October 2020 Sarasota and Manatee County Market Stats.
October Reports Another Fast-Paced Month for Sarasota and Manatee Housing Market
SARASOTA, Fla. (November 19, 2020) – Home sales continue to soar in Sarasota and Manatee counties. Following the same trends seen in previous months, October 2020 reports a rise in closed sales, an increase in median prices and shrinking inventory. According to data compiled by Florida Realtors® and provided by the Realtor® Association of Sarasota and Manatee, single-family homes are going under contract in fewer days than the previous year, resulting in a fast-paced seller’s market.
In October, the median time from listing date to contract date decreased across the two-county area. Single-family homes are selling quickly, with a 58.1 percent decrease to 18 days on the market in Manatee and a 44.7 percent decrease to 21 days in Sarasota. As for the condo market, median time to contract is down by 8.9 percent to 41 days in Manatee and down by 28.6 percent to 45 days in Sarasota.
Cash buyers continue to participate in the market with an overall increase in cash sales from last year. For single-family homes, cash sales in Manatee increased year-over-year by 53.6 percent and by 16.9 percent in Sarasota. Condo cash sales increased by 10 percent in Manatee County and increased by 44.2 percent in Sarasota.
The combined inventory of active listings decreased year-over-year by 35.1 percent. Condo inventory decreased by 22.8 percent in Sarasota and by 27.1 percent in Manatee. Single-family inventory decreased by 42.4 percent in Manatee and by 40 percent in Sarasota.