Housing Trends Hold Steady as Summer Closes
The combined number of properties sold in Sarasota and Manatee counties increased by 3.7 percent from July 2018 to July 2019. According to monthly reports from Florida REALTORS®, combined inventory in the two-county area decreased but more new listings entered the market this month compared to the same time last year.
In Sarasota County, single-family home sales increased by 13.9 percent to 802 and Manatee single-family home sales decreased by 1.8 percent to 611. Manatee condo sales increased by 8.7 percent to 237, while Sarasota condo sales decreased by 10.6 percent to 305.
“With holidays and family vacations, July is traditionally a slower month for sales,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “Single-family homes are showing more pending sales and more new listings this year. If prices continue to steady and interest rates stay low, we can expect to see an uptick in sales for the single-family market.”
Pending sales, or 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 6.7 percent in Sarasota County and increased by 7.2 percent in Manatee County. Condo pending sales decreased by 1 percent in Sarasota and decreased by 9.1 percent in Manatee.
The number of properties put onto the market during the month increased for single-family homes but decreased for condos. New listings for single-family homes increased by 10.9 percent in Sarasota and increased by 8.5 percent in Manatee. Condo new listings in Manatee decreased by 18 percent, while Sarasota decreased by 7.6 percent.
Median prices increased for single-family homes but decreased for condos. In Manatee County, single-family prices increased by 5 percent to $325,000 and condos decreased by 4.1 percent to $191,000. Sarasota single-family home prices increased by 3.3 percent to $290,000, while Sarasota condo prices decreased by 3.4 percent to $224,000.
The overall median time from listing to contract increased in the two-county area. Sarasota single-family homes spent more time on the market with an 11.5 percent increase to 58 days, while condos in Sarasota increased by 25.4 percent to 79 days on the market. The median time to contract for Manatee single-family homes increased by 8.2 percent to 53 days on the market and Manatee condos increased by 29.5 percent to 57 days on the market.
Combined inventory for both markets in both counties decreased year-over-year by 1.7 percent. Condo inventory in Sarasota County increased by 8.5 percent, while Manatee decreased by 2 percent. Single-family home inventory decreased by 1.9 percent in Sarasota and decreased by 8.2 percent in Manatee County.
In July 2019, the month’s supply of inventory indicates a seller’s market across the two counties. Sarasota single-family home supply decreased by 2.6 percent to a 3.8-month supply, while the condo market sits at a 4.9-month supply, a 19.5 percent increase from this time last year. As for Manatee County, single-family home supply decreased by 12.8 percent to a 3.4-month supply, while condos decreased by 2.6 percent to a 3.7-month supply.
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.