Realtor Association Reports Record High Single-Family Home Prices in Sarasota-Manatee Last Month
The news comes as mortgage rates are near historic lows.
The Realtor Association of Sarasota and Manatee (RASM) reported increased home sales and new listings amid declining inventory in August, with median prices for single-family homes reaching record highs in both counties. The current market conditions favor the seller, the report says, with homes selling at a quicker pace in August 2020 when compared to last year. Single-family closed sales increased by 9 percent to 713 sales in Manatee County and by 12.7 percent to 867 sales in Sarasota. The condo market also increased, with a 54.2 percent jump to 313 sales in Manatee and a 20.6 percent increase to 404 sales in Sarasota.
Also in August, the median sale price for single-family homes reached the highest recorded prices in both counties since RASM began keeping records in 2008. In Manatee County, median prices increased by 13.6 percent, to $360,000, and Sarasota increased by 17.9 percent to $330,000. Condo prices also increased by 8.8 percent year-over-year to $223,000 in Manatee County, and by 8 percent year-over-year to to $249,495 in Sarasota County. The news comes as mortgage rates are near historic lows.