March 2020 Real Estate Market Activity Recap.
Sarasota and Manatee single family home, condo and townhome sales.
Residential Sales Rise While Market Slowdown Begins.
The March housing market transitioned from a soaring spring season to a slowdown in activity when COVID-19 concerns began to rise mid-month. Most pending sales from the previous month became closed sales in March with an 8.3 percent rise in closed sales for both markets in Sarasota and Manatee. Fewer properties were added to the market in March, which was expected during the coronavirus pandemic.
Closed sales in Sarasota and Manatee totaled 2,249 in March 2020, a 31.5 percent increase from the previous month, February of 2020. Year-over-year, Sarasota condo sales increased by 15.5 percent to 454 sales and single-family sales increased by 7.2 percent to 834 sales in Sarasota County. Manatee condo sales increased by 9.8 percent to 303 sales and single-family homes increased by 4.6 percent to 658 sales.
Median prices continue to rise across the two-county area. Single-family home prices increased by 2.4 percent to $319,500 in Manatee and increased by 10.5 percent to $315,000 in Sarasota. Condo prices increased by 5.7 percent to $215,000 in Manatee and increased by 7.5 percent to $245,000 in Sarasota.
For the condo market, new listings decreased by 5.2 percent in Manatee and by 1 percent in Sarasota. Single-family new listings decreased by 3.3 percent in Manatee and decreased by 11.4 percent in Sarasota.
As expected, pending sales experienced a decrease in both markets in both counties. Combined for Sarasota and Manatee, single-family pending sales decreased by 32.9 percent and condo pending sales decreased by 39.5 percent.
Year-over-year, the combined inventory in both markets decreased by 16.8 percent. Singlefamily home inventory decreased by 14.1 percent in Manatee and by 22 percent in Sarasota. Condo inventory in Manatee decreased by 3.8 percent, while Sarasota decreased by 17.9 percent.
The month’s supply of inventory also declined in response to shrinking inventory and a rise in sales this month. Sarasota condo inventory declined by 28.1 percent to a 4.6-months’ supply and Manatee condos decreased by 8.3 percent to a 4.4-months’ supply. Sarasota single-family homes decreased by 30.2 percent to a 3.7-months’ supply and Manatee fell by 19 percent to 3.4-months.
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Burns & Bertha – Changing Lives – Red Line Investors – © 2020
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