Sarasota offers its visitors and residents a variety of recreational and cultural opportunities. The beautiful beaches, like Siesta Key Beach and Longboat Key Beach, the breathtaking sunsets,
August 2018 SarasotaManatee Real Estate Market Experiences Quick Sales Pace
Sarasota, Florida (September 2018) -- August 2018 across the Sarasota-Manatee residential real estate market proved a good month. In fact, closed sales, inventory, and new listings were all up through the month. What’s more, with home prices on the rise, the median time to contract is shrinking -- another good sign of a strong market.Overall, the last few months have seen some strong activity. The Sarasota-Manatee residential real estate market continues to make big strides. And, it’s showing even more signs for a bright future.For instance, in July 2018, there were 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.So, with these great figures in-mind, let’s take a look at how the month of August 2018 performed in both Sarasota and Manatee counties.
Sarasota-Manatee Residential Real Estate Closed Sales and Pending Sales in August 2018
For starters, closed sales or completed transactions, hit 1,898 between the two county market. This represents an increase of 4.3 percent over August of last year. Moreover, the condo market rose by 10.1 percent in Sarasota and a whopping 26.9 percent in Manatee. For single family properties, closed sales slightly shrank by 1.2 percent in Sarasota but Manatee increased by 0.2 percent.In comparison to last year, this August reported fewer pending sales. There was an increase of 6.6 percent in the condo pending sales but a decrease of 12.8 in pending single family home sales.“Homes went under contract at a faster rate in August and prices continue to go up,” said Greg Owens, 2018 President of the Realtor Association of Sarasota and Manatee. “We’re still feeling the impact of low inventory levels.”Although, there's still good news when it comes to the median time to contract, as well as for median sales prices.
August 2018 Median Time to Contract and Median Sales Prices in Sarasota and Manatee Counties
In both Sarasota and Manatee counties, the median time to contract decreased. Sarasota condo median time to contract shrank by 1.3 percent to fall to 76 DOMs or days on the market. Meanwhile, Manatee condo median time to contract fell by 16.1 percent to 47 DOMs. Single family median time to contract hit 44 DOMs or days on the market, across both counties. This represents a decrease of 2.2 in Sarasota, as well as a decrease in Manatee of 12 percent.Median sales prices also continue their upward march in the two county market. Median sales prices in single family residences rose by 9.9 percent to reach $283,488 in Sarasota County, while Manatee County increased by 3.2 percent to hit $296,000. As for condo median sales prices, those rose by 9.1 percent in Sarasota to $232,950, and Manatee rose by 3.8 percent to $190,000.The condo market also continues its strong performance with a spike in new listings. New Sarasota condo listings rose by 11.4 percent and in Manatee, new condo listings increased 8.2 percent. For single family properties, new listings in Sarasota rose by 0.3 percent and the same type in Manatee increased by 4.5 percent.“New listings tend to rise in response to rising prices,” said Greg Owens, 2018 President of the Realtor Association of Sarasota and Manatee. “Our typical snowbird season is just around the corner, the trend indicates that now is a good time to prepare listings for market.”
Available Inventory in Sarasota and Manatee Counties
The Sarasota-Manatee residential real estate market continues to favor sellers. Overall inventory rose by 1.2 percent. Single family inventory in Sarasota increased 3.2 percent, while Manatee fell just 2.7 percent. Condo inventory in Sarasota jumped by 5.1 percent and in Manatee, condo inventory decreased by 1.5 percent. Currently, there's a 3.9 month's supply of inventory in single family properties. Sarasota month's supply of condo inventory stands at 4.1, while Manatee is at 3.6 months.
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Sarasota, Florida (October 2018) -- September 2018 saw quite a few changes in the residential real estate market. Due to the aftereffects of Hurricane Irma in 2017, sales fell in both counties.