The Sarasota and Manatee housing market continued to be affected by a historically low supply of homes last month, according to new data from Florida Realtors and the Realtor Association of Sarasota and Manatee (RASM). Closed sales in both counties took a combined 17 percent dip last month along with a decrease in pending sales and new listings combined for both property types. February sales in both counties were up 2.6 percent from January 2022.
However, with only around half a month’s supply of inventory, the median sales prices continue to increase year-over-year in both counties. Single-family homes in Sarasota County increased year-over-year by 25 percent, to $449,900 in February 2022. In Manatee County, single-family home prices increased by 25.8 percent to $478,000. For condos, the median price in Sarasota increased by 29.9 percent from last year to $368,630, while Manatee condo prices increased year-over-year by 41.3 percent to $325,000.
Properties are selling in just under a week with the median time from listing date to contract date reported at six days for both property types, compared to 16 days this time last year for single-family homes and to 30 days for condos.
For the complete report from RASM, click here.