A Seller’s Market Remains for Sarasota and Manatee counties

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While the number of overall closed residential sales, median home prices, and inventory are all up from this time last year, the Sarasota/Manatee area continues to be a seller’s market.  Sarasota county residential sales are only slightly up from September 2015 with a 3.3% increase in condominium sales and a 3% decrease in single family home sales. By contrast, Manatee county single family homes sales are up 13.8% from last year, while condominium sales have dropped 6.2%.

Inventory for the two counties is up nearly 20% from last year at this time even though the current levels have followed the expected trend of off-season decline.  According to the September 2016 data, Sarasota county has a 4.2-month supply of inventory for single family homes and a 5-month supply for condominiums while inventory levels for Manatee county are slightly lower; however, neither county is too far off from a balanced market indicator of a 6-month supply.

Pending sales are have also decreased an overall 11% from 2015 but as the Realtor® Association of Sarasota and Manatee reports, this was not unexpected since 2015 recorded a historically high number of residential sales. Additionally, Linda Formella, the 2016 RASM® President pointed out other factors that can slow down the rate of pending sales such as back-to-school activities, storm warnings, and the anticipation of election results.

Click here to read the full report from the Realtor Association of Sarasota and Manatee.

If you are interested in buying or selling property, please contact me for further details.

Deborah Beacham About Deborah Beacham

By Deborah Beacham - A Sarasota Realtor ranking in the top 1/2% in total sales volume among Sarasota County's Realtors. Google+