today’s news
Daily SRQ Monday Business Edition
Monday, January 1, 2024 |
by Jacob Ogles
Image courtesy of Sarasota-Manatee Association of Realtors.
Total home sales increased in November compared to the same month last year, with the number of active listings in the Sarasota-Bradenton area reaching a yearly high.
Data released by the Sarasota-Manatee Association of Realtors shows market activity is approaching levels that led to the 2020 COVID-19 pandemic. Total home sales in the Northport-Sarasota-Bradenton metropolitan area rose more than 26% in November. Last year, it was compared to the same month last year, but compared to October, it decreased by 1.6%.
Sarasota County saw a particular increase in sales, with single-family home sales up 31% to 541 units and condominium sales up 30.7% to 294 units. In Manatee, home sales increased 22.2% to 550 units and condo sales increased 20.7% to 198 units.
“Despite high prices, high interest rates and insurance concerns, demand for housing in the region remains strong and home sales and prices are stable,” said William LaVais, president of the Association of Realtors and vice president of operations at Real Estate. President Brian Tessider said. “Despite concerns about high prices, high interest rates and insurance, demand for housing in the region remains strong and home sales and prices are stable.”
Median home prices varied in each county, largely due to Beiso, a high-end condominium development in downtown Sarasota. The median sales price for condos in Sarasota County jumped to an all-time high of $547,704, an increase of 58.8% since November. Additionally, more than a third of all condo sales in the county were over $1 million. In Manatee, condo prices fell 1.8% to $351,500.
Tresidder cautioned that condo price increases are somewhat misleading because they count all sales where a certificate of occupancy has just been issued.
“The sharp increase in the number of closings and median sales prices in Sarasota’s condo market can be directly attributed to the completion of Sarasota’s newest luxury condominiums. It shows that a significant portion of the “local real estate market” has closed, which is a tailwind for the market,” Tresidder said.
“For new construction, the data in the MLS is typically not marked as ‘closed’ until the building has been issued a certificate of occupancy and any pending reservations have been completed. That’s why condos in Sarasota County sold in unusual numbers this month, resulting in double sales this month. ”
In Manatee, the median price of a single-family home also fell 4.1% to $485,861, while in Sarasota it rose but less than 1% to $500,000.
The number of active listings has reached its highest level this year, with 7,444 listings in the region at the end of November. This is an increase of 53.8% over the previous year and an increase of almost 11% from October.
In the housing market, Sarasota had a 4.3-month supply of single-family homes and Manatee had a 3.4-month supply. When it comes to condos, Sarasota has seen a big jump, with 4.9 months of supply currently available, while Manatee has 4.4 months of supply. However, it remains a seller’s market across the region. Real estate agents typically consider the market to be in equilibrium after six months of housing supply.
Image courtesy of Sarasota-Manatee Association of Realtors.
