November 2018 reports an increase in closed sales, median prices and inventory in the Sarasota and Manatee market.
Year-over-year, closed sales in the combined two-county area increased by 4.5 percent in November. Condo sales increased by 12.9 percent in Manatee County and decreased by 4 percent in Sarasota. Manatee single-family home sales increased by 7.6 percent, while Sarasota single-family home sales increased by 4.2 percent.
“As we close out the year, inventory showed an increase from October 2018 to November 2018,” said Greg Owens, 2018 President of the REALTOR® Association of Sarasota and Manatee. “New listings also start to rise as sellers prepare for post-holiday season buyers.”
Inventory is up overall by 9.9 percent, compared to last year’s two-county totals. Sarasota single-family homes increased by 16.3 percent to 3,131 available properties, while Manatee increased by 4.1 percent to 2,229. Sarasota condo inventory increased by 9.5 percent to 1,811, while Manatee condo inventory is up by 5.6 percent to 931 available properties. In addition to year-over-year, inventory also increased month-over-month in November.
“Even with rising median prices and a tight month’s supply of inventory, sellers will need to be patient when it’s time to negotiate,” added Owens. “If inventory continues to rise, buyers have more options and likely more time before purchasing a property.”
For a detailed report for Sarasota and Manatee County, contact me today at 941-544-7690 or Shayla@sarasotarealestatesold.com