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.

“People want to come to Sarasota, now more than ever!”

June2014SARStatLast year was an historic year for property sales in Sarasota County, but 2014 is shaping up to be record-book worthy as well.  The first six months of 2014 posted the second highest number of residential sales in the Association’s 91-year history, averaging nearly 1,000 sales per month at a total of 5,956.  June is the fourth month in a row with over 1,000 residential sales topping out at 1,048 sales.

Adding to June’s high number of sales is the increase of the median sales figures for both condos and single family homes.  Since 2013, condos and single family homes are equaled and the median sales prices sits at $195,000, which is substantially ahead of last year’s figures and is indicative of a strong rebound for our region’s real estate market.

June is typically when we see a significant slow-down of traffic and in business, but so far this summer that has not been the trend, especially for real estate.  Peter Crowley, Sarasota Association of Realtors President states, “We are continuing to see heavy foot traffic at open houses and at brokerages across the county.”  Even the decrease in road traffic seems to be minimal and some are even reporting that there seems to be an unusually high number of visitors this summer.  According to Peter Crowley, “People want to come to Sarasota, now more than ever.”

Inventory levels dropped again in June 2014 to 4,196 from May’s figure of 4,513, a fairly significant one month decline of 7 percent . Last June , inventory stood at only 3,758 homes and condos for sale in the county.  The low point in the recent market was in July 2013 at 3,747, far lower than the current level. The month’s supply of inventory stood at 4.6 for single family and 4.2 for condos. Last month, those figures were 5.0 and 4.6 respectively, and last year at this time they were 4.2 and 4.3, respectively.
With the number of increased showings I am experiencing, and buyers settling into a real “buy” mode, I am confident the remainder of the year will continue to see good results and properties changing hands.
If you are interested in buying or selling property, please contact me for further details.