If you’re thinking of buying or selling a home in the Sarasota area, you’re likely wondering what the market’s been up to in recent months. Well, the good news is, sales are up! That’s right; Sarasota and Manatee County home sales were UP in November 2019 from the same time in 2018. Here’s a breakdown of the details… and what they mean for you.
Sarasota Home Sales Are on the Rise
In November 2019, Sarasota and Manatee counties saw 1,655 total residential sales, a 4.1% increase from the same time the previous year. The resulting increase in sales led to a decrease in overall inventory, said monthly reports from Florida REALTORS®.
Manatee County home sales increased by 10.9%, while Sarasota single-family homes increased by a whopping 23.6%. Surprisingly, however, condo sales in Sarasota actually decreased by 26.9%, while Manatee condo sales decreased by 19%.
Pending sales are rising, too
The number of pending sales in both markets also increased, by 25.9%. Single-family sales were particularly affected, with a 41.7% increase in Sarasota and a 20.8% increase in Manatee, though pending condo sales in both counties also rose.
Inventory is low… and getting lower
Even before the boom in Sarasota home sales, the market was experiencing lower-than-ideal inventory (that is, total number of homes for sale). After the increase in sales, the combined inventory for both Sarasota and Manatee markets decreased by 13.9%. Single-family home inventory decreased by roughly 10% for both counties, while condo inventory dropped as much as 24.8% in Sarasota.
Prices are in flux
Interestingly, home prices in Sarasota actually decreased by 6.7%, which could potentially have been a driving factor in the area’s dramatic increase in sales, along with low interest rates. Likewise, Manatee prices stayed fairly stable, with just a 2% increase. However, condo prices in both counties increased—by 11.4% in Manatee and 6.9% in Sarasota.
More sellers are listing… But more buyers are buying, too
The number of new single-family homes added to the market increased by just .4% in Manatee County and 5.6% in Sarasota—which is not enough to deal with the rise in home sales. Believe it or not, condo listings in both counties actually decreased as much as 18%.
The result: a decrease in the month’s supply of inventory for both counties. Sarasota’s condo inventory decreased 17.6%, while its single-family home supply decreased 17%. In Manatee County, condo supply decreased 7.5%, while single-family home supply fell 14.6%.
The Bottom Line for Home Buyers
The inventory situation might not be ideal for buyers (less inventory means fewer choices), but that doesn’t mean it’s not still an ideal time to buy a home. In fact, with prices stable and interest rates still quite low, now is a favorable time to buy. Even low inventory can have a positive spin, as it might deter pickier buyers and reduce your competition.
The Bottom Line for Home Sellers
Inventory is low and sales are up! That’s what we call a seller’s market, and it’s great news for you. It also means there are plenty of buyers looking, and not that much competition to drive buyers away from your home. Typically, sellers in such conditions see quick sales and good profits.
It’s a Good Time for Real Estate in Sarasota!
Whether you’re buying or selling, it’s a good time for real estate in Sarasota! Want to make 2020 your best year yet for real estate? Contact the Kotaska Team today to learn more about how we can help you find the perfect home or list your current one for top dollar.