Market Insight November 2018
Local Market Insight November 2018
In Sarasota County, FL the median sold price for SFH/Villa properties for November was $285,000, representing an increase of 7.9% compared to last month and an increase of 5.6% from Nov 2017. The average days on market for units sold in November was 66 days, 3% below the 5 year November average of 68 days. There was a 6.2% month over month decrease in new contract activity with 746 New Pending; a 5.5% MoM decrease in all Pendings (new contracts + contracts carried over from October) to 876; and a 10% increase in supply to 3,371 active units.
This activity resulted in a Contract ratio of 0.26 pending per active listing, down from 0.30 in October and a decrease from 0.35 in November 2017. The Contract Ratio is 32% lower the 5-year November average of 0.38. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the Buyer’s favor.