Today’s News
SRQ Daily Monday Business Edition
Monday, May 27, 2024 |
by Jacob Ogles
Graphic provided by the Sarasota and Manatee Association of Realtors.
As home inventory increases in Sarasota and Manatee counties, real estate agents are reporting increased price competition.
The number of single-family homes available in Sarasota and Manatee counties surged in April, according to the Sarasota-Manatee Association of Realtors. Combined inventory in the two counties rose to 5,755 homes and 3,636 condos, according to data released last week. Looking at the number of listings alone, the number of homes listed is up more than 71% and the number of condos is up more than 92% since April 23.
That means that as of last month, the Sarasota-Bradenton-Northport metropolitan area had a 6.3 month supply of apartments and a 4.5 month supply of homes.
Real estate agents generally consider a six-month supply to be a balanced market.
“The significant increase in inventory in both counties is a clear indication that market dynamics are changing,” said Tony Barrett, president of RASM and owner of Barrett Real Estate. “Buyers have more options to choose from, which is reflected in the extended time it takes for properties to sell.
Stay in the market.”
The average number of days to contract on the dual-county market has risen from 23 days for both categories of homes last April to 41 days now for homes and 46 days for condominiums.
Meanwhile, average sales prices in Sarasota County have soared since last year. The average price of a home in Sarasota County in April was more than $781,000, about $130,000 higher than a year ago. The average price of a condo in Sarasota is about $700,000, up from just under $562,000 last year.
The story was different in Manatee County, where the average home price was down about $17,000 from last year, but remained in the low $719,000s, but the average condo price continued to rise, reaching nearly $597,000, down about $80,000 from last year.
In April, 1,496 homes and 707 condominiums were sold across the county, with both categories up from last year.
“It’s encouraging to see an increase in the number of completed transactions despite rising inventory levels, which indicates that buyers are still actively engaged in the market and taking advantage of the increased options available to them,” Barrett said.
Graphic provided by the Sarasota and Manatee Association of Realtors.
