Inventory Spikes as Realtors Predict Pricing Competition

Todays News

Graphic courtesy Realtor Associationltor Association of Sarasota and Manatee.

As inventory goes up for home listings in Sarasota and Manatee counties, real estate agents report increasing competition on prices.

The number of single-family homes in Sarasota and Manatee counties surged in April, according to the Realtor Association of Sarasota and Manatee. Data released last week showed the inventory for the counties combined climbed to 5,755 homes and 3636 condos. In terms of raw listings, that reflects more than a 71% spike in active home listings compared to April 23, and more than a 92% jump in condo listings.

That means the Sarasota-Bradenton-North Port metropolitan area as of last month had a 6.3-month supply of condos and a 4.5-month supply of homes.

Realtors generally consider a six-month supply to be a balanced market.

“The significant rise in inventory across both counties is a clear indication of a shifting market dynamic,” said Tony Barrett, president of RASM and owner of Barrett Realty. “Buyers now have more options to choose from, which is reflected in the extended time properties are

staying on the market.”

The median time to a contract in the two-county market has now climbed to 41 days for homes and 46 days for condos, up from 23 days last April for either category of unit.

Meanwhile, the average sales price in Sarasota County has surged since last year.  The average price for a home in Sarasota County in April reached more than $781,000, nearly $130,000 higher than it was a year prior. A condo in Sarasota cot almost $700,000 on average, up from less than $562,000 last year.

The story played out differently in Manatee County. The average price for a home in Manatee went down roughly $17,000 from last year, but remained at early $719,000. But the average condo price continued to climb, reaching almost $597,000, down about $80,000 from the past year.

In total, the counties combined saw 1,496 home and 707 condo sales closed in April, an increase from last year in both categories.

“It’s encouraging to see closed sales increase, even with the higher inventory levels. This indicates that buyers are still actively engaging with the market, taking advantage of the increased options available to them,” Barrett said.

Graphic courtesy Realtor Associationltor Association of Sarasota and Manatee.

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