Inventory May Be Down, But Median Prices Continue to Rise
Although inventories continued to fall for Manatee and Sarasota counties in the month of June, that fact has done nothing to put a dent in the market for real estate in the Sarasota region.
Available housing units in Sarasota County were recorded at 3,516 in June, while the total number of units available in Manatee County was reported to be 2,687, but median sale prices in the area rose again, and sales are pushing closer to record territory.
There hasn’t been a string of four consecutive months with sales this high in the history of this region. The closest we’ve seen to these numbers was in the spring of 2004, over a decade ago.
Both counties have seen inventories that remain well-below the 6-month level that’s typically utilized to measure the current market equilibrium. Presently, it is believed that the region’s inventory of single-family homes and condos for sale offers about 3.5 to 4 months worth of supply. The median number of days on the market for units was recorded at between 43 and 57 days as of this June. That compares to 55 to 66 days on the market for units that were for sale in June of 2014.
The reported number of single-family home contracts signed was up 1% for June, but there was a decline in the number of contracts signed for Sarasota condos. Sales listed as pending tend to drop in this part of the country during the summer months, as potential buyers and sellers head north in order to escape the heat.
Statistics for Sarasota Homes for Sale
For the month of June, total sales of Manatee and Sarasota homes were greater than 2,000: a strong indication that 2015 is likely to be a record or near-record year for the region’s market. Single-family Sarasota homes for sale went for a median sale price of $230,000, and there were 1,183 housing units sold. Sales of single-family homes in Manatee County hit 875 units, 24% higher than for June of 2014 and an improvement over the total of 827 sold in May of 2015. The median sale price of units sold in Manatee County was $253,700.
Statistics for Sarasota Condos for Sale
The real estate market hasn’t just been good for single-family units; sales of condos in the Sarasota area are also continuing to show strength. Sarasota condos for sale went for a median price of $210,000 in June, and condos sold in Manatee County fetched a median price of $150,000. Median prices in Sarasota County rose 7.7% when compared to similar sales in June of 2014. In Manatee County, the year-over-year improvement in prices was 4.9%.
But What Does It All Mean?
The net takeaway from all of these numbers is that the current Sarasota real estate market continues to strongly favor families that intend to sell. Houses aren’t staying on the market for as long as they did last year, and prices are continuing to rise.
It’s looking very favorable for continuing high sales and median sales price rises, while the dropping inventory remains a concern as we go into the fall. Hopefully, we will see that figure also begin to rise, so our sales agents have more choice for their clients.
Do you have questions about the Sarasota real estate market's past, present or future? We've got the answers! Send us a message or call us at (941) 894-1255 today!