Real Estate is Trending
As of March 2018, the two-county area has closed on 5,015 properties so far this year, an increase from this time last year. Inventory levels dropped this month and median prices continue to rise. This month also showed an increase in pending sales, indicating more closed sales on the horizon.
Sarasota market trends indicate an increase of $10,100 (4%) in median home sales over the past year. The average price per square foot for this same period rose to $194, up from $184.
Overall, closed sales for single-family homes and condos in the two-county area increased by 2.3 percent from this time last year. The condo market improved in sales with a 9.9 percent increase in Sarasota and a 9.7 percent increase in Manatee. As for single-family homes, Manatee County sales decreased by 0.2 percent to 580, while Sarasota decreased by 2.3 percent to 766.
The median sales price for Manatee condos increased by 15.1 percent to $201,500 and Sarasota condos increased by 4.3 percent to $240,000. Single-family median prices in Sarasota increased by 9.3 percent to $287,053 and Manatee decreased by 1.7 percent to $285,000. The number of properties that went under contract increased from this time last year. Combined, pending sales for single-family homes and condo increased by 4.9 percent.
A drop in new listings is another good indication of the selling season ending. The number of properties put on the market during March 2018 decreased by 7.6 percent from 2017 in the two-county area.
Combined inventory in the two-county area decreased by 14 percent from March 2017. Compared to last year, single-family homes experienced a 15.4 percent decrease, while condos decreased by 11.4 percent. When compared to last month, inventory decreased by 12.2 percent in the two-county area.
Seller’s Market is Strong
The market is strong on the seller’s side this month. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.8 month-supply. Manatee single-family homes are at a 4.0-month supply and Sarasota single-family homes are at a 4.1-month supply.
*Reports are provided by Florida REALTORS®