Home Sales up with more expected to close

Real Estate

Home Sales up with More Expected to Close This Season

SARASOTA, Fla. (February 21, 2018) – 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.”

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 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.

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 2016.

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.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida

Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit

www.MyRASM.com/statistics.