August 2020 Market Report
SARASOTA, Fla. (September 22, 2020) –The residential housing market in August of 2020 reports another month of increased home sales and new listings amid declining inventory. According to reports compiled by Florida Realtors® and provided by the Realtor® Association of Sarasota and Manatee, the median prices for single-family homes reached a record-high in both counties. The current market conditions favor the seller with homes selling at a quicker pace in August 2020 when compared to last year.
“Just about all market indicators are positive on the year-over-year numbers for August, and by significant amounts. The only measurement that continues to fall short is the inventory of active listings,” said David Clapp, 2020 President of the Realtor® Association of Sarasota and Manatee. “Pending sales continue to outpace new listings, creating an inventory challenge. But there is some good news here, we saw the combined number of new listings in August jump by 28.4 percent for condos and by 12.5 percent for single-family homes.”
Realtors® in Sarasota and Manatee participated in a total of 2,297 closed sales in both markets, a 17.1 percent increase from August of last year. Single-family closed sales increased by nine percent to 713 sales in Manatee County and by 12.7 percent to 867 sales in Sarasota. The condo market also increased with 54.2 percent jump to 313 sales in Manatee and a 20.6 percent increase to 404 sales in Sarasota.
In August of 2020, the median sale price for single-family homes reached the highest recorded prices in both counties. In Manatee County, median prices increased by 13.6 percent to $360,000 and Sarasota increased by 17.9 percent to $330,000. Condo prices increased year-over-year by 8.8 percent to $223,000 in Manatee County and by eight percent to $249,495 in Sarasota County. The median is the midpoint of all sales prices; half the homes sold for more, half for less.
“Single-family homes sold quickly in August, and at higher prices,” added Clapp. “With record low inventory and high demand, we continue to see the median sale price go up, reaching new highs last month. The median time from listing to contract dropped to 30 days on the market for single-family homes.”
The median time to contract declined year-over-year in all markets last month. For single-family homes, the time to contract fell by 41.2 percent to 30 days in Sarasota and decreased by 28.6 percent to 30 days in Manatee. Condos took a bit more time in August with a decrease of 42 percent to 47 days in Sarasota and an eight percent decrease to 46 days in Manatee.
New listings continue to climb in August with a combined 17.1 percent increase for the two counties. Condo new listings increased by 38.6 percent in Manatee and by 21.3 percent in Sarasota. Single-family home new listings increased by 15.3 percent in Sarasota and by 9.2 percent in Manatee.
Pending sales increased for the third consecutive month. For single-family homes, pending sales increased by 43.1 percent in Manatee and by 25.8 percent in Sarasota. Condo pending sales increased by 66.7 percent in Manatee County and by 21.3 percent in Sarasota.
Year-over-year, the combined inventory in both counties decreased by 24.7 percent. Condo inventory decreased by eight percent in Sarasota and by 5.2 percent in Manatee. Single-family home inventory decreased by 33.3 percent in Sarasota and by 34.9 percent in Manatee.
As for the months’ supply of inventory, Sarasota single-family homes fell by 37.1 percent to a 2.2-months supply. Manatee single-family homes decreased by 36.4 percent to 2.1-months. Condo supply decreased by 8.3 percent to 3.3-months in Manatee and by 15.9 percent to 3.7- months in Sarasota.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.