Real Estate

Housing Inventory, Median Sales Prices Continue to Rise in Sarasota-Manatee

Year-over-year, closed sales and new pending sales decreased.

By Staff May 24, 2019

Image: Shutterstock

The Realtor Association of Sarasota-Manatee this week released its April 2019 housing report, which shows a rise in inventory and median sales prices, with properties spending more time on the market. Year-over-year, closed sales and new pending sales decreased. 

In Manatee County, single-family home sales increased by 3.9 percent to 633, while Sarasota single-family homes decreased by 2.6 percent to 793. Inventory continues to rise with a year-over-year increase in the two-county area; for single-family homes, inventory increased by 10.4 percent in Sarasota and decreased by 2 percent in Manatee County. Condo inventory increased by 16 percent in Sarasota and by 2.2 percent in Manatee.   

Single-family home prices in Manatee County increased by 1.6 percent to $315,000, while condo prices decreased by 4.1 percent to $196,500. In Sarasota County, single-family home prices increased by 1.5 percent to $290,000, and condo prices increased by 0.3 percent to $235,700.

The median number of days on market, increased for both markets in both counties. Single-family homes in Manatee County spent more days on the market, with a 2.1 percent increase to 48 days; homes in Sarasota County increased by 37.5 percent, to 55 days. 

New listings for single-family homes decreased by 2.3 percent in Sarasota and decreased by 0.2 percent in Manatee. New Sarasota County condo listings decreased by 9.9 percent; Manatee County condo new listings decreased by 2.4 percent.

The month’s supply of inventory increased in Sarasota, but decreased Manatee County. Sarasota County single-family homes are now at a five-month supply, while the condo market continues to favor the buyer, with a 6.2-month supply. In Manatee County, the market continues to favor the seller, with a four-month supply for single-family homes and a 4.7-month supply for condos. 

Monthly reports are provided by Florida Realtors, with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics, click here.

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