April 2020 Real Estate Market Activity Recap.
Sarasota and Manatee single family home, condo and townhome sales.
Residential Sales Fall While Prices Continue To Rise.
With April’s stay-at-home order a pause in the housing market was expected. Significant decreases in overall market activity were the result 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.
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.
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.
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.
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.
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Burns & Bertha – Changing Lives – Red Line Investors – © 2020
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