More Options for Home Buyers
SARASOTA, Fla. (May 21, 2019) – The April 2019 housing report shows a rise in inventory and median sales prices, with properties spending more time on the market. Year-over-year, closed sales and new pending sales decreased.
In Manatee County, single-family home sales increased by 3.9 percent to 633, while Sarasota single-family homes decreased by 2.6 percent to 793 in Sarasota. Manatee condo sales decreased by 0.7 percent to 265 and Sarasota condo sales decreased by 8.3 percent to 444.
Inventory up 10%
Inventory continues to rise with a year-over-year increase in the two-county area. For single-family homes, inventory increased by 10.4 percent in Sarasota and decreased by 2.0 percent in Manatee. Condo inventory increased by 16 percent in Sarasota and by 2.2 percent in Manatee.
“As inventory rises and interest rates stay near historical lows, now is the time for interested buyers to explore the market and make the decision to purchase,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “Talk with a local Realtor® to get a true pulse on the market you’re interested in.”
Dr. Lawrence Yun, chief economist of the National Association of Realtors® (NAR) recently delivered his 2019 midyear forecast at the REALTORS® Legislative Meetings & Trade Expo. Yun expects inventory to continue to rise as it has been for eight straight months nationwide. According to Yun, home prices are growing in most markets, which impacts both sales and inventory.
Single-family home prices in Manatee increased by 1.6 percent to $315,000, while condo prices decreased by 4.1 percent to $196,500. In Sarasota County, single-family home prices increased by 1.5 percent to $290,000 and condo prices increased by 0.3 percent to $235,700.
Time on Market Increases
The median time to contract, or number of days on market, increased for both markets in both counties. Single-family homes in Manatee spent more days on the market with a 2.1 percent increase to 48 days, Sarasota increased by 37.5 percent to 55 days. Sarasota condos spent more days with a 34.9 percent increase to a median 58 days on market and Manatee condos increased by 13.2 percent to 43 days.
New listings for single-family homes decreased by 2.3 percent in Sarasota and decreased by 0.2 percent in Manatee. Sarasota condo new listings decreased by 9.9 percent and Manatee condo new listings decreased by 2.4 percent.
Pending Sales Increase
The number of properties that went under contract during the month increased for single-family homes but decreased for condos. Compared to last year, single-family pending sales increased by 7.7 percent in Sarasota County and increased by 7.1 percent in Manatee County. Condo pending sales decreased by 16.2 percent in Sarasota and by 3.3 percent in Manatee.
The month’s supply of inventory increased in Sarasota, but decreased Manatee County. Sarasota single-family homes are now at a 5-month supply, while the condo market continues to favor the buyer with a 6.2-month supply. As for Manatee County, the market continues to favor the seller with a 4-month supply for single-family homes and a 4.7-month supply for condos.