Home prices in Sarasota-Manatee rise 3.9% in third quarter.
Home sales in the Sarasota-Manatee region outpaced the state during the third quarter, a new report shows.
Buyers closed on 4,063 existing single-family homes in the two-county area in the July-September period, an 11.3% gain over last year, the Florida Realtors trade group said.
That topped the 8.1% increase in home resales throughout Florida.
But condo sales were down 1.7% in Sarasota-Manatee, with 1,576 units sold in the third quarter. That lagged behind the statewide gain of 2.2%.
Homes sold for a median $301,500 in Sarasota-Manatee, 4.0% higher over the year. Condos traded for 1.4% more, at $218,000.
"Prices in the Sarasota real estate market continue to grow, though at a moderate and sustainable pace," said Michael Moulton, a luxury specialist with Michael Saunders & Co. "However, with inventory once again falling last month in both single-family and condominium segments, it is likely price escalation will remain well above inflation rates."
In Charlotte County, home sales totaled 1,207 in the third quarter, a 13.5% jump over the year. Condo sales rose 7.5% to 243 units.
Home prices gained 6.5% to a median $229,000 in Charlotte, but condos slumped 2.3% to $140,750.
Homes sold for a median $265,000 throughout Florida, up 3.9% compared with 2018, while condos changed hands for 4.1% more, at $190,000.
"Inventory levels, particularly among single-family homes for sale, continued to fall throughout the third quarter," said Brad O’Connor, chief economist at Florida Realtors. "But so did mortgage interest rates, which provided opportunities for both prospective and current homeowners. Many current owners locked into low mortgage rates from a few years back have been waiting for a chance to buy a bigger or better home at similar rates, and that’s exactly what we saw happen throughout the summer.
"As a result, we saw an increase in new listings as well as closed sales across all price tiers above $200,000, with many first-time buyers getting a shot at those newly listed homes located at the more affordable end of the price spectrum," he said.
The interest rate for a 30-year fixed-rate mortgage averaged 3.67% during the third quarter, according to Freddie Mac, significantly lower than the 4.57% average recorded one year earlier.