The housing market is back (if we can keep it).
Last month I reported home sales in Sarasota County rebounded in May. 1,215 pended sales in May 2020. 5% more than May 2019, Before COVID. I called it a V-shaped recovery.
That V-shaped recovery is continuing with increased alacrity. In June, 1,452 homes and condos (resales) went under contract. 31% more than May 2020. A stunning 39% higher than June 2019.
The weak link has been new listings. Many sellers were understandably hesitant to put their homes on the market. The result, low inventory. Coinciding with a late-April/May surge in renewed buyer interest, median sold prices increased almost 7% in June 2020 from June 2019 to $288,000.
Last month I further postulated that Sellers were awakening from their slumber. New listings increased 32% from April to May 2020 … although still down almost 17% from May 2019. In June, Sellers took notice. They came back to the market. 1,104 new listings. 9.1% more than May. 2 ½% higher than June 2019.
Likewise, the number of closings increased. 26 ½%. 745 homes sold in May 2020. 942 homes sold in June 2020. Although it remains 18% below the 1,149 sold homes in June 2019, based on pended sales activity, I predict July closings will approximate if not exceed the number of homes sold one year ago at this time, July 2019.
The cloud which continues to loom overhead is the uncertainty of COVID, or with more exactitude, our reaction to it. To quote a recent commentary by Dr Katarina Lindley, President, Texas ACOFP: “We need to stop fearing the disease, and instead respect it – and learn to live with it”.
Home Sales Sarasota County
Single Family, Condo, Villa
| Current vs. Previous Month | Current vs. Same Month 1 Yr Ago | |||||||
| June 2020 | May 2020 | % Change | June 2020 | June 2019 | % Change | |||
| For Sale | 3024 | 3490 | -13.4% | For Sale | 3024 | 4127 | -26.7% | |
| New Listing | 1104 | 1012 | 9.1% | New Listing | 1104 | 1076 | 2.6% | |
| Sold | 942 | 745 | 26.4% | Sold | 942 | 1149 | -18% | |
| Pended | 1452 | 1106 | 31.3% | Pended | 1452 | 1047 | 38.7% | |
| Avg Days on Market | 82 | 67 | 22.4% | Avg Days on Market | 82 | 89 | -7.9% | |
| Sold vs. Original List Price % | 91% | 92% | -1.1% | Sold vs. Original List Price % | 91% | 90% | 1.1% | |
| Average List Price | $764,000 | $729,000 | 4.8% | Average List Price | $764,000 | $691,000 | 10.6% | |
| Median Sold Price | $288,000 | $285,000 | 2.1% | Median Sold Price | $288,000 | $270,000 | 6.7% | |
| Average Sold Price | $415,000 | $373,000 | 11.3% | Average Sold Price | $415,000 | $370,000 | 12.2% | |
| Avg Sold Price per Sq. Ft. | $227 | $205 | 10.7% | Avg Sold Price per Sq. Ft. | $227,000 | $205,000 | 10.7% | |
| Mo Inventory Closed Sales | 3.2 mo. | 4.5 mo. | -28.7% | Mo Inventory Closed Sales | 3.2 mo. | 4.5 mo. | -26.7% | |
| Mo Inventory Pended Sales | 2.1 mo. | 3.1 mo. | -32.7% | Mo Inventory Pended Sales | 2.1 mo. | 3.9 mo. | -45.7% | |
| Current vs. Previous Year to Date | |||
| 1/1/20 – 6/30/20 | 1/1/19 – 6/30/19 | % Change | |
| For Sale | 3024 | 4127 | -26.7 |
| New Listing | 7578 | 8665 | -12.5% |
| Sold | 5615 | 6377 | -11.9% |
| Pended | 6601 | 6999 | -5.7% |
| Avg Days on Market | 73 | 85 | -14.1% |
| Sold vs. Original List Price % | 93% | 91% | 2.2% |
| Average List Price | $764,000 | $691,000 | 10.6% |
| Median Sold Price | $285,000 | $270,000 | 5.6% |
| Average Sold Price | $413,000 | $336,000 | 7% |
| Avg Sold Price per Sq. Ft. | $229 | $216 | 6% |
| Mo Inventory Closed Sales | 3.3 mo. | 3.9 mo. | -15.3% |
| Mo Inventory Pended Sales | 2.8 mo. | 3.6 mo. | -22.4% |
Email this to a friend