Sarasota Real Estate Report: April 2020

The following report, information and statistics are from the Realtor Association of Sarasota and Manatee as published for their Realtor Membership on May 21, 2020 for closed April 2020 business.

Local Housing Market Delayed by Stay-at-Home Order in April

SARASOTA, Fla. (April 21, 2020) – When Governor Ron DeSantis signed a stay-at-home order for the month of April 2020, a pause in the housing market was expected. The new reports compiled by Florida Realtors® and provided by the Realtor® Association of Sarasota and Manatee show significant decreases in overall market activity when compared to April 2019. Sarasota and Manatee counties experienced declines in closed sales, pending sales and new listings, while median prices stay on the rise.

Closed Sales

A total of 1,628 closed sales were reported in April 2020 for the two-county area, a 23.8 percent decrease from the same time last year. In Sarasota, single-family sales decreased by 20.3 percent to 632 sales and condo sales decreased by 29.3 percent to 314 sales. Manatee single-family homes decreased by 21.2 percent to 499 sales while condo sales decreased by 30.9 percent to 183 sales.

“For some, this pandemic caused a shift in their attention away from their real estate needs, yet it seems it was only for a short time, and nowhere near the extent we thought possible,” said David Clapp, 2020 President of the Realtor® Association of Sarasota and Manatee.

“The end of March to mid-April was the lowest period we experienced and ever since then we’ve been watching a consistent week-over-week increase in new pending sales, which is positive as we move forward.”

Median sales prices continue to increase year-over-year, even amid the coronavirus pandemic. Single-family home prices in Manatee County increased by 7.9 percent to $340,000. In Sarasota, single-family prices increased by 8 percent to $313,250. Condo prices increased by 7.9 percent to $212,000 in Manatee and decreased by 0.4 percent to $234,863 in Sarasota.

New listings, or the number of properties added to the market this month, decreased year-over year. Condo new listings decreased by 44.1 percent in Manatee and by 33.8 percent in Sarasota. For single-family homes, new listings decreased by 30.4 percent in Manatee and by 34 percent in Sarasota.

The number of properties that went under contract in April 2020 decreased across the markets in both counties. For single-family homes, pending sales decreased by 39 percent in Sarasota and by 36.7 percent in Manatee. The condo market showed a 52 percent decrease in pending sales in Sarasota and a 53.3 percent decrease in Manatee.

“One thing that is for sure is that we still have an inventory problem,” added Clapp. “There is not enough inventory to meet the demand as the buyers continue to come back into the market, yet new listings are slower to come on the market than expected.”

Buyer Demand

Year-over-year, the combined inventory in the two counties decreased by 18.1 percent. Single-family home inventory decreased by 15.6 percent in Manatee and by 23.6 percent in Sarasota. Condo inventory fell by 4.7 percent in Manatee and by 19 percent in Sarasota.

The month’s supply of inventory reflects a sellers’ market in April. Sarasota condo inventory decreased by 25.8 percent to a 4.6-months’ supply and Manatee condos decreased by 6.4 percent to a 4.4-months’ supply. Sarasota single-family homes decreased by 30 percent to a 3.5-months’ supply and Manatee single-family homes fell to 3.3-months, a 17.5 percent decrease from last year.

Less Time on the Market

“While there were fewer sales this month, of the sales that did occur, properties spent less time on the market,” said Clapp. “Single-family homes spent 40-45 percent less time on the market than the same time last year. This could also be low supply coupled with buyers who are eager to complete a sale in these current conditions.”

The median time to contract for single-family homes decreased by 45.8 percent in Manatee County and by 40 percent in Sarasota. For condos, the time from listing to contract went down by 34.5 percent in Sarasota and by 4.7 percent in Manatee.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.