The Moulton Sarasota Real Estate Report – October 2018
Early Fall Sales, Prices and Inventory Moderating
October marked the first month of the year in the Sarasota Real Estate Market in which most of the data reflected a moderation in activity. While total units sold increased, single-family existing home sales saw a decline and the condominium market increased over prior year by more than 10%.
Median prices saw a similar pattern with single-family homes sliding slightly and condominiums gaining 4.4% over prior year.
It is number of properties for sale where the most change occurred, with October registering the third highest volume of new listings this year. The growing inventory on the market will naturally begin to slow the pace of price appreciation. A growing number of properties coming to market is not unusual this time of year, as homeowners know that our peak selling season is getting underway. Many have spent the summer preparing their homes for sale, others believe that with rising interest rates and other factors, it is time for they themselves to get on with their next purchase.
Another of the Sarasota Real Estate Market indicators that I pay close attention to is the number of properties put under contract each month. Referred to as pending sales, this helps us to forecast what the activity may look like in the months ahead based on these contracts closing. October’s contract signing slipped from prior year. With a good deal of new product coming to market this year and last creating much of the activity, I do not see October’s slowing as an omen of softening sales in the months ahead, but more as a sign that conditions are becoming more balanced. I believe our market is healthy and will continue to grow, though at a moderate pace.
And now for my report on October Sarasota Real Estate Market activity:
- Total Sarasota Real Estate Market dollar volume of $285.1 million in October decreased by $29.1 million from the prior year.
- Broken down, single-family sales were $204.7 million and condominium sales were $80.4 million.
- The number of properties sold in October was 866 which was 12 more than a year ago. The sales total included 598 houses and 268 condos.
- Florida’s single-family sales increased 8.5% and condo sales were up 14% compared to prior year.
- U.S. single-family sales declined 5.3% and condo sales fell 3.2%.
- The 2018 monthly year-to-date average for sold properties in Sarasota County is 1,036 whereas the 2017 monthly average was 966, a nice average monthly increase.
- Of the closed sales in Sarasota last month 21 were for over $1,000,000, 17 were houses and 4 were condominiums.
- Listings that went pending the past month were 906 and decreased by 56 transactions from the same month last year.
- Florida’s single-family pending sales showed a similar pace with 4.7% fewer single-family homes and 7.6% more condo contracts written compared to last year.
- U.S. pending sales fell 6.7% compared to prior year.
- For the first ten months of 2018 Sarasota has averaged 1,088 pending sales. The monthly average of pending sales in 2017 was 1,043 and in 2016 it was 1,005.
- In October, Sarasota’s single-family homes were sold at a median price of $270,000. The 2017 monthly median price average for houses sold in Sarasota was $267,043, about a 5% increase.
- In October, Florida median price for single-family homes was $253,853 a 7.6% increase over last year.
- The national median price for existing homes grew by 4.3% to $257,900.
- The condominium median sale price was $233,745 in October vs. $224,000 a year ago. The 2017 monthly median average was $225,585.
- Median price for a Florida condo last month was $180,000, a 5.9% increase over October 2017.
- U.S. median condo price dropped a slight .2% in October to $236,200.
- The average sale price for houses sold was $342,247 vs. the past year’s monthly average price for houses sold of $370,708.
- Sarasota’s condominiums sold for an average price in October of $300,172 vs. the 2017 monthly average price for sold condominiums was $362,378.
- Overall properties sold for 95.7% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.
- Currently there is available inventory of 4,490 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
- Of the available inventory for sale, 568 properties are listed for over $1 million or only 12%. 422 of the active listings over $1,000,000 are houses and 146 are condominiums.
- Sarasota County had 1,482 new listed properties in October. The local market averaged 1,245 new listings per month in 2017, and 1,304 year-to-date in 2018. Of the total new listings the past month, 116 properties were listed over $1,000,000, a small percentage of the overall available inventory for sale.
- As mentioned in my reports through this year, inventories in The Sarasota Real Estate Market have fallen from a high of 5,015 properties for sale to the low of 4,020.
- Current inventory is 4,490, resulting in just 4.3 months of single-family homes and 4.6 month’s supply of condominiums, both under the 6-month level considered a balanced market.
- The single-family months of inventory has been consistent all year while the condominiums months of inventory continues to have a slight decrease each month.
- Florida currently has 4.0 months of single-family inventory, up 9.8% compared to last year, and 5.5 month’s supply of condominiums, up 5.4% over last year and also close to a balanced market.
- U.S. inventory of all housing types is sitting at 4.3 months of supply.
As always, I look forward to serving you, your family and friends with their real estate needs. It would be my pleasure to assist in reviewing your buying or selling needs and help to guide you to the best plan to achieve your goals.
I wish you a warm and wonderful Holiday Season!
My wife Katie and I regret the late delivery of the reporting of the Sarasota Real Estate Market results for the month of October 2018. As many of my subscribers know, Katie is the daughter of Murray (Murf) Klauber, the well-known founder of The Colony Beach & Tennis Resort on Longboat Key, visionary, innovator and community advocate, accomplished developer, and colorful and treasured friend to so many around the globe. Murf passed away on Thanksgiving evening after a day surrounded by his beloved family. In the weeks following we have been taking time to reflect on our great loss, and at the same time remember and celebrate his wonderful and full life, generosity and kindness, laughter and love. For those who did not know Murf, here is just one of many beautiful tributes, this one published in the Sarasota Herald Tribune. Please also see The Longboat Observer, Wall Street Journal and Longboat Key News for additional articles.
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