The Realtor Association of Sarasota and Manatee (RASM) reported increased home sales and new listings amid declining inventory in August, with median prices for single-family homes reaching record highs in both counties. The current market conditions favor the seller, the report says, with homes selling at a quicker pace in August 2020 when compared to last year. Single-family closed sales increased by 9 percent to 713 sales in Manatee County and by 12.7 percent to 867 sales in Sarasota. The condo market also increased, with a 54.2 percent jump to 313 sales in Manatee and a 20.6 percent increase to 404 sales in Sarasota.
Also in August, the median sale price for single-family homes reached the highest recorded prices in both counties since RASM began keeping records in 2008. In Manatee County, median prices increased by 13.6 percent, to $360,000, and Sarasota increased by 17.9 percent to $330,000. Condo prices also increased by 8.8 percent year-over-year to $223,000 in Manatee County, and by 8 percent year-over-year to to $249,495 in Sarasota County. The news comes as mortgage rates are near historic lows.
For more information, click here.