Townhouse/Condo sales experience explosive growth in August. Single Family Home inventory levels approach new lows.
Sales of Single Family Homes in Manatee and Sarasota Counties lag Townhouse/Condo sales.
Moderate Growth in Single Family Home Sales
Sales of Single Family Homes grew moderately in Manatee County during August where 713 units were sold, up from 654 units the previous year representing a 9.0% increase. Results in Sarasota County were slightly higher with 867 units sold during the month, posting a 12.7% increase over August 2019 when only 769 units were sold. Prices grew moderately with the Median Sale Price in Manatee County increasing a healthy 13.6% to $360,000. Sarasota County wasn't far behind with the Median Price Paid during August was reported as $330,000, an impressive 17.9% increase over last year.
Discounting was less prevalent as well in both counties with the Median Percentage of Original List Price Received reported as 97.4% and 97.6% in Manatee and Sarasota Counties respectively.
But the big news was seen in the sales velocity. The Median Time to Contract for Single Family Homes in Manatee County last month was only 30 days, down from 42 days during the same period last year for a decrease of 28.6%. The increase in velocity was even more dramatic in Sarasota County where Single Family Homes sold 41.2% faster in August of 2020 than during August of 2019.
Perhaps in response to these recent strong sales results, and bolstered by historically low mortgage rates, new listings increased dramatically in both counties during August. Manatee County saw 725 New Listings in August, a 9.2% increase over August 2019. Sarasota County had an increase of 15.3% over last year with 960 new units coming onto the market last month.
But supply continues to lag demand. The total number of Single Family Home Active Listings in Manatee County dropped by 34.9% during August to only 1,183 units. Sarasota County experienced similar results with the number of Active Listings falling by 33.3% over August 2019 to only 1,577 units. The corresponding Months Supply of Inventory fell to new lows as well to only 2.1 and 2.2 months supply on had in Manatee and Sarasota Counties respectively. The results put the market for Single Family Homes in both counties in a near sold out position and an exceptionally strong sellers market.
You can view the full reports by clicking on the appropriate graphic.
Sales of Condo/Townhouse properties in Manatee County grew by more than 50%
Wow! After languishing behind Sarasota County for months on end, Manatee County experienced a dramatic 54.2% growth in Townhouse and Condos sales during August, more than doubling the rate of increase in Sarasota County. But Condo/Townhouse property sales did increase in Sarasota County by a healthy 20.6% over the same period last year.
Prices remained firm in both counties during this period. The Median Sale Price of Condo/Townhouse Properties in Manatee County was $233,000, an increase of 8.8% over August 2019. The Median Sale Price paid in Sarasota County for these property types was $249,495 an 8.0% increase over the same period last year. But discounting increased slightly in Manatee County where the Median Percentage of Original Price Received fell by .2% to 95.6%. The opposite result was seen in Sarasota County during this time where the Median Percentage of List Price Received increased by 1.7% to 95.8%.
Another discrepancy was seen in sales velocity. The Median Time to Contract of these property types decreased by 8.0% in Manatee County to 46 days. But this result was even more dramatic in Sarasota County for the period with this statistic falling by a whopping 42.0% to 47 days. This may have been a result of issues seen in Sarasota County during August of last year however.
New Listings did increase in both counties during this period. There were 334 (an increase of 38.6% over last August) and 422 (an increase of 21.3%) in Manatee and Sarasota Counties respectively. But even with this increase, the inventory level of Condo/Townhouse properties decreased slightly (5.2% in Manatee County and 8.0% in Sarasota County).
Overall however, inventory remains constrained. During August the Months Supply of Inventory in Manatee County was 3.3 months, a decrease of 8.3% over last year. Constrained inventory was even more evident in Sarasota County with a decrease of 15.9% over August of 2019 to a 3.7 Months Supply of Inventory.
Here again you can view the full reports by clicking on the appropriate graphic.
It's worth repeating: "Sell High, Buy Higher!"
With the rates for 30-year fixed rate mortgages now hovering below 3.0% it is a terrific time to "trade up". With these new low rates, and historic price increase on existing home sales, most buyers could conceivably sell their current home and buy a bigger one and still save on the monthly mortgage payment! So if you are considering a change, we urge you to give us a ring today at (941) 840-2265.