January Home and Condo Sales Up for Sarasota

The Realtor Association of Sarasota and Manatee reports strong residential sales activity for Sarasota.  Sales of single-family homes in Sarasota County in January had a 9.5% increase over last year, while the number of condo sales pounced January 2017 with a 31.5% increase.

Additionally, the median price of a single-family home increased by 10.4% to $275,900 during the same time frame, while the median price of a condo actually decreased by 0.8% to $238,000. 

What is particularly interesting within the total number of sales, is the increase in the number of cash sales.  January 2018 saw a 9.9% increase over December 2017, and a 16.8% increase over the previous year. All-cash sales have not seen a year-over-year increase like that in more than 3 years.

“The increase in home sales and prices is a good indicator of a strong housing market in Manatee and Sarasota,” said Greg Owens, 2018 RASM President. “The trend continues to show economic strength and positive growth to our area.”

A Jump in Pending Sales and New Listings for Both Counties

Pending single-family home sales increased by 14.8% and pending condo sales increased by 20.9% over last January.  When compared to December 2017, the combined pending sales in our two-county area increased by 45.5%.  

Although our month’s supply of inventory is at a lower level than it was at this time last year, new residential listings in our combined two-county area increased by 62.5 % from December 2017.

It’s no wonder I feel like this is the busiest year I have ever had!

 

Click here to read the full report from the Realtor Association of Sarasota and Manatee.

If you have been considering buying or selling a home, contact me today!