Strong Sales Growth Continues Through November
Sales of Condo/Townhouse Properties in Manatee County grew by almost 60% while Months Supply of Single Family Homes fell by 50%.
Sales of Single Family Homes in both counties continued to grow at a rapid pace in November. Manatee County saw 717 units sold representing an increase of 40.3% over the same period last year. Sarasota County was not far behind with 850 units closed during the month, exceeding last year's sales by 36.7%.
But the positions were reversed as in regards to pricing. In Sarasota County reported the reported Median Sale Price skyrocketed to $349,695, an increase of 19.0% over 2019 and bringing Single Family Homes prices on par with Manatee County. Prices in Manatee County did increase by 7.2% over November 2019 to $350,500.
Discounting decreased in both counties as well. The Median Percentage of Original List Price Paid was 98.4% and 98.1% in Manatee and Sarasota Counties respectively. We have not seen this level of nearly absent discounting for quite some time in these markets.
Sales Velocity continued to grow as well. Homes were listed in Manatee County for just 19 days in the aggregate and 15 days in Sarasota County.
Inventory remains grim however. While the number of New Listings increased by 4.2% in Manatee County, New Listings fell by 6.5% in Sarasota County during this period. The number of Active Listings at the end of the month saw this value decrease to a startling 46.2% in Manatee County and 46.8% in Sarasota County. These results have played havoc with the Months Supply of Inventory as this key measure fell by 51.5% and 50.0% in Manatee and Sarasota Counties respectively, keeping the market in both counties in a Sold Out condition.
You can review the full reports by clicking on the appropriate graphic.
Dramatic Increase in Condo/Townhouse Sales
The market for Townhouses and Condos enjoyed phenomenal growth in both counties during November. Manatee County saw 332 units close for a startling increase of 58.9% over the same period last year. While not as dramatic, Sarasota County reported 442 units closed a increase of 34.8% over November of 2019.
Manatee County also saw nearly 50% of these sales paid for in cash, an increase of 77.4% over the same period last year. While 204 units were Paid in Cash on Sarasota County during the period, this represented only a 12.7% increase over November of 2019.
Price increases were moderate in both Counties with the Median Sale Price in Manatee County reported at $237,250 (an annual increase of 10.3%) and $271,999 in Sarasota County, up 13.3% from last year. Sales velocity was flat however in both Counties compared to November 2019.
New Listings fell moderately in both Counties with decreases of 14.3% and 13.2% in Manatee and Sarasota Counties respectively. And the total of Active Listings fell by 35.4% in Manatee County and 31.5% in Sarasota County during this period.
As expected, the Months Supply of Inventory continued a downward spiral during November. This keay measure now stands at only 2.3 months and 2.9 months supply in Manatee and Sarasota Counties respectively reinforcing that both of these are strong sellers' markets.
Remember you can review the full reports by clicking on the appropriate graphic.
Enjoy the Holidays!
We see these trends continuing during December. Next month we will provide the final results of 2020 with an outlook for the year ahead. But in the meantime, we wish you, your family and friends a Happy Holiday, a very Merry Christmas and best wishes for a Happy New Year!