In May 2019, total home sales in Sarasota and Manatee counties increased by 11.2 percent from the same month last year. Combined inventory and median prices also increased year-over-year, according to monthly reports from Florida REALTORS®.
In Manatee County, single-family home sales increased by 13.3 percent to 726 and Sarasota single-family homes increased by 17 percent to 959. Manatee condo sales increased by 6.1 percent to 295, while Sarasota condo sales increased by 1.1 percent to 457.
“May is now showing the highest number of closed sales in each market in 2019,” said Amy Worth, 2019 President of the REALTOR® Association of Sarasota and Manatee. “Year-to-date, single-family homes sales increased, while inventory and median prices are also on an upward trend. Given that mortgage rates will stay where they are, and overall prices will start stabilizing, we can expect moderate growth in this market over the next few months.”
Combined inventory for both markets in both counties increased year-over-year by 3.5 percent. Single-family home inventory increased by 7.1 percent in Sarasota and decreased by 6.9 percent in Manatee County. Condo inventory in Sarasota County increased by 14.1 percent, while Manatee decreased by 0.8 percent.
“The rising inventory may also be helping sales,” added Worth. “First time buyers have more options, as well as the sellers who plan to buy after the sale of their own property.”
Median sales prices increased across the two counties. In Manatee County, single-family prices increased by 4.9 percent to $319,995 and condos increased by 14.3 percent to $210,000. Sarasota single-family home prices increased by 8.7 percent to $305,305, while Sarasota condo prices increased by 1.4 percent to $238,000.
New listings, or the number of properties put onto the market during the month, tend to rise in delayed response to increasing prices. Single-family home new listings increased by 2.9 percent in Sarasota and decreased by 8.4 percent in Manatee. As for condo new listings, Manatee increased by 8.5 percent, while Sarasota decreased by 2.9 percent.
The total number of properties that went under contract in both counties increased from this time last year. Compared to last year, single-family pending sales increased by 11.6 percent in Sarasota County and decreased by 3.2 percent in Manatee County. Condo pending sales increased by 9.6 percent in Manatee and by 5.8 percent in Sarasota.
The month’s supply of inventory is an estimate of the number of months it will take to deplete the current inventory. In May 2019, the month’s supply increased in Sarasota but decreased Manatee County. Sarasota single-family homes are at a 4.5-month supply, while the condo market sits at a 5.7-month supply. As for Manatee County, the market favors the seller with a 3.8-month supply for single-family homes and a 4.2-month supply for condos.