Real Estate Market Report
An Upward Trend Continues
Enjoy viewing our most recent Sarasota real estate statistics for February 2018.
“The increase in home sales and prices is a good indicator of a strong housing market in Manatee and Sarasota,” said Greg Owens, 2018 RASM President. “The trend continues to show economic strength and positive growth to our area.”
“Sarasota-Manatee home sales and prices increased again in January 2018. Inventory tightens, but a rise in pending sales and new listings indicate the upcoming season of sales.”
The MLS Sarasota real estate statistics are compiled monthly by Florida REALTORS Research & Statistics Department. Statistics for the month of January 2018 were compiled from MLS feeds on the 15th day of February 2018 and released accordingly.
The following report, information, and statistics are from the Realtor Association of Sarasota and Manatee as published for their Realtor Membership on February 20, 2018, for closed January 2018 business.
Sarasota Real Estate Market Report Summary
Information obtained from the Sarasota-Manatee Board of Realtors.
Closed Sales – Sarasota-Manatee home sales and prices increased again in January 2018. Inventory tightens, but a rise in pending sales and new listings indicate the upcoming season of sales.
Pending Sales – Pending sales, or the number of properties that went under contract this month, increased by 14.8 percent from January 2017. Condo pending sales are up by 20.9 percent in pending sales, while single-family homes are up by 11.8 percent. When compared to December 2017, combined pending sales in the two-county area increased by 45.5 percent, an indicator of future closed sales this season.
New Listings – New listings, or the number of properties put onto the market during the month, jumped from last year with a combined increase of 7.3 percent. As buyers list their properties for the season, new listings will typically increase from the low levels seen in December. New listings, combined in the two-county area, increased by 62.5 percent from December 2017.
Monthly Supply of Inventory – Inventory is tight at the start of this year, with an overall 3.8 percent decrease from January 2016. Manatee County single-family homes showed a 2.1 percent decrease and Sarasota a 7.6 percent decrease from last year. Condo inventory stayed the same in Sarasota, while Manatee decreased by 2.2 percent.
For the most part, the month’s supply of inventory is at a lower level than it was this time last year. Sarasota condos stay close to a balanced market with a 5.3-month supply, while Manatee condos are at a 4.5-month supply. Manatee County single-family homes are at a 4.2-month, supply and Sarasota single-family homes are at a 4.1-month supply.
CLOSED SALES – SINGLE FAMILY HOMES SARASOTA
Sarasota County Market Statistics for January 2018
According to the Realtor Association of Sarasota Manatee, combined closed sales in the two-county area increased by 13 percent from this time last year. Single-family home sales in Manatee County rose by 12.7 percent to 399. Sarasota County showed a 9.5 percent increase to 519 closed sales. Click the images below to view the full details of the Sarasota County single-family homes market report data.
Single Family Home Sales
Distressed Single Family Home Sales
CLOSED SALES – CONDOS AND TOWNHOMES SARASOTA
Sarasota County Market Statistics for January 2018 – Townhouses & Condos
Combined closed sales in the two-county area increased by 13 percent from this time last year. Sarasota condo sales jumped by 31.5 percent to 326, while Manatee condo sales decreased by 4.2 percent to 221. Click the images below to view the full details of the Sarasota County townhomes and condos market report data.
WHAT DOES THIS MEAN FOR SELLERS?
Inventory plays a big factor in local home prices. Based on the current inventory picture, it is still a seller’s market, and it appears it may remain this way for at least the time being. If you are questioning whether or not now is a good time to sell, then this may be a good opportunity for you to list your home and get the price you want. If your home is valued at $275,900.or less, then there is a good chance it will sell faster than the homes for sale in the luxury market.
Wondering what your Sarasota home might be worth? Use our complimentary home evaluation calculator. You will receive your home’s value within 15 seconds.
Further Reading: How to Sell Your Home Fast
WHAT DOES THIS MEAN FOR BUYERS?
If you are in the market to buy a home, especially homes under $300,000, you will need to act quickly. If you find the perfect home, don’t waste time hemming and hawing over it or someone else may swoop it out from under you. Furthermore, Sarasota is experiencing an increase in cash buyers. If you are a financed buyer, make sure you have your pre-approval ready prior to house hunting. You will need this when submitting an offer. If you wait to apply for your pre-approval, keep in mind that a lender typically takes about 24 hours to process it. This can be the difference between your dream home becoming yours or someone else’s.
For a list of local lenders who can provide you a pre-approval, view our directory of Helpful Service Providers for Buyers and Sellers.
Explore Our Area
The Sarasota real estate market is constantly changing, which is why Ursini & Company is here to keep you informed. For any questions you have regarding Sarasota Florida housing, Sarasota real estate market statistics, or Sarasota real estate news, please do not hesitate to contact us. We pride ourselves on our responsiveness and ability to meet our clients’ needs and exceed their expectations. Be sure to contact us by email, phone, or text at 941-812-4894. We are always happy to help!