SARASOTA, Fla. (May 19, 2022) – The active inventory of single-family homes showed a positive change in April 2022, the first year-over-year increase for the North Port-Sarasota-Bradenton MSA since May of 2019. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), closed sales and pending sales are down but demand is still strong with properties going under contract within a median of five days.
Closed sales, combined for both property types in the two counties, decreased year-over-year by 23.6 percent to 2,285 sales in April. Single-family sales decreased by 18.3 percent to 692 sales in Manatee County and decreased by 25.3 percent to 792 sales in Sarasota County. In the condo market, closed sales are down by 26.7 percent to 304 sales in Manatee and down by 25.7 percent to 497 sales in Sarasota.
“As we’ve been anticipating, it appears that the rising interest rates and inflation are beginning to put pressure on our local real estate market,” said 2022 RASM President Tony Veldkamp, a Senior Advisor at SVN Commercial Advisory Group. “While we’re still seeing fewer pending and closed sales when compared to last year, we are starting to see an increase in new listings and the amount of inventory of homes and condos for sale. In fact, Sarasota County has its highest home inventory in 12 months, with its second month in a row of positive year-over-year increases. Sarasota County’s single-family home inventory has risen to a 1-month supply, the first time since January 2021, while Manatee County has risen to a 0.8-month supply.”
At the end of April, there were 1,969 active listings combined in both counties for both markets, a 14.3 percent increase from the same month last year. Compared to last month, active inventory increased month-over-month by 23.5 percent when combined for the two counties.
Unsold single-family home inventory sits at a 0.8-month supply for Manatee County, which is a 33.3 percent increase from last year. In Sarasota County, single-family home inventory is now at a one-month supply, a 42.9 percent increase from last year. The condo market is at a 0.8-month supply in April, a 14.3 percent increase for Manatee County but an 11.1 percent decrease for Sarasota County.
New listings, or the number of properties added to the market last month, increased year-over-year by 5.1 percent for single-family homes but decreased by 0.2 percent for condos.
Prices for single-family homes in Sarasota County rose year-over-year by 27.1 percent to $482,803, while in Manatee the median price increased year-over-year by 27.2 percent to $515,000. For condos, the median price in Sarasota increased by 27.4 percent from last year to $395,000, and Manatee prices increased by 48.9 percent to $350,000.
The median time it took for properties to go under contract remained at five days in April, a year-over-year decrease of 28.6 percent for single-family homes and a 54.5 percent decrease for condos.