Recent data produced by Florida REALTORS® for our two-county area indicates January 2017 to be off to a solid start to this season’s sales. Here is a breakdown of how 2017 is starting out for Sarasota and Manatee counties:
- Inventory in the two-county area increased by 17.9 percent over January of last year. Sarasota condo inventory increased by 27.1 percent and single family homes went 20.8 percent. In Manatee County, condos were up by 11.4 percent and single family by 10.9 percent.
- Median prices for Sarasota single family homes increased to $250,000, while Manatee single family increased to $279,000. Condo median sales prices rose to $239,900 in Sarasota and to $175,000 in Manatee.
- Closed sales in the two-county area are up by 11.6 percent from January 2016 for condos. Meanwhile, single family home sales in Sarasota and Manatee showed an 8.2 percent decrease. Collectively, distressed sales experienced a 51.8 percent decrease from last year, while traditional sales (nondistressed) experienced an increase of 3.5 percent, making a healthier market.
With the number of new pending sales going up, median home prices rising, and inventory continuing to increase, it shows that the Sarasota and Manatee areas are nearing a “strong and balanced market.” For sellers this means more interested buyers and for buyers this means more homes to choose from.
If you are interested in buying or selling property, please contact me for further details.