Sarasota Real Estate Report: October 2020

The following report, information and statistics are from the Realtor Association of Sarasota and Manatee as published for their Realtor Membership on November 19, 2020 for closed October 2020 business.

October Reports Another Fast-Paced Month for Sarasota and Manatee Housing Market

SARASOTA, Fla. (November 19, 2020) – Home sales continue to soar in Sarasota and Manatee counties. Following the same trends seen in previous months, October 2020 reports a rise in closed sales, an increase in median prices and shrinking inventory. According to data compiled by Florida Realtors® and provided by the Realtor® Association of Sarasota and Manatee, single-family homes are going under contract in fewer days than the previous year, resulting in a fast-paced seller’s market.

“The October numbers help us realize just how crazy our market has been over the past several months,” said David Clapp, 2020 President of the Realtor® Association of Sarasota and Manatee. “Closed sales are up by 34 percent among all categories, and this extremely strong market does not appear to be ending anytime soon, as new pending sales are up by a combined 39.5 percent compared to last year in October.”

Closed Sales

Single-family closed sales increased by 48.4 percent to 766 sales in Manatee and by 30.1 percent to 929 sales in Sarasota. Condo sales rose in October with a 39 percent increase to 292 sales in Manatee and a 29 percent increase to 423 sales in Sarasota.

Time on the Market

In October, the median time from listing date to contract date decreased across the two-county area. Single-family homes are selling quickly, with a 58.1 percent decrease to 18 days on the market in Manatee and a 44.7 percent decrease to 21 days in Sarasota. As for the condo market, median time to contract is down by 8.9 percent to 41 days in Manatee and down by 28.6 percent to 45 days in Sarasota.

Cash buyers continue to participate in the market with an overall increase in cash sales from last year. For single-family homes, cash sales in Manatee increased year-over-year by 53.6 percent and by 16.9 percent in Sarasota. Condo cash sales increased by 10 percent in Manatee County and increased by 44.2 percent in Sarasota.

Inventory of Homes and Condos for Sale

The combined inventory of active listings decreased year-over-year by 35.1 percent. Condo inventory decreased by 22.8 percent in Sarasota and by 27.1 percent in Manatee. Single-family inventory decreased by 42.4 percent in Manatee and by 40 percent in Sarasota.

“As we go into year end, we continue to be challenged with a low supply of inventory. The lack of inventory, and highly competitive bidding for existing inventory has discouraged some buyers from buying now. It is our hope and expectation that supply will increase after the holidays and going into the new year,” said Clapp.

The market is considered a seller’s market as the month’s supply of inventory continues to decline. The month’s supply of inventory for single-family homes decreased by 42.9 percent to 2-months in Sarasota and decreased by 45.5 percent to a low level of 1.8-months in Manatee. Condo supply decreased by 36.6 percent to a 2.6-month supply in Manatee and by 30.4 percent to 3.2-months in Sarasota.

Median Sales Prices

The median sale price continues to rise each month. In Manatee County, single-family median prices increased by 10.4 percent to $360,000. Sarasota single-family prices increased by 20.2 percent to $345,000. Condo prices increased by 34.2 percent to $255,000 in Manatee and by 18.7 percent to $261,998 in Sarasota.

Pending sales increased for the fifth consecutive month with a combined 39.5 percent increase reported in October. For single-family homes, pending sales increased by 32.9 percent in Manatee and by 38.5 percent in Sarasota. Condo pending sales increased by 69.3 percent in Manatee County and by 34.9 percent in Sarasota.

The total number of new listings combined for single-family homes and condos increased by 6.9 percent from the same month last year. Single-family home new listings increased by 11.8 percent in Manatee and by 11.4 percent in Sarasota. Condo new listings rose by 6.7 percent in Manatee but fell by 7.5 percent in Sarasota.

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.