Sarasota-Manatee home sales and prices increased again in January 2018. Inventory tightens, but a rise in pending sales and new listings indicate the upcoming season of sales.

Combined closed sales in the two-county area increased by 13 percent from this time last year. Single-family home sales in Manatee County rose by 12.7 percent to 399. Sarasota County showed a 9.5 percent increase to 519 closed sales. Sarasota condo sales jumped by 31.5 percent to 326, while Manatee condo sales decreased by 4.2 percent to 221.

“The increase in home sales and prices is a good indicator of a strong housing market in Manatee and Sarasota,” said Greg Owens, 2018 RASM President. “The trend continues to show economic strength and positive growth to our area.”

Median Pricing
Compared to last year, condo median sales prices are down slightly, while single-family home prices are up. Manatee condos decreased by 1.4 percent to $172,500, Sarasota condo prices decreased by 0.8 percent to $238,000. Single-family homes in Manatee increased by 7.6 percent to $300,145, while Sarasota increased by 10.4 percent to $275,900.

Pending
Pending sales, or the number of properties that went under contract this month, increased by 14.8 percent from January 2017. Condo pending sales are up by 20.9 percent in pending sales, while single-family homes are up by 11.8 percent. When compared to December 2017, combined pending sales in the two-county area increased by 45.5 percent, an indicator of future closed sales this season.

Inventory
New listings, or the number of properties put onto the market during the month, jumped from last year with a combined increase of 7.3 percent. As buyers list their properties for the season, new listings will typically increase from the low levels seen in December. New listings, combined in the two-county area, increased by 62.5 percent from December 2017.

Inventory is tight at the start of this year, with an overall 3.8 percent decrease from January 2017. Manatee County single-family homes showed a 2.1 percent decrease and Sarasota a 7.6 percent decrease from last year. Condo inventory stayed the same in Sarasota, while Manatee decreased by 2.2 percent.

For the most part, the month’s supply of inventory is at a lower level than it was this time last year. Sarasota condos stay close to a balanced market with a 5.3-month supply, while Manatee condos are at a 4.5-month supply. Manatee County single-family homes are at a 4.2-month supply and Sarasota single-family homes are at a 4.1-month supply.

REALTOR® Association of Sarasota and Manatee, February 21, 2018