Manatee County Single Family Home Sales post gains of nearly 50% during October. Inventory fell by over 40% during the same period.
Single Family Homes were selling between 18-21 days.
Single Family Home Sales grew dramatically in both Manatee and Sarasota County with healthy gains in Condo/Townhouse as well. But inventory continues to dwindle which puts upward pressure on prices.
Manatee County leads the way!
766 Single Family Homes were closed in Manatee County during October representing an increase of 48.4% over the same period last year. While Sarasota County recorded more closings (929 during October), the increase over October 2019 was only 30.1%, still a very healthy rate of growth.
Prices grew strongly during the pmonth as well. The Median Sale Price of Single Family Homes in Manatee County was $360,000, up from $326,000 last year for an increase of 10.4%. Price increases were even more dramatic in Sarasota County during October with the Median Sale Price coming in at $345,000, an increase of 20.2% over October 2019.
Discounting was reduced dramatically. The Median Percentage of Original List Price Received was 98.2% and 97.8%, in Manatee and Sarasota Counties respectively. These are the highest percentages seen this year and indicates upward pricing pressure.
Single Family Homes were also selling at a record pace during October. The Median Time to Contract in Manatee County was just 18 days! That's a decrease of 58.1% over October 2019. Single Family Homes sold nearly as quickly in Sarasota County during this time, with the Median Time to Contract reported as only 21 days...a decrease of 44.7% over the same period last year.
But as one would expect with these great sales results, inventory continued to fall during October. In Manatee County the number of Active Listings fell by 42.4% to just 1,063 units. Similar results were seen in Sarasota County during this period with just 1,496 Active Listings, a decrease of 40.0% over October 2019.
The Months Supply of Inventory in both counties continue to point towards a sold-out condition. Manatee County reports a 2.0 Months Supply on hand, a decrease of 42.9% over October 2019. Sarasota County posted a 2.0 Month Supply of Inventory for a 42.9% decrease over last year.
You may review the full reports by clicking on the appropriate graphic.
Condo/Townhouse Properties enjoyed an early start to their selling season.
292 Condo/Townhouse properties closed in Manatee County during the month, an increase of 39.0% over October 2019. Sarasota County saw 423 of these properties close during October for an increase of 29.0% over the same period last year.
Prices grew dramatically in Manatee County. The Median Sale Price of Condos and Townhouses was $255,000, a healthy 34.2% over prices paid last October. While not as dramatic, Sarasota County also posted nice gains of 18.7% over prices paid last year.
Sales velocity was a bit slower than Single Family Homes however. The Median Time to Contract was 41 days in Manatee County which represents an 8.9% decrease over the same period last year. This same statistic in Sarasota County was 45 days, a dramatic decrease of 28.6% over October 2019.
Inventory fell significantly in both counties during the month. The Number of Active Condo/Townhouse Listings in Manatee County was only 650 units, down 27.1% from October 2019. Sarasota County had similar results with only 1,184 Active Listings representing a decrease of 22.8% over the same period last year.
Translating these results into Months Supply paints a rather grim picture. As of the end of October, there exists only a 2.6 month supply on hand in Manatee County. Sarasota is little better with only a 3.2 month supply on hand of these property types. So like the Single Family Home market, these markets are also very constrained.
Here again, you can view the full reports by clicking on the appropriate graphics.
Markets are dynamic and require close scrutiny in order to maximize returns. But this week, we should turn our attention to those closest to us and give thanks for our many blessings. Enjoy your Thanksgiving Holiday.