The numbers are in and it’s official! 2015 closed out the year with an all-time record of 20,691 in combined closed residential transactions, which is 1,302 sales above last year’s numbers.
Additionally, median sale prices have increased across the board. Single family home prices rose 22% in Sarasota County to $239,900 and nearly 12% to $262,963 in Manatee County, and condo sales rose 22% Sarasota County and 6% in Manatee County to $217,000 and $178,249 respectively.
Another sign that our market has become healthier is the drop in the percentage of distressed sales. Distressed sales for single family homes were down 49% from last year in Sarasota County and 46% down in Manatee County. In December, there were only 195 distressed sales reported in the two counties, which is just under 12% of all reported residential sales and certainly, a significant drop from the peak of 48% from just a few years ago.
New Pending sales were down 11.3% for single family homes and remained unchanged for condo sales year over year. The declining inventory is likely to be the cause of the decline in new pending sales, as buyers face the challenges of not only finding the right property but also the probability of competing in multiple-offer situations. Inventory of available properties continues to decline for both counties and the two-county area saw the month’s supply of inventory remain just below the 4-month level.
Nevertheless, referring to the historic year in residential sales for our two-county area, RASM President, Linda Formella credits the hard work and dedication of our area’s professional Realtors® as well as the many industries that support the real estate community. She states that more people are eager to be part of this southwest Florida paradise in which we live and work and looks forward to a healthy year of steady growth in 2016.
If you are interested in buying or selling property, please contact me for further details.