With superb weather, wonderful beaches, numerous scenic parks and a multitude of nature preserves, Sarasota and Manatee housing attracts plenty of potential residents. That desire to live in a recreational paradise is partially responsible for the sellers market that continues in the area. According to Florida REALTORS®, as of April 2017, the My Florida Regional MLS shows more inventory and closed sales as well as higher median sales prices when compared to the same month in 2016.
Home Sales and Median Price Range Increase
Single family home sales increased by 1.5 percent in Manatee County while Sarasota County showed an 8.3 percent jump. However, condo sales dropped by 22 percent in Manatee while falling only 0.3 percent in Sarasota.
The median price of a single-family home in Sarasota County is $272,500, a jump of 9 percent. Condo prices decreased to $215,000, a drop of 1.4 percent. In Manatee County, single-family home prices increased to $295,000, a rise of 5.4 percent. Condo prices also went up to $170,500, or 2.1 percent.
Decrease In New Listings
April showed a decrease in the number of homes put on the market, which typically marks the end of the season. Although inventory increased by 9.3 percent in both Sarasota and Manatee Counties, inventory is still tight, particularly for the lower-priced properties that first-timers want to buy. Sarasota County saw an increase of 12.3 percent in the number of single-family homes on the market. Condo inventory went up by 12 percent. For Manatee County, the increase of single-family inventory was 3.6 percent while for condos, it was 9.7 percent. In both counties, the current month's supply equals a range of 4.4 to 5.5 months of inventory, which shows a yearly improvement. This number reveals the time it would take all active listings to sell at the current rate of sale. These market conditions currently favor the seller but not in all price ranges, as shown by the numbers above.
Properties Selling Faster
Both counties also saw increases in the time to contract compared to 2016. In Sarasota County, single-family homes went up from 35 days on the market last year to 45 days this year. For condos, the increased went from 35 to 46 days. In Manatee County, the increase for single-family homes was from 38 to 46 days while time to market for condos rose from 33 to 50 days.
"As expected, we are seeing an increase in the inventory of homes in Sarasota. Normally this equates to properties taking longer to go to contract. But surprisingly, homes under the $300,000 price point are going to contract quicker than those above that mark." - Keith Redding, Broker at Key Solutions Real Estate
The Midyear Forecast from the National Association of REALTORS® sees affordability, supply, and modest economic growth as the main barriers to sales and increased home ownership. However, sales of existing homes are forecast to increase by 3.5 percent in 2017, according to chief economist Lawrence Yun.
When it comes to real estate in Sarasota, no one knows the market better than the Key Solutions Real Estate team. To learn more about how you can benefit from the current market, send them a message or give them a call to speak to a Sarasota real estate specialist today!