Now is the Time to Sell; Increased Sales and Buyer Demand in Sarasota-Manatee
The Sarasota and Manatee housing market reports renewed demand with a rise in sales, new listings, pending sales, and pending inventory in July of 2020. According to the reports compiled by Florida Realtors® and provided by the Realtor® Association of Sarasota and Manatee, closed sales in July increased by 24.1 percent from the same month last year. The market continues to favor the seller with a rise in demand and a decrease in inventory.
“Pending sales continue to exceed any possible expectations we ever could have had when this pandemic hit,” said David Clapp, 2020 President of the Realtor® Association of Sarasota and Manatee. “Record-low interest rates combined with the release of pent-up demand from a lessthan-normal Spring market has amplified the Sarasota-Bradenton marketplace. We expect to see continued demand and a robust market in the months ahead.”
Last month’s closed sales across the two-county market totaled 2,426 sales, a 24.1 percent increase from July of 2019. In Manatee County, single-family closed sales increased by 26.7 percent to 774 sales and condos increased by 16.5 percent to 276 sales. In Sarasota, single-family homes increased by 21.9 percent to 978 sales and condos increased by 30.5 percent to 398 sales.
For the second consecutive month, pending sales increased in all markets in Sarasota and Manatee counties with a combined 36.2 percent jump from July of last year. For single-family homes, pending sales rose by 33.1 percent in Manatee and by 33 percent in Sarasota. The condo market showed a 47.9 percent increase in pending sales in Sarasota and a 38.9 percent increase in Manatee.
Median sales prices for both single-family homes and condos rose year-over-year in July. Singlefamily prices in Manatee County increased by 10.5 percent to $358,963 and in Sarasota, prices increased by 12.8 percent to $327,250. Condo prices increased by 15.2 percent to $220,000 in Manatee and rose by 7.1 percent to $240,000 in Sarasota County. The median is the midpoint of all sales prices; half the homes sold for more, half for less.
New listings also continued an upward trend with a combined 26.1 percent increase for the two counties. Condo new listings increased by 62.4 percent in Manatee County and by 34.6 percent in Sarasota. For single-family homes, new listings increased by 19 percent in Manatee and by 18.9 percent in Sarasota.
On the supply side, active inventory listings are lower than a year ago. Year-over-year, the combined inventory in both counties decreased by 24.2 percent. Condo inventory decreased by 11.5 percent in Sarasota and by 4 percent in Manatee. Single-family home inventory decreased by 34 percent in Sarasota and by 30.2 percent in Manatee.
Inventory is lower than a year ago, but buyer interest remains high especially when fueled by low mortgage rates. “We are concerned by the decreasing months’ supply of inventory. July’s numbers dropped to approximately 2.3 months supply for single-family homes and 3.8 months for condos. Six months is considered a balanced market,” added Clapp. “Weekly sales continue to outpace new listings coming onto the market. When supply goes down and demand goes up, sellers have the upper hand.”
“Under these conditions, buyers hoping to close on a home should expect some competition and bidding wars, especially for each new property that comes into the market,” added Clapp. “If you have considered selling your home now is the time to sell with a Realtor® who can ensure safe marketing and showings of your home in a COVID-19 environment.”
As for the months’ supply of inventory, single-family homes stayed under a 3-month supply in July with a 36.8 percent decrease in Sarasota (2.4 months) and a 32.4 percent decrease in Manatee (2.3 months). Condo supply decreased by 2.7 percent to 3.6 months in Manatee and by 18.4 percent to a 4-month supply in Sarasota. The months’ supply refers to the number of months it would take for the current inventory of homes on the market to sell given the current sales pace.
Monthly reports are provided by Florida REALTORS® with data compiled from Stellar MLS.