According to the Realtor Association of Sarasota-Manatee, which just released its March 2019 Housing Market Report, real estate inventory continued to rise in the local market, with single-family home sales increasing and condo sales decreasing. Manatee County also experienced a median price increase, while Sarasota County experienced a median price decrease.
Some takeaways from the report:
Single-family sales increased by 8.4 percent, to 629, in Manatee County and increased by 1.4 percent, to 778, in Sarasota. Manatee condo sales decreased by 2.8 percent to 276 and Sarasota condo sales decreased by 13.6 percent, to 393.
Median sales prices increased in Manatee County but decreased slightly in Sarasota County. Single-family home prices in Manatee increased by 9.5 percent, to $312,000, while condo prices increased by 1 percent, to $203,450. In Sarasota County, single-family home prices decreased by 0.7 percent to $285,000, and condo prices decreased by 5.1 percent, to $227,825.
Single-family home inventory increased by 13.2 percent in Sarasota and decreased by 2.0 percent in Manatee. Condo inventory increased by 12.1 percent in Sarasota and by 1.9 percent in Manatee.
The number of days on market increased for single-family homes, but decreased for condos. Single-family homes in Manatee County spent more days on the market with a 23.4 percent increase to 58 days. Sarasota remained the same as this time last year, at 51 days. Sarasota condos spent fewer days on the market, with a 21.2 percent decrease to a median 52 days; Manatee condos decreased by 17.4 percent to 38 days.
Combined, new listings in the two-county area decreased in March. New listings for single family homes increased by 3 percent in Sarasota and decreased by 8.6 percent in Manatee. Sarasota condo new listings decreased by 13.6 percent and Manatee condo new listings decreased by 8.1 percent.
For more information and to view the full report, click here.