Real Estate

Residential Real Estate Sales Rose in March, Despite Market Slowdown

New listings and pending sales decreased after the COVID-19 pandemic worsened.

By Staff April 22, 2020

Image: Shutterstock

According to new data released by the Realtor Association of Sarasota-Manatee, there was a rise in home sales in March in both counties, but new listings and pending sales decreased after the COVID-19 pandemic worsened. 

Year-over-year, the combined inventory in both markets decreased by 16.8 percent. Single-family home inventory decreased by 14.1 percent in Manatee and by 22 percent in Sarasota. Condo inventory in Manatee decreased by 3.8 percent, while Sarasota decreased by 17.9 percent.

Closed sales in Sarasota and Manatee totaled 2,249 in March, a 31.5 percent increase from February. Year-over-year, Sarasota condo sales increased by 15.5 percent to 454 sales and single-family sales increased by 7.2 percent to 834 sales in Sarasota County. Manatee condo sales increased by 9.8 percent to 303 sales; single-family homes increased by 4.6 percent, to 658 sales.

Median prices continued to rise across the two-county area. Single-family home prices increased by 2.4 percent to $319,500 in Manatee County and increased by 10.5 percent to $315,000 in Sarasota County. Condo prices increased by 5.7 percent to $215,000 in Manatee and increased by 7.5 percent to $245,000 in Sarasota. For more information and detailed reports, click here.

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