Manatee and Sarasota Counties post strong sales across all property types during September.
Sales of Single Family Homes grew dramatically in both counties during September. But the increase in Condo/Townhouse properties far exceeded this growth.
Single Family Home Sales Velocity dramatically increased while Inventory continued to tighten
Sales of Single Family Homes in Manatee County grew by 31.4% over the same period last year. 707 units were sold during the month but was surpassed by the 880 units posted in Sarasota Country during this time. This represented a 27.7% over September 2019. Median Sale Prices grew in both counties with increases of 11.1% and 6.9% reported in Manatee and Sarasota Counties respectively. The Median Sale Price in Manatee County was $350,000, up from $315,000 reported in September 2019. In Sarasota County the Median Sale Price came in at $318,500 versus $298,000 from last September.
Discounting was curtailed in concert with higher Median Sale Prices. The Median Percentage of Original List Price Received for Single Family Homes in Manatee County was 97.6%, an increase of 1.1% over last year. Sarasota County posted similar behavior with Single Family Homes selling for 97.3% of asking price, an improvement of 2% over September 2019.
But it was in Sales Velocity where the most dramatic results were realized. The Median Time To Contract in Manatee County fell from 43 days last year to just 23 days last month, that's a drop of 46.5%! Sarasota County had similar results with the Median Time to Contract plummeting from 49 days in 2019 to just 24 days during September 2020, a whopping decrease of 51%.
Inventory continued to tighten during the month. Both counties posted strong increases to New Listings with Manatee County adding 695 new properties (an increase of 18.4%) and Sarasota County added 940 New Listings for an increase of 25.3% over September of last year. However, these increases were easily absorbed by the strong demand currently driving the market. Consequently, despite these healthy increases in new listings, inventory dramatically fell in both counties. The number of Active Listings fell by 40.3% in Manatee County and by 36.2% in Sarasota County during September. The effect of these decreases can best be illustrated by the change in Months Supply of Inventory. As of the end of September, there is only a 1.9 and 2.1 Months Supply of Inventory on hand in Manatee and Sarasota Counties respectively. This puts the inventory condition in both counties as nearly sold out!
You may view the full reports by clicking on the appropriate graphic.
The Condo/Townhouse Market kicks into high gear!
Wow! Sales of Townhouse/Condo properties in Manatee County nearly doubled during September where 314 units were sold marking a 73.5% increase over the same period last year. These results are so dramatic that there is a possibility that they may be due to reporting errors. But Sarasota County wasn't far behind as 426 units were sold during September of an increase of 35.2% over September 2019. Pricing increased moderately in both counties. The Median Sale Price for these property types in Manatee County was $220,000 (an increase of 10.6%) and in Sarasota County was $252,240, an increase of 8.7%.
Sales Velocity was strong in this market was well. The Median Time to Contract for these property types in Manatee County was 44 days, down from 72 days reported in September of 2019 for a decrease of 44.4%. Sarasota County was not as dramatic where the Median Time to Contract was reported as 43 days, a decrease of 20.4% over the same period last year.
New Listings increased moderately in both counties during September. There were 303 New Listings in Manatee County during September an increase of 13.5% over the same period last year. Sarasota County added 455 listings of Condo/Townhouse properties in September for an increase of 15.5% over September of last year.
The effect of these new listings had a negligible effect on Inventory however. The total number of Active Listings in Manatee County was down 14.8% from September 2019 and Sarasota County saw a decrease of 13.7% in this key measure.
The Months Supply of Inventory fell moderately in both counties during the month. Manatee County reported only a 2.9 Months Supply of Condos and Townhouses during the month while Sarasota County reported only a 3.5 Months Supply. These results characterize the markets for these property types in both counties as a strong Sellers Market.
Remember, you can view the full reports by clicking on the appropriate graphics.
Benefitting from today's market
Increasing Sales Velocity and tightening inventory puts a lot of pressure on buyers. This is offset however by the extremely attractive mortgage rates currently being offered. We have seen rates well below 3.0% on 30 year fixe rate mortgages, massively increasing buying power. And sellers can clearly benefit from the increasing home values.
So if you are interested in learning how you can best take advantage of today's market, give us a ring today at (941) 799-1234. We will be happy to work on a real estate plan that achieves your goals.