Homes Sales Report for May 2018

Sarasota and Manatee County has closed more home sales so far in 2018 than sales in January through May of 2017. Inventory is still tight and median prices continue to rise year-over-year. Overall, this month reports more closed sales and pending sales across the two counties.

The two-county area reported 2,191 total closed sales, a one percent increase from May 2017. In the condo market, Sarasota sales increased by 6.4 percent to 452, while Manatee condo sales increased by 16.8 percent to 278. As for single-family homes, Manatee sales increased by 2.6 percent to 641, while Sarasota County decreased by 0.2 percent to 820.

“The condo market in both counties has had an upward trend in pricing and sales so far this year,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “Combined with the continuing strength in the single-family homes, we are seeing a very robust market. This makes it a great time to contact your local REALTOR® to sell, buy or invest in real estate.”

Pending
The number of properties that went under contract this month increased by 8.2 percent from May of 2017. In the two-county area, condo pending sales increased by 6.6 percent, while single family homes increased by 9 percent. Pending sales can be a good indicator of future closed sales.

Inventory
Inventory remains tight in the two-county area. Sarasota single-family homes decreased by 5.9 percent, while Manatee single family homes increased by 0.8 percent. As for condos, Sarasota inventory increased by 1.8 percent, while Manatee condo inventory is down by 0.9 percent in the two-county area.

Median
Median sales prices continue to rise in Sarasota and Manatee. Manatee single-family home prices increased by 2 percent to $305,000 and Sarasota increased by 8 percent to $280,750. Condo prices in Sarasota increased by 4 percent to $234,675 and Manatee decreased by 1.3 percent to $183,750.

Housing Supply
Year-over-year, the month’s supply of inventory continues to decrease, indicating a seller’s market. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.8 month supply. Manatee single-family homes are at a 4.3-month supply and Sarasota single-family homes are at a 4.2-month supply.

Inventory may be tight, but the median time to contract showed an overall increase this month. Sarasota condos spent 63 days on the market, a 3.3 percent increase from this time last year. Manatee condos also increased with a 14.9 percent jump to 54 days. For single-family homes, the median time to contract is up by 12.8 percent in Manatee to 53 days, while Sarasota is down to 45 days, a 2.2 percent decrease.

REALTOR® Association of Sarasota and Manatee June 20, 2018