Latest Market Report Shows a Continued Upward Trend


The latest data compiled from My Florida Regional Multiple Listing Service shows an increase for single family homes sales.  Compared to last year at this time, August 2017 figures showed an increase in closed sales, median home prices and inventory for Sarasota and Manatee counties.  While there have been some fluctuations month-to-month in closed sales this year, the total number through August 2017 still remain higher than the first 8 months of 2016.

Year-over-year, as the number of distress properties continues its decline, median prices continue to rise.  The median price for single family homes in Sarasota County rose 1.5% over August 2016 to $258,000 and more than 6% in Manatee County to $286,855.  

Although inventory is higher than it was at this time last year, the month’s supply of inventory has been on a slow decline since March 2017, remaining just under the threshold for a balanced market.  In Sarasota County, there was a 3.8 month supply of single family homes for sale, while Manatee dropped to a 4.1 month supply. Sarasota condos dropped to a 4.3 month supply, while Manatee is now at a 3.9 month supply.

In response to how Hurricane Irma will affect our market in the coming months, Xena Vallone, 2017 President of the Realtor® Association of Sarasota and Manatee stated that while several conditions can affect the timing of when the increased pending sales will convert into closed sales, right now there is no way to determine the true effects the hurricane will have on our market.  At present time, there have been some delays in closed sales due to financed transactions requiring either a re-inspection or the lift of the disaster designation.

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

If you have been considering buying or selling a home, contact me today!

Median Home Prices Rising Due to Low Inventory and High Demand


The latest data compiled from My Florida Regional Multiple Listing Service continues to fluctuate in July 2017 for Sarasota and Manatee counties.  In Sarasota county, closed sales increased 5.8 percent over July 2016; however, Manatee county saw an 8.9 percent decrease in closed sales over the previous year.

In response to the low inventory of active properties for sale combined with the a decreasing number of foreclosed and short sales, median home prices continue to rise.  Compared to July 2016, both Sarasota and Manatee counties saw just over a 7 percent increase in the median price for a single family home.  Condo median prices tell a slightly different story with a 4.5 percent increase for Sarasota County but in stark contrast, a 10.9 percent decrease in Manatee county.

So does the increase in the median price for single family homes mean we are headed for a repeat of 2006?  Not necessarily.  Overall median prices in July still remain lower than during the recently ended season. Xena Vallone, the 2017 President of the Realtor Association of Sarasota and Manatee states that while median prices are rising, the increase is driven by supply and demand and not artificial factors that were experienced a decade ago. “The increase began in 2011 and has continued at a gradual, sustainable rate,” Vallone adds.

While inventory is reported as being low, it is important to mention that inventory levels still show an increase year-over-year but that the lowering trend has been occurring since February. Last year at July month-end, there were 6,687 properties for sale in the two-county area. By the end of February 2017, the level had increased to 8,557 and by the end of July 2017, there were 7,182 properties on the market. 

The month’s supply of inventory peaked in March with levels inching toward a balanced market. However, like inventory, this figure has been steadily decreasing since then. In Manatee County, there was a 4.2 month supply of single family homes for sale, while Sarasota dropped to a 4.1 month supply. Sarasota condos are at a 4.6 month supply and Manatee condos are at a 4.1 month supply. The market remains a seller’s market.

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

If you have been considering buying or selling a home, contact me today!

“Up On The Roof” at the Newly Opened Westin Sarasota

Photo Credit: Westin Sarasota guest

Photo Credit: Westin Sarasota guest

According to one Associate Editor for Sarasota Magazine, the views from atop The Westin Sarasota will leave you awe-struck and with a vocabulary full of “Ooohs, Aaahhhs, and WOWS!” Perhaps it was The Drifters who said it best in their 1962 hit song, “Up On the Roof ” – “Right smack dab in the middle of town, I’ve found a paradise that’s trouble proof (up on the roof).”

The newly opened, pet-friendly Westin Sarasota Hotel, sitting adjacent to the picturesque Sarasota bayfront and attached to the VUE, features 18 floors, 255 luxurious rooms and suites, a salon/spa, a fitness studio with state-of-the-art equipment, 26,000 square feet of meeting space, the new Evoq restaurant that is open daily to the public for casual elegant dining, and the literal crown of this jewel that is also open to the public, The Roof Bar and Eats with comfortable couch seating, poolside dining, and spectacular views of Sarasota. 

If you are looking for a piece of Sarasota paradise for your out of town guests to stay or just need to unwind for an evening and take in a more panoramic view of Sarasota, visit The Westin Sarasota today, located at 1175 N. Gulfstream Ave.

If you have been considering a move to our beautiful area, contact me today!

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.

Median Sale Prices and Inventory Continue to Rise

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The Realtor® Association of Sarasota and Manatee recently released the regional sales numbers for the month of July and while the number of residential sales substantially differ from the record numbers we saw in 2015, Sarasota and Manatee counties are starting to see a more normalizing trend as median sale prices and inventory continue to climb.

Over the past year, Manatee County increased in sales from 2015, with a 0.7 percent increase in single family homes and an 11.5 percent increase in condos, but by contrast, Sarasota County sales are more than 20 percent down for both single family homes and condos.  Additionally, in 2015 pending sales remained very strong through August, but this year, we saw significant slow-down in pending sales as early as May.  In July, records showed that pending sales are 18.5 percent lower than last year for Sarasota and Manatee counties.

However, median sale prices for single family homes in Sarasota County are up 10.5 percent from 2015 to $242,500, while Manatee County experienced an 11.7 percent jump from 2015 to $279,250. Year over year, condo median sales prices rose 7.9 percent from 2015 to $205,000 in Sarasota and 21.9 percent to $185,250 in Manatee.

Inventory is steadily rising as well with single family homes in Manatee and Sarasota each showing a 19.5 percent increase from July 2015, which equates to over 4 month’s supply of inventory.

“July marks the seventh month this year where pending sales are down. This is also the sixth month where listing inventory has been higher than the same period last year. It’s reasonable to expect that the prices will adjust to the slowing demand,” says Linda Formella, 2016 President of the Realtor® Association of Sarasota and Manatee.

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.

Michael Saunders & Company Ranked #1 in Sarasota County in 2015

Michael.Drayton.HeadshotRealTrends recently released its 2015 statistics for real estate brokerages in Sarasota County and Michael Saunders & Company ranked at the top of the list.  Saunders had 3,378 residential transaction sides (representing either the seller or the buyer), with a volume of $1.566 billion. It represented the seller in 1,664 sales and the buyer in 1,714 sides.

We are so proud to share our company’s accomplishments and could not be more proud to work with our amazing team of professionals under the awesome leadership of Michael and Drayton Saunders.

Click here to read the full report from the Sarasota Herald Tribune.

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

Signs of a Healthy Market: 2015 Hits an All-Time Record in Real Estate

Dec2015_StatsThe 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.  Dec2015_Stats_Manatee

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.

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.

2015 Sarasota & Manatee Residential Sales Already Outpacing 2014

rasm_logoThe Realtor® Association of Sarasota and Manatee just released February’s closed and pending sales and it appears that Sarasota and Manatee county real estate is already outpacing the record number of sales for this same time period in 2014.

In short, Sarasota’s 837 total closed residential sales are up 12.3% from 2014 and Manatee’s 593 total closed residential sales are up 6.1%, and pending sales for both counties are ahead of last year’s figures and show no sign of a slow down in sales.

Additionally, the median sales price remains strong and substantially above last year’s figures. In Sarasota County, the median price for single family homes was at $196,000, which is 6% higher than last February; and for condos, the median price was at $187,500, up 10.3% from last year.  Manatee County single family homes rose to a median sale price of $256,750, up 16.7% over last February’s figure of $220,000, while condos were at $152,000, which is a 12.6% increase.

Closed Sales for Sarasota & Manatee Counties

Closed Sales for Sarasota & Manatee Counties – February 2015

Association President Stafford Starcher states, “Properties in the two counties are selling at a high pace and prices are on the rise, which tells us we are experiencing a healthy, vibrant market.  The inventory totals have leveled off, which means we could see even higher prices going forward, based on the laws of supply and demand.”  He further adds, that this is a great time to put your property on the market with a Realtor® and “test the water.”

Click here to read the full report.

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

2014 Sales – Another Year for the Record Books

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The Realtor® Association of Sarasota and Manatee counties just released the sales numbers for all of 2014 and what an incredible year of real estate for both counties!!

Manatee county missed beating the 2013 annual record for sales by only 28 transactions and Sarasota county finished out the year with a total of 11,550 transactions, breaking the all-time record of 11,482 sales, which was set back in 2004.

“Sarasota and Manatee counties have never seen this level of combined sales activity, which actually surpassed the 2004-2005 boom years of a decade ago,” stated Association president, Stafford Starcher.  He went on to add that the steady rise of home prices doesn’t seem to be hampering sales and therefore, believes we can expect to see home sales continue to soar in 2015.

Click here to read the full report.

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

“All the numbers point to a very healthy 2014 for Sarasota County real estate.”

 

July has always been known as a quiet “Florida month” and is when the real estate market typically sees a little bit of a lull.  Even though the number of residential sales, according to the Sarasota Association of Realtors® was down 11.4% from the previous month, I would have to say a total of 928 closed residential real estate transactions along with another 834 sales pending for the month of July is still a pretty busy “lull.”  I can personally attest to July not being much of a “slow” month, as I counted 19 showings in eleven days.

Sarasota Association of Realtors president, Peter Crowley states that “all the numbers point to a very healthy 2014 for Sarasota County real estate,” and he was not only speaking about the total number of sales for the first 7 months of 2014; which is still ahead of last year’s near record sales pace.  He is also referring to the fact that for the first time in 6 years, the median sales price for single family homes and condominiums has surpassed the $200,000 price point; with single family homes at $201,000 and condominiums at $205,000.

Additionally, inventory levels dropped below 4,000 in July 2014 to 3,912 compared to last July when inventory stood at only 3,747, which was the low point in the recent market.  What low inventory and rising median sales prices translates to is that we still remain in a seller’s market.

With the number of increased showings I have and continue to experience even into mid-August, I have no doubt that 2014 will be another prosperous year for the record books!

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