Real Estate

Realtor Association Says Pending Sales Rose Amid Declining Inventory in June

Single-family homes have reached a historically low supply in both Sarasota and Manatee counties, falling under three months’ supply in June

By Staff July 22, 2020

Image: Shutterstock

The Realtor Association of Sarasota Manatee (RASM) reports that the residential housing market in Sarasota and Manatee is showing signs of recovery, with a rebound of pending sales and new listings reported in June 2020. Closed sales increased year-over-year in Manatee County but decreased in Sarasota County. Inventory continues to decline among rising prices.

In Manatee County, closed sales increased year-over-year, with a 7.2 percent increase to 668 single-family sales and a 2.5 percent increase to 250 condo sales. In Sarasota County, single-family home sales decreased by 6.5 percent to 768, and condo sales decreased by 2.9 percent to 334 sales. Combined, closed sales in both markets decreased by 0.6 percent from June 2019, a much smaller percentage decrease from the declines reported in April and May. When compared to May, RASM reports, combined closed sales increased by 44.4 percent from last month.

New listings in both counties also increased by 13.6 percent over the same time last year, and single-family homes have reached a historically low supply, falling under three months’ supply in June—a decrease of 35.7 percent in Sarasota County and 27.8 percent in Manatee. Median prices also rose: prices increased in Manatee County by 3.2 percent, to $325,000, and in Sarasota by 5.2 percent, to $305,000. Condo prices increased by 7.7 percent to $214,230 in Manatee and rose by 6.8 percent to $249,990 in Sarasota.

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