SARASOTA, Fla. (July 20, 2023) – Home sales in Manatee County have increased year-over-year for the second consecutive month in June of 2023. According to data from Florida REALTORS® and compiled by the REALTOR® Association of Sarasota and Manatee (RASM), closed sales are up this month, new listings are down, and home values have stayed higher overall when compared to the same time last year.
REALTORS® in the North Port-Sarasota-Bradenton MSA participated in 2,206 sales in June (combined for single-family homes and condos), a year-over-year increase of 5.7 percent. Compared to last month, closed sales decreased by a combined 8.9 percent for both property types in the MSA.
In Manatee County, single-family home sales increased year-over-year by 17.7 percent to 759 sales, and condo sales increased by 12.1 percent to 297 sales. In Sarasota County, single-family sales decreased by 4.1 percent to 769 sales, while condo sales increased year-over-year by 1.3 percent to 381 sales.
“The residential market in Manatee County continues to thrive with two back-to-back months of increased sales over the last year, indicating strong buyer activity and market resilience,” said Brian Tresidder, 2023 RASM President and Strategic Growth & Sales Manager at William Raveis Real Estate. “The real estate market in Sarasota County remains dynamic, with single-family sales experiencing a decline compared to 2022. Nevertheless, June sales point to more balance, slowly narrowing the gap with last year’s figures and reaffirming the region’s market strength.”
Pending sales, or the number of homes that went under contract last month, increased for both property types in Manatee County but decreased in Sarasota County when compared to last year. For single-family homes, pending sales increased year-over-year by 8.3 percent in Manatee and decreased by 3.6 percent in Sarasota. In the condo market, pending sales increased by 31.3 percent in Manatee and decreased by 4.5 percent in Sarasota.
The median sale price reported in the MSA is down compared to the same month in 2022. Single-family home prices in Manatee County decreased year-over-year by 4.5 percent to $525,000 and increased by 4.5 percent to $522,500 in Sarasota County. Condo prices increased by 3.8 percent to $370,000 in Manatee and decreased by 6.3 percent to $390,000 in Sarasota. Single-family homes sold at a higher median price in June than in May of this year, while condos sold at a lower price in June when compared to the previous month.
The month’s supply of inventory continues to show a year-over-year increase this month. In Manatee County, single-family home supply increased by 55.6 percent to a 2.8-month supply and condo supply increased by 126.7 percent to a 3.4-month supply. In Sarasota County, there was a 3.2-month supply for single-family homes and a 3.5-month supply for condos, a year-over-year increase of 88.2 percent and 133.3 percent respectively. This is the third consecutive month with Manatee condos at a 3.5-month supply and the second consecutive month with Sarasota condos at a 3.4-month supply.
“With a home supply of around three months, our market continues with more favorable conditions for sellers than for buyers,” said Tresidder. “The decline in new listings within the two counties further contributes to the prevalence of a seller’s market. It is typical for our area to see a decline in new listings around this time of year before the market experiences more activity heading into fall and further into spring.”
At the end of June, there were 2,295 new listings combined for both property types in the North Port- Sarasota-Bradenton MSA, a decrease of 21.8 percent from last year and a less-than-one-percent decrease from May of this year. Broken down for each property type, there were 1,611 new listings for single- family homes and 684 new listings for condos, representing a year-over-year decrease of 24.1 percent and 15.8 percent respectively.
As for inventory, there were 5,386 active listings combined for both property types in the North Port- Sarasota-Bradenton MSA, a 51.6 percent increase from the same time last year and a 3.7 percent increase when compared to last month. Across the two-county region, there were 3,545 active listings reported for single-family homes and 1,841 listings reported in the condo market at the end of June.
The median number of days from the listing date to contract date has significantly increased from the previous year in June. Manatee County single-family homes went under contract within a median of 37 days, a 516.7 percent increase from last year. For Manatee condos, the median time to contract was 34 days, an increase of 385.7 percent. In Sarasota, the median time to contract for single-family homes increased year-over-year by 228.6 percent to 23 days and increased by 400 percent to 35 days in the condo market.