Graphic courtesy Realtor Association of Sarasota and Manatee.

Total home sales in November increased year over year, and active listings reached a year-long high in the Sarasota-Bradenton region.

Data released by the Realtor Association of Sarasota and Manatee shows the market activity approaching levels leading into the COVID-19 pandemic in 2020. Total residential sales in the North Port-Sarasota-Bradenton metropolitan area rose more than 26% in November, compared to the prior year, but were down 1.6% compared to October.

Sarasota County saw particular growth in number of sales with a 31% jump in single-family home sales, to 541 sales, and a 30.7% spike in condominium unit sales, to 294 sales. In Manatee, home sales went up 22.2% to 550 sales while condo sales rose 20.7% to 198 sales.

“Despite the high prices, high-interest rates and insurance concerns, the housing demand in the area remains strong, keeping home sales and prices steady,” said Brian Tesidder, Realtor Association president and William Raveis Real Estate vice president of operations. “Despite the high prices, high-interest rates, and insurance concerns, the housing demand in the area remains strong, keeping home sales and prices steady.”

The median price of homes differed in each county, largely thanks to a luxury condominium development, Bayso, coming online in Downtown Sarasota. The median sales price on condominium units in Sarasota County jumped to a record high $547,704, a 58.8% increase from last November. Moreover, more than a third of all condo sales in the county were at $1 million or more. In Manatee, the price of condos decreased 1.8%, to $351,500.

Tresidder cautioned that surge in condo prices is somewhat misleading, as it counts all sales where a certificate of occupancy was just released.

“The surge in closings and median sale prices in the Sarasota condo market can be directly attributed to the completion of Sarasota's newest luxury condo building, marking the culmination of construction and the closing of a significant portion of the units for sale, providing a boost to the local real estate market,” Tresidder said.

“With new construction, data in the MLS isn’t typically marked as ‘closed’ until the building’s certificate of occupancy is issued and pending reservations can be completed. That’s why this month shows an atypical number of Sarasota County condos sold, thus doubling the dollar volume this month.”

In Manatee, the median price for single-family homes also dropped 4.1% to $485,861, while in Sarasota, it increased, but by less than 1% to $500,000.

The number of active listings reached a high point for the year, with 7,444 listings in the region at the close of November. That’s a 53.8% increase from the prior year, and almost at 11% jump from October.

In the home market, Sarasota had a 4.3-month supply of single-family homes, while Manatee had a 3.4-month supply. For condos, Sarasota saw a major surge and now had a 4.9-month supply, while Manatee has a 4.4-month supply. But throughout the region, it remains a seller’s market. Realtors generally consider a market balanced if there’s a 6-month supply of homes.

Graphic courtesy Realtor Association of Sarasota and Manatee.