The Moulton Sarasota Real Estate Report – March 2019
Housing Market Remains Stable Despite Sales Slowdown
Much is being written in the media about the Sarasota Real Estate Market’s single-family home and condominium sales slowdown. But most economists and real estate experts agree that the reduction in transactions is more a result of timing of new product delivery than anything. These market experts agree that demand remains strong for our region, growing inventory resulting in slower pace of price appreciation, strong home builder confidence, and downward trend of mortgage rates are all contributing to our stabilized market.
As home prices have slowed their double-digit growth, sellers have become realistic in their expectations. They are also eager to take advantage of the greater inventory to choose from for their own next move. I am finding that my savvy luxury home and condo sellers are anxious to take advantage of the influx of buyers who are fleeing tax heavy states. Most have taken time to make needed improvements and preparations to list their home while they were waiting for inventory to reach a tipping point, which has now placed us clearly in a balanced position, where neither buyers or sellers are in an advantageous position.
I am confident that The Sarasota Real Estate Market will continue to remain robust, albeit it with sales fluctuations dependent on new homes and condominium projects coming to market. With several new communities nearing completion we will see a wave of closings for these projects boost our sales in the months to come. I and my fellow luxury colleagues have seen exceptionally strong buyer traffic this year and we share the view that it will result in sound results this year.
And now for my statistical report on the March Sarasota Real Estate Market activity:
- Total Sarasota Real Estate Market dollar volume of $435.2 million in March decreased by $30.1 million from the same month a year ago.
- Broken down, single-family sales were $307.6 million and condominium sales were $127.6 million for the month.
- The number of properties sold in March was 1,167, 53 less than a year ago. The sales total includes 774 houses and 393 condos.
- The 2018 monthly average for sold properties in Sarasota was 1,001.
- Florida’s single-family sales were virtually equal to last year, and condo sales were down 6.1% compared to prior year. Homes sold for in excess of $1 million fell 6.1% and condos 1.0%.
- U.S. sales fell with single-family sales declining 4.7% and condos down 11.5%.
- Of the closed sales in Sarasota last month, 44 were for over $1,000,000, 32 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 1,409, an increase of 30 transactions from the same month last year and an increase of 221 from February.
- For 2018 the monthly average for pending sales was 1,031.
- Florida’s single-family pending sales were up 2.6% and 1.0% for condo contracts written compared to last year.
- In March, Sarasota’s single-family homes were sold at a median price of $285,500.
- The 2018 monthly median price for houses sold was $281,662.
- In March, Florida median price for single-family homes was $256,000 a 2.0% increase over last year.
- The national median price for existing homes grew 3.8% to $261,100.
- The condominium median sale price in Sarasota was $227,825 in February.
- The 2018 monthly median average was $230,989.
- Median price for a Florida condo last month was $189,500, a 3.6% increase over March 2018.
- U.S. median condo price grew to $244,400, a 3.6% increase.
- Sarasota houses sold on average for $412,904 in March, where the 2018 monthly average was $384,110.
- Condominiums sold for an average price in March of $324,695. The condominium monthly average sale price sold in 2018 was $355,047.
- Currently there is available inventory of 5,604 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, 705 properties are listed for over $1 million or only 12.6%. 526 of the active listings over $1,000,000 are houses and 179 are condominiums.
- Sarasota County had 1,511 new listed properties in March. The local market averaged 1,289 new listings in 2018. Of the new listings the past month 84 properties were listed over $1,000,000.
- Current inventory results in 5.3 months of single-family homes for sale in Sarasota and 6.4 month’s supply of condominiums.
- Florida currently has 4.2 months of single-family inventory and 6.3 month’s supply of condominiums. Inventory of properties selling for over $1 million have increased more than 8% over last year.
- U.S. inventory of all housing types is sitting at 3.9 months of supply, increasing 2.4% in March over prior year.
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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