The Moulton Sarasota Real Estate Report – February 2019
Inching Toward a Balanced Market
The Sarasota Real Estate Market has been inching toward what the industry refers to as a “balanced” or “normal” market for the last five years. February’s sales and inventory activity brought us even closer to this equalized condition, in which neither buyers or sellers are in an advantageous position.
Nationally and in our own region we experienced nearly 7 years of a buyer’s market after the downturn started in 2007, we then had nearly 7 years of a seller’s market when inventory was not keeping up with rising demand, and we are finally entering a more stabilized period.
The signs of a balanced market are just what our statistical reporting has indicated we were approaching these last several months: a slowing of transactions, increased inventory available, narrowing of list-to-sale prices and median sales prices are rising at a slower pace.
I have seen first-hand an increase in the number of my clients who had been waiting on the side-lines to list their home for fear of not finding a suitable place to move. These would-be sellers finally have confidence that there is ample supply and are moving forward.
At the same time, the number of buyers entering the Sarasota Real Estate Market is as active as I have ever seen, and for the first time in recent memory I can find a quality portfolio to present that will allow them several options from which to choose, in excellent condition and in their prime locations.
However, the savvy buyers who have been waiting the last few years to pursue their new properties are ready to buy now and I’m beginning to see deals lost because the best are going very quickly…including several recently that never made it to full listing before going under contract.
Whether a buyer or seller in the Sarasota Real Estate Market, this is an excellent time to be making your move. Sellers are motivated to get into their next property and buyers are equally driven to move. As an experienced broker-realtor in the Sarasota market for more than 35 years, I have seen my fair share of cycles – this is something we have been expecting for some time and the stability is welcome.
With interest rates expected to remain low, consumer confidence strong, and new construction on the rise, I expect the months ahead to continue a slow and steady growth.
And now for my statistical report on the February Sarasota Real Estate Market activity:
- Total Sarasota Real Estate Market dollar volume of $339.3 million in February decreased by $19.3 million from the same month a month ago.
- Broken down, single-family sales were $236 million and condominium sales were $103.3 million.
- The number of properties sold in February was 870, only 14 less than a year ago. The sales total includes 593 houses and 277 condos.
- The 2018 monthly average for sold properties in Sarasota was 1,001.
- Florida’s single-family sales increased 1.9% and condo sales were down 5.7% compared to prior year. Homes sold for in excess of $1 million fell 11.5% and condos 13.2%.
- U.S. sales fell with single-family sales declining 1.4% and condo down 5%.
- Of the closed sales in Sarasota last month, 37 were for over $1,000,000, 25 were houses and 12 were condominiums.
- In 2018 Sarasota averaged 29 house sales and 17 condo sales per month for over a $1 million sale price, a small portion of our overall sales.
- Listings that went pending the past month were 1,118 and decreased by 83 transactions from the same month last year, though were 64 more than January.
- For 2018 the monthly average for pending sales was 1,031.
- Florida’s single-family pending sales were equal to last year and 3.1% fewer condo contracts were written compared to last year.
- U.S. pending sales have fallen the last 14 months, in February down 4.9% compared to prior year.
- In February, Sarasota’s single-family homes were sold at a median price of $287,700, an increase of 5.3% over prior year.
- The 2018 monthly median price for houses sold was $281,662.
- In February, Florida median price for single-family homes was $250,500 a 1.3% increase over last year.
- The national median price for existing homes grew by 3.6% to $251,400.
- The condominium median sale price in Sarasota was $242,000 in February, up 10.5% over last year.
- The 2018 monthly median average was $230,989.
- Median price for a Florida condo last month was $187,500, a 4.7% increase over February 2018.
- U.S. median condo price grew to $233,300, a 3.1% increase.
- Sarasota houses sold for $397,980 on average in February where the 2018 monthly average was $384,110.
- Condominiums sold for an average price in February of $373,070. The condominium monthly average sale price sold in 2018 was $355,047.
- Currently there is available inventory of 5,749 properties for sale in Sarasota County. There were 5,401 at the end of 2018 and 4,401 at the end of 2017.
- Of the available inventory for sale, 728 properties are listed for over $1 million or only 12.6%. 541 of the active listings over $1,000,000 are houses and 187 are condominiums.
- Sarasota County had 1,507 new listed properties in February. The local market averaged 1,289 new listings in 2018. Of the new listings the past month 119 properties were listed over $1,000,000.
- Current inventory results in 5.4 months of single-family homes for sale in Sarasota and 6.5 month’s supply of condominiums.
- Florida currently has 4.3 months of single-family inventory and 6.4 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased more than 10% over last year.
- U.S. inventory of all housing types is sitting at 3.5 months of supply.
Having served clients in The Sarasota Real Estate Market for more than 37 years and carefully watching and examining business conditions, I have developed essential insight to aid both buyers and sellers in achieving their objectives in today’s shifting real estate market.
The value of partnering with a highly experienced, locally as well as globally connected agent/broker, and a skilled negotiator and advocate cannot be understated. I look forward to working with you, your family and friends in achieving your goals in acquiring or selling your property.
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