October 2020 Real Estate Market Activity Recap.
Sarasota and Manatee single family home, condo and town home sales.
October; Reports Another Fast-Paced Month.
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 compiled data, single-family homes are going under contract in fewer days than the previous year, resulting in a fast-paced seller’s market.
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.
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.
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.
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.
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.
Click HERE to download the report.
For Specific Information contact Ed Bertha at (941) 921-2117 or EdBertha@DiscoverSuncoastHomes.com
Burns & Bertha – Changing Lives – Red Line Investors – © 2020
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