New housing data from the Realtor Association of Sarasota Manatee confirmed another month of slowed market activity due to the coronavirus pandemic. Both Sarasota and Manatee counties saw a decline in sales and supply, causing median prices to rise again; year-over-year, the combined inventory in both counties decreased by 19.3 percent. Pending sales and new listings also decreased from last year, but month-over-month improvements point to a positive return to pre-pandemic conditions.
Closed sales declined year-over-year in May of 2020, a 43.5 percent decrease to 1,399 closed sales in the two-county area. In Sarasota, single-family home sales decreased by 41.4 percent to 562, and condo sales decreased by 47 percent to 242 sales. Manatee single-family sales decreased by 38.7 percent to 445 sales, while condo sales decreased by 49.2 percent to 150 sales.
Median sales prices for Sarasota and Manatee counties increased overall from May of 2019. Single-family home prices in Manatee County increased by 1.6 percent to $325,000, but decreased by 2.4 percent to $297,995 in Sarasota. Median prices for the condo market increased by 9.5 percent to $229,950 in Manatee, and by 1.6 percent to $241,750 in Sarasota. And new listings increased by 35.8 percent from April of 2020. For more information, click here.