The September numbers are in for Sarasota and Manatee Counties as we closed out the third quarter. The short version: more sales, higher prices, and less inventory than a year ago.
Hi, I’m Broker Brink. Let’s break it down county by county and property type.
In Sarasota County, 681 single-family detached homes closed in September, up 5.4% from last year. The median price rose 7.8% to $485,000. Homes went under contract in 51 days, about 20% faster than last year at this time. Supply is down to 3.7 months. Under five months is a seller’s market, so sellers have the edge.
Sarasota condos were the big story. Closings jumped 34.3% to 309. The median price rose 6.3% to $335,000. Time to contract dropped to 77 days, and supply fell to 4.9 months. A year ago condos sat at nearly 7 months, which was buyer territory. Today they’re right at the line between a seller’s market and a balanced one.
In Manatee County, the single-family homes statistics are mixed. Closings dipped 3.9% to 636, but the median price still rose 3.2% to $485,000, the same as Sarasota. Homes went under contract in 53 days, and supply is 3.9 months. That’s a seller’s market.
Manatee condo sales volume rose 3.7% with 224 closings. The median price held flat at $296,500. Time to contract was 76 days, and supply is 5.0 months, so condos here are right at that balanced line between a seller’s market and a buyer’s market too.
Zoom out to the full quarter. Both counties combined for nearly 5,700 closings, up 8% from last year, and median prices rose in every segment. Here’s what stands out to me: new listings went up across the board, yet inventory still shrank. Buyers are absorbing homes as fast as they hit the market.
The luxury end was remarkable too. Sarasota recorded 19 extra sales of ten million dollars or more in Q3, versus just one a year ago. I’ll go deeper on that in my luxury report which you can find on the home page of my website, BrokerBrink.com.
Sellers: Homes are selling faster and closer to asking price than last year. If you’ve been waiting, the conditions are working in your favor. But pricing it right from day one still matters.
Buyers: Inventory is tighter, so be ready to make your move on the property that appeals to you. Condos offer more choice and more room to negotiate than single-family homes. One more thing: pending single-family home sales dipped slightly in both counties in September. That’s worth watching as we head into season.
Every neighborhood and price point tells its own story. If you want to know what these numbers mean for your home or your search, reach out. I’m at info@brokerbrink.com or you can connect with me on brokerbrink.com. Be sure to subscribe for monthly updates, and I’ll see you next month.