SARASOTA, Fla. (April 21, 2023) – The housing market in Sarasota and Manatee counties reported nearly 50 percent more sales in March than the month immediately prior, while single-family home sales in Manatee County increased year-over-year for the first time in 12 consecutive months. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), inventory continues to grow while home values hold steady.
Closed sales across the two-county region decreased year-over-year by 3.4 percent to 2,271 sales combined for both property types. There were more sales in March than in February (1,515 sales), with a 49.9 percent increase from last month.
For single-family homes, Manatee County closed sales increased year-over-year by 4.4 percent to 756 sales while Sarasota County sales decreased by 3.8 percent to 826 sales. Condo sales decreased by 7.7 percent to 275 sales in Manatee County and by 11.7 percent to 414 sales in Sarasota.
“Manatee County’s single-family home market has bucked the trend we’ve seen in recent months, showing the first year-over-year increase in sales since February 2022 and the first year-over-decrease in median prices since February of 2019,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “Meanwhile, single-family home sales for Sarasota and the condo markets for both counties have followed an opposite trajectory in March, albeit one similar to recent trends.”
Prices in the North Port-Sarasota-Bradenton MSA have increased this month when compared to March 2022. However, in Manatee County single-family homes decreased by 6.3 percent to $491,988. For Sarasota County, the median price for single-family homes increased by 8.3 percent to $528,013, the second-highest median price recorded in the county with the previous record being $537,500 in October 2022. As for condos, Manatee County prices increased by 10.1 percent to $353,000 while Sarasota prices increased by 14.4 percent to a median of $423,245.
“Across all markets in the North Port-Sarasota-Bradenton MSA, total home sales for both single-family homes and condos increased by 50 percent from February 2023,” added Tresidder. “With continued growth happening in Sarasota and Manatee, this data indicates the strength of Sarasota and Manatee’s housing market this season. Home values are holding steady while our growing inventory provides more options to buyers.”
Pending sales, or the number of homes that went under contract this month, decreased across all markets except for Manatee County single-family homes. For single-family homes, pending sales increased year-over-year by 7.9 percent in Manatee County but decreased by 2.7 percent in Sarasota. Condo pending sales decreased by 5.8 percent in Manatee County and by 10.8 percent in Sarasota County. Despite the year-over-year declines in pending sales, this figure has grown steadily for all markets in the two-county region since the start of the year.
At the end of the month, there were 5,541 active listings in the North Port-Sarasota-Bradenton MSA, a 247.6 percent increase from the same time last year. When compared to last month, the total inventory for both property types increased by 5.7 percent.
The month’s supply of inventory continues to increase across the two counties. In Manatee County, condo supply increased by 428.6 percent to a 3.7-month supply and by 400 percent to a 3-month supply for single-family homes. In Sarasota County, there was a 3.3-month supply for condos and a 3.1-month supply for single-family homes, a year-over-year increase of 450 percent and 287.5 percent respectively.
The median number of days between listing date to contract date is up significantly in March. In Manatee County, single-family homes went under contract within a median of 46 days for single-family homes, a year-over-year increase of 820 percent, while condos sit at 23 days-to-contract which is an increase of 360 percent. In Sarasota, the median time to contract for single-family homes increased by 400 percent to 25 days, while condos increased by 260 percent to 18 days.
Monthly reports are provided by Florida Realtors® with data compiled from Stellar MLS. credits to MyRASM.