 closed residential real estate transactions. That represents an increase of 10.3 percent over last year. In Sarasota County alone, condo sales rose by an astounding 11.4 percent to hit 341 sales. Meanwhile single family home sales in Sarasota rose by 3.1 percent to hit 704 transactions. In Manatee County, condo closed sales totaled 218, an increase of 10.1 percent. While single family home sales in Manatee increased by 19.2 percent to hit 622.“In a traditionally slower month, sales growth indicates a robust market for July 2018,” said Greg Owens, 2018 President of the Realtor Association of Sarasota and Manatee.

Median Sales Prices

Median home sales prices also rose during the month of July. In a year-over-year comparison, Sarasota median home prices for single family residences increased by a full 8 percent to reach $280,750. Meanwhile, in Manatee, the median sales price for single family homes rose by 3.2 percent to reach $309,500.Condo median prices also rose in Sarasota to hit a rise of 8.3 percent to $232,000. In Manatee, the condo median price rose by 20.8 percent to reach $199,250.“Prices show a steady upward trend, a bellwether for the strength of our local economy,” said Owens.

Pending Sales

Pending sales, which represent the number of properties that go under contract during a given month, recorded mixed results. Both counties experienced an increase in pending condo sales. While single family pending sales fell in the two-county market for the month of July. Pending condo sales in Manatee were up by 18 percent. In Sarasota condo pending sales increased by 6.6 percent. Pending sales for single family properties dropped by 1.8 percent in Sarasota. In Manatee, pending sales for single family residences decreased by 1.2 percent.“The condo market is strong as indicated by this month’s pending sales and new listings,” added Owens. “Pending sales are a good indication that condo sales will continue to uptick.”

Sarasota-Manatee Residential Real Estate Inventory

Both Sarasota and Manatee counties are in a seller’s market, due to the months’ supply of inventory in the area. For instance, single family homes are going at a rate of 3.9 months. (A balanced market would stand at about 5 months.) For condos, the months’ supply of inventory Sarasota stands at just 4.1 months, while Manatee stands at 3.9 months.Overall, inventory during the month of July is down compared to last year. Single family listings fell 4 percent in Sarasota while single family listings in Manatee dipped by 5.3 percent. Condo listings also decreased, down 1.9 percent and 0.2 percent, respectively.

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Rob and Valerie Orr

Certified Luxury Home Marketing Specialist Million Dollar Guild Graduate Realtor Institute Five Star Agents- Best in Customer Satisfaction! Certified General Contractor I grew up in Islamorada,....

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