Sarasota & Manatee Real Estate Markets Soar Past Records
The local real estate association, The Realtor® Association of Sarasota and Manatee, is well on its way to surpassing all sales records in its history. Combined sales in Sarasota and Manatee counties surpassed 19,389 in 2014. This November, the chapter has already completed 19,020 transactions. With one month to go before the end of the year, and an average of 1000 monthly closings, the group is certain to surpass last year’s record-breaking sales!
Increased Closed Sales & Sales Prices
Real estate sales in Sarasota and Manatee were around 2.6% higher than last November's closing numbers. While there was a decline in sales for both Sarasota and Manatee counties, this is common for this time of the year. The market also saw an increase in median sales prices over the previous November values with Sarasota County housing prices rising 18.5 % and Manatee County prices rising 14.9%. Condo sale prices were also up with Sarasota County and Manatee County receiving a 13.17% and 12.8% increase in sale prices respectively.
According to Stafford Starcher, the 2015 President of the Realtor® Association of Sarasota and Manatee, the region is “enjoying a strong and healthy market, with sustainable gains, and the traditional buying season has just begun.” He goes on to state, “We should anticipate a busy market in the coming months with staying power throughout the year.”
A Growing Inventory of Manatee & Sarasota Homes
November also saw a well-timed 9% uptick in available real estate inventory in Sarasota County over the previous month. Manatee County shared the trend with a 5% increase in housing inventory. Contrary to this trend, these numbers were 2% lower than the inventory count last November. This drop only affected single family homes, as condo inventory amounts remained steady compared to November in 2014.
Property turnover was strong in the two counties. Single family homes stayed on the market for an average of 3.7 months in Sarasota, while Manatee properties stayed on the market a little longer at 3.9 months. Condos in both counties saw a four-month turnover. A healthy market, or a market in equilibrium, experiences turnover in five and a half months or less, so this is a good indicator that these markets are performing well. Additionally, the overall time that all properties (single family homes, condos, townhouses, etc) spend on the market in both counties has been decreasing, which is another gauge of the market's robustness.
Fewer Distressed Properties in Manatee & Sarasota Counties
Another positive benchmark in the counties is that distressed sales are accounting for less of the total housing inventory. Distressed sales cover the sale of properties through foreclosure or short sale. Between both counties, distressed sales dropped a whopping 55% while condos saw a comparable 38% decrease. During the 2008 depression, distressed sales accounted for half of all housing exchanges in the area. Now, only 12% of sales account for distressed sell-offs.
New contract sales, also known as Now Pending, followed the previous year’s pattern with an 8% drop among both residential housing types; single family and condo properties. Over the next 30 to 60 days, experts predict that this will cause a drop in the number of closed sales.
Ending 2015 With Record Breaking Sales & High Hopes For 2016
In conclusion, both Sarasota and Manatee County real estate markets have continued to trend at record-setting levels, with higher than average prices and sales. An increase in new construction homes and condos, as well as an abundance of resale homes, has resulted in a terrific variety of homes for sale for buyers, and a healthy yet competitive market for sellers. Overall, homes are spending less time on the market in both counties. What this means for sellers is that their homes are selling faster than usual, for a slightly higher amount on average, but isn't pushing the homes too out of reach for buyers with modest budgets.
“Based on our sales to date, we are looking at record‐breaking numbers to round out the year...we never know what tomorrow will bring, but I am enthusiastic about the future of our thriving real estate market.” -Stafford Starcher
Thinking about selling or buying Sarasota real estate? Have questions about the Sarasota real estate market's past, present or future? Then call the Key Solutions Real Estate team at (941) 894-1255 or send us a message today!