The Sarasota and Manatee housing market favors the seller with a decrease in existing home sales in June 2019. Inventory is steady among the two counties as median prices continue to increase year-over-year. Pending sales and new listings showed a decrease in June 2019, according to monthly reports from Florida REALTORS®.
In June, there were a total of 2,032 closed sales in the two-county market, a 3.1 percent decrease from this time last year. In Sarasota County, single-family home sales increased by 2.9 percent to 821 and Manatee single-family homes decreased by 2.2 percent to 623. Condo sales decreased from this time last year, with a 10.4 percent decrease to 344 sales in Sarasota County and a 12.2 percent decrease to 244 sales in Manatee.
“Interest rates have stayed relatively low, allowing buyers who may be on the fence to consider the advantages of home-ownership in our area,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “And with inventory growing, it’s a great opportunity for REALTORS® to support buyers and sellers in their next transaction.”
Pending sales may indicate future closed sales, depending on the current market conditions. Compared to last year, single-family pending sales increased by 4.3 percent in Sarasota County and decreased by 3.9 percent in Manatee County. Condo pending sales decreased by 2 percent in Sarasota and by 12.4 percent in Manatee.
Year-over-year, median sales price increases across the two-county area. In Manatee County, single-family prices increased by 5 percent to $315,000 and condos increased by 3.9 percent to $199,000. Sarasota single-family home prices increased by 3.8 percent to $290,000, while Sarasota condo prices increased by 5.8 percent to $234,000.
Rising prices and a decrease in sales keeps inventory at bay. Combined inventory for both markets in both counties increased year-over-year by 1.8 percent. Single-family home inventory increased by 2.1 percent in Sarasota and decreased by 7.1 percent in Manatee County. Condo inventory in Sarasota County increased by 11.8 percent, while Manatee also increased by 2.2 percent.
“The market continues to adjust to a more balanced position as inventory grows amid rising prices,” added Worth. “But, new inventory is needed to help us toward a stable market. New construction is offering additional options to buyers, opposed to existing homes.”
In June 2019, the month’s supply of single-family homes increased in Sarasota, but decreased in Manatee. The benchmark for a balanced market is 5.5 months of inventory. Sarasota single-family homes increased by 2.4 percent to a 4.2-month supply, while the condo market sits at a 5.3-month supply, a 20.5 percent increase from this time last year. As for Manatee County, single-family home supply decreased by 12.2 percent to a 3.6-month supply, while condos showed no change and continue to sit at a 4.1-month supply for condos.
As for new listings, the number of properties put onto the market during the month decreased across the two-county area. New listings for single-family homes decreased by 8.6 percent in Sarasota and decreased by 12 percent in Manatee. Condo new listings in Manatee decreased by 9.5 percent, while Sarasota decreased by 11.5 percent.
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