Along with an October record hike in area rent prices, last month also saw the median sales price for single-family properties in both Sarasota and Manatee counties soar.
The median price for a single-family home reached a record high of $410,000 in Sarasota County–an 18.8 percent increase compared to the same time last year—and $425,000 in Manatee County, an 18.1 percent increase compared to last year. The greatest growth was among condo prices, which increased by 27.1 percent to a median of $332,990 in Sarasota and by 9 percent to $278,000 in Manatee, according to the Realtor Association of Sarasota and Manatee.
Low inventory and increased demand translated to fewer days on the market (six to seven), driving up prices along the way. And while sales of all types of abodes, from condos to single-family homes, declined due to that low inventory, prices surged. In fact, the active listing inventory in both counties decreased by 59.4 percent to 1,785 listings by the end of last month.
October saw a total of 2,037 sales in both counties, showing a 15.5 percent decrease from the same time last year. Single-family home sales in Sarasota County decreased by 15.2 percent to 788 sales, while Manatee County single-family home sales decreased by 12.3 percent to 672 sales. Condo sales decreased the most, by 24.6 percent to 319 sales in Sarasota, and by 11.6 percent to 258 sales in Manatee.
Cash sales accounted for 39 percent of single-family home sales in Sarasota and Manatee counties, and 61 percent of condo sales.