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.
Sarasota Manatee Real Estate Market Delivers Slow But Steady Growth In September 2018
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. However, this September recorded much different results. In fact, new listings, pending sales, and closed transactions all improved over the course of the month.Overall, the last few months have seen some strong activity. The Sarasota-Manatee residential real estate market continues to chug along, even as it gets later into the year. Plus, it’s also showing more signs of a bright future.
Sarasota-Manatee Real Estate Close Sales and New Contracts in September
September recorded some great numbers in the two-county area. For instance, closed sales increased by 7.6 percent. For condos, closed transactions were up by 7.5 percent in Sarasota. While in Manatee, closed condo sales were up by 12.5 percent. Single family property closed sales rose by 3.6 percent in Sarasota and in Manatee, closed transactions rose by 10.7 percent.“Hurricane or no hurricane, September typically slows down in our area. However, the market continues to show consistent growth with an overall increase in closed sales, year-to-date,” said Greg Owens, 2018 President of the Realtor Association of Sarasota and Manatee.
New Listings and Median Home Prices in Sarasota-Manatee Counties
As for new listings, the two-county market increased by a whopping 36.5 percent. New single family property listings rose by 50.5 percent in Sarasota. In Manatee, there was an increase in new listings of 31.7 percent. For new condo listings, Sarasota experienced an increase of 19.5 percent, while in Manatee, there was an increase of 29.4 percent.Median home prices also continued to rise through the month of September. In Manatee, the median home price for single family residences remained at $295,000. Meanwhile, in Sarasota, the median home price rose by 3.7 percent to reach $280,000. Additionally, condo median prices in Sarasota rose by 7.4 percent to hit $236,248. Over in Manatee, the median condo price rose by 2.8 percent to reach $186,575.
Sarasota-Manatee Residential Real Estate Inventory
Inventory in the two-county market rose by 2.7 percent during September, compared to last year. Single family inventory in Sarasota went up by 6.7 percent to hit 2,583 homes, while Manatee experienced a slight decrease of 0.8 percent to fall to 2,002. Condo inventory in Sarasota rose by 4.2 percent to include 1,463 units, while Manatee fell again by 3 percent to 774 available properties.“Slow and steady wins the race. Despite last year’s stall, this month stays on the 2018 trend: more sales, higher prices and narrow inventory,” Owens explains.
The Months’ Supply of Inventory
The Sarasota-Manatee real estate market continues its trend to favor sellers. Single family houses in Sarasota and Manatee are at 3.8 months of supply, representing an increase of 2.7 percent in Sarasota and a 5 percent downturn in Manatee. For condos, both counties decreased in monthly supply. In Sarasota, the number stands at 4.2 months, down from 6.7 last year. While in Manatee, the condo months’ supply of inventory fell by 12.8 percent to 3.4 months.“The law of supply and demand tells us that low supply will impact median prices and eventually closed sales.”Overall, the numbers remained positive through the month of September. With these figures, it appears the two-county market is quite healthy. For the near-future, it’s likely to remain favorable to sellers.
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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