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!

“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.