September 2020 Real Estate Activity In Sarasota Manatee

September 2020 Real Estate Activity In Sarasota Manatee

Sarasota and Manatee single family home, condo and town home sales – including distressed sales.

September; Sales Rise, Higher Prices And Fewer Listings

Cash sales go up once again, increasing by 27 percent in Sarasota and by 48 percent in Manatee County compared to the same period in 2019.

According to compiled data despite the global pandemic, the housing market in Sarasota and Manatee is staying strong. The residential market data for September reports that more homes were sold in the first nine months of 2020 than in the first nine months of 2019. The September market continues the trend from the previous month: a rise in sales, higher prices and fewer available listings than the same month last year.

Year-to-date, closed sales have increased by 3.6 percent for the combined markets in both counties. The year-to-date report is calculated using data totaled from January 2020 to the current month.

As for the month of September, a total of 2,327 sales were reported in Sarasota and Manatee counties which is a 35.1 percent increase from last year. Single-family closed sales increased by 31.4 percent to 707 sales in Manatee and by 27.7 percent to 880 sales in Sarasota. The condo market increased with 73.5 percent jump to 314 sales in Manatee and a 35.2 percent increase to 426 sales in Sarasota.

The median price for single-family homes in both counties decreased slightly from the record- highs reported in August but are still up from September of 2019. In Manatee County, single-family median prices increased by 11.1 percent to $350,000. Sarasota single-family prices increased by 6.9 percent to $318,500. Condo prices increased year-over-year by 10.6 percent to $220,000 in Manatee and by 8.7 percent to $252,240 in Sarasota.

With an increase in sales and rising prices, the dollar volume of sales jumped in all markets last month. For the condo market, dollar volume in Manatee County increased year-over-year by 113.5 percent to $94.5 million. As for Sarasota condos, dollar volume increased by 91.1 percent to $169.8 million. The volume of sales for single-family homes increased by 65 percent in Manatee and by 50.2 percent in Sarasota.

Year-over-year, the combined inventory of active listings in both counties decreased by 29.6 percent. Condo inventory decreased by 13.7 percent in Sarasota and by 14.8 percent in Manatee. Single-family home inventory decreased by 36.2 percent in Sarasota and by 40.3 percent in Manatee.

The month’s supply of inventory for single-family homes fell by 38.2 percent to a 2.1-months in Sarasota and decreased by 42.4 percent to 1.9-months in Manatee. Condo supply decreased by 23.7 percent to 2.9-months in Manatee and by 20.5 percent to 3.5-months in Sarasota. The month’s supply of inventory is an estimate of the number of months it will take to deplete the current inventory given the recent sales rates.

The total number of new listings for both markets increased in September by 19.8 percent from last year. Condo new listings increased by 15.5 percent in Sarasota and by 13.5 percent in Manatee. Single-family home new listings increased by 25.3 percent in Sarasota and by 18.4 percent in Manatee.

Pending sales increased for the fourth consecutive month in September with a combined 47.5 percent increase. For single-family homes, pending sales increased by 48.4 percent in Manatee and by 41.5 percent in Sarasota. Condo pending sales increased by 60.2 percent in Manatee County and by 50.8 percent in Sarasota.

Click HERE to download the report.

For Specific Information contact Ed Bertha at (941) 921-2117 or EdBertha@DiscoverSuncoastHomes.com