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Your secret daily Monday’s Business Edition
Monday, January 1, 2024 |
by Jacob Ogles
Graphic courtesy of Sarasota and Manatee Realtor Association.
Total home sales in November rose year-over-year, and active listings reached their highest level in a year in the Sarasota-Bradenton area.
Data from the Realtors Association of Sarasota and Manatee shows market activity is approaching levels that led to the COVID-19 pandemic in 2020. Total residential sales in the North Port-Sarasota-Bradenton metropolitan area rose more than 26% in November, compared to 26 % In November. the previous year, but decreased by 1.6% compared to October.
Sarasota County saw particular growth in the number of sales with a 31% jump in single-family home sales to 541 sales, and a 30.7% jump in condominium sales to 294 sales. In Manatee, home sales rose 22.2% to 550 sales while apartment sales rose 20.7% to 198 sales.
“Despite rising prices, rising interest rates and insurance concerns, demand for housing in the area remains strong, keeping home sales and prices stable,” said Brian Teseder, president of the Association of Realtors and vice president of real estate operations at William Ravis. “Despite rising prices, rising interest rates and insurance concerns, demand for housing in the area remains strong, keeping home sales and prices stable.”
Average home prices varied in each county, thanks in large part to a luxury condominium development, Bayso, that broke ground in downtown Sarasota. The median sales price on condominiums in Sarasota County jumped to a record high of $547,704, an increase of 58.8% from last November. Furthermore, more than a third of all condo sales in the county were $1 million or more. In Manatee, the price of apartments fell 1.8% to $351,500.
Tresider cautioned that the rise in condo prices is somewhat misleading, because it counts all sales for which a certificate of occupancy has just been issued.
“The significant uptick in closings and median sales prices in the Sarasota condo market can be directly attributed to the completion of Sarasota’s newest luxury apartment building, marking the culmination of construction and the closing of a significant portion of for-sale units, providing a significant boost to the property,” Tresider said. “Local Real Estate Market.”
“With new construction, the data in the MLS is not typically marked as ‘closed’ until the building’s certificate of occupancy has been issued and pending reservations can be completed. That’s why this month shows an unusual number of apartments sold in Sarasota County, doubling Dollar volume this month.
In Manatee, the median price of single-family homes also fell 4.1% to $485,861, while in Sarasota it rose, but by less than 1% to $500,000.
The number of active listings reached its highest level of the year, with 7,444 listings in the region at the end of November. This represents an increase of 53.8% from the previous year, and up approximately 11% from October.
In the local market, Sarasota had a 4.3-month supply of single-family homes, while Manatee had a 3.4-month supply. For condos, Sarasota has seen a big boom and now has a 4.9-month supply, while Manatee has a 4.4-month supply. But throughout the region, it remains a seller’s market. Realtors generally consider a market to be balanced if there is a 6-month supply of homes.
Graphic courtesy of Sarasota and Manatee Realtor Association.
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