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Business Observer Friday, Feb. 21, 2020 4 months ago

Housing market sees increase in sales, decrease in inventory

Report from Florida Realtors shows closed sales in Sarasota and Manatee totaled 1,539 in January.

SARASOTA — The Sarasota and Manatee housing market experienced a robust month of sales in January, according to a report from Florida Realtors. 

Compared to the same month in 2019 when there was a decrease in sales and an increase in inventory, January 2020 saw an increase in sales and a decrease in inventory, a press release says. 

Closed sales in Sarasota and Manatee totaled 1,539 in January, a 32.4% increase from the same month last year. In Sarasota, single-family closed sales increased by 22.8% to 565 sales. Manatee sales increased by 22.4% to 410. Condo sales increased by 57.8% to 344 sales in Sarasota and by 47.7% to 220 in Manatee.

“We typically see a lot of market activity this time of year and when compared to a slower month the same time last year, 2020 is off to a great start,” says David Clapp, 2020 president of the Realtor Association of Sarasota and Manatee, in the statement. “The current volume of sales is outpacing inventory and properties are selling fast, with a decrease in median time to contract as low as 34 days in some markets.”

Single-family home prices increased by 6.6% in Manatee County to $329,500. Sarasota single-family prices increased by 3.3% to $296,000. Condo prices increased by 7.7% to $210,000 in Manatee and increased by 15.4% to $277,000 in Sarasota.

New listings decreased for single-family homes but increased for condos. Condo new listings increased by 9.2% in Manatee and by 4.1% in Sarasota. Single-family new listings decreased by 3.7% in Manatee and decreased by 13.7% in Sarasota.

The months supply of inventory decreased year-over-year. Sarasota condo inventory declined to 4.9-months’ supply and Manatee condos, at 4.7-months, showed no change from last year. Sarasota single-family homes decreased to 3.6-months’ supply and Manatee fell to 3.4-months.

Combined inventory in both counties decreased by 18.2% from January 2019. Single-family home inventory decreased by 16.3% in Manatee and by 23.8% in Sarasota. Condo inventory in Manatee decreased by 2.8% while Sarasota decreased by 18.9%.

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