Sarasota-Manatee Home Sales Slow Down in November
SARASOTA, Fla. (December 21, 2022) – November home sales in the two-county region are as low or lower than the lag reported from Hurricane Ian just a few months ago. Median sales prices continue to show year-over-year increases, while other factors point toward more typical market conditions for the region. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee, inventory is increasing but is still low enough to make this a “seller’s market.”
The total number of closed sales across the region was 1,252 sales in November, a 41.5 percent decrease from this time last year. Closed sales for single-family homes in Manatee County decreased by 35.6 percent to 450 sales, while single-family sales in Sarasota County decreased by 50.4 percent to 413 sales. For condos, Manatee closed sales decreased by 36.4 percent to 164 sales, and Sarasota sales decreased by 35.9 percent to 225 sales.
“In November, single-family homes in Sarasota County saw the lowest number of closed sales all year, while Manatee County saw the second lowest month of sales for 2022, with September rounding out the fewest sales for the MSA,” said Tony Veldkamp, 2022 President of the REALTOR® Association of Sarasota and Manatee and Senior Advisor at SVN Commercial Advisory Group. “This is most likely due to the effects from Hurricane Ian, where September closings were pushed to October, but the lack of contracts in late September and early October has led to fewer closings in November.”
The median sale price reported for November hovers around the year-to-date median price for 2022. For single-family homes, the median sale price in Manatee County increased year-over-year by 12.5 percent to $506,655, while the median price in Sarasota increased by 19 percent to $499,000. In the condo market, the median sale price in Manatee County increased by 19.4 percent to $358,108, while the median price in Sarasota decreased by 1.4 percent to $345,000.
The months’ supply of inventory continues to increase across the two counties, showing the largest year-over-year percentage change this year. In the single-family home market, Manatee County increased by 328.6 percent to a 3-month supply, while Sarasota increased by 242.9 percent to a 2.4-month supply. The months’ supply of condos increased year-over-year by 350 percent to 2.7-months in Manatee County, and increased by 250 percent to a 2.1-month supply in Sarasota.
“We’re continuing to see a return to market normalcy, where listings are closing sometime between two to two and a half months, and the months’ supply is increasing up to a two-to-three month supply, depending on the region and property type,” said Veldkamp. “It is too early to tell if prices are beginning to soften, as median and average prices tend to fluctuate month-to-month. Prices remain strong, inventory remains low, and interest rates seem to be settling down. It remains a great time to sell.”
The median time from listing to contract date for single-family homes hovers at 23 days in Sarasota County, and 29 days in Manatee County, a year-over-year increase of 228.6 percent and 383.3 percent respectively. As for condos, the median time to contract in Manatee was 18 days in November, a 100 percent increase from this time last year. For Sarasota condos, the median time to contract increased to 13 days in November, an 85.7 percent increase.
At the end of November, there were 4,839 active listings reported across the two counties, increasing by 192.6 percent from the same month last year. However, when compared to the same month in 2020, the difference is an 18.8 percent increase, indicating the market’s return to more typical conditions.
For single-family homes, the inventory of active listings increased year-over-year by 246.2 percent to 1,769 listings in Manatee County, while single-family inventory in Sarasota increased by 153.1 percent to 1,683 listings. For condos, the active inventory in Sarasota increased by 144 percent, and the inventory in Manatee increased by 266.7 percent.
The number of single-family homes added to the market in November decreased from last year with a 7.4 percent decrease in Manatee, and a 15.3 percent decreased in Sarasota. But for condos, new listings increased by 16.3 percent in Manatee County and decreased by 7.1 percent in Sarasota County.