As of May of 2017, data assessed by Florida Realtors® from My Florida Regional MLS showed an increase in new listings, closed sales, median sales prices, and inventory in Sarasota and Manatee County.
End of Season Decreases
As is typical for the end of the season, there was a decrease in properties listed in last month's report. This month, new listings have showed an increase from last year at this time. Single family homes increased by 2.3 percent over the last year in Manatee County, while condos have increased by 0.8 percent. Sarasota County condos increased by 1.3 percent, while single family homes have increased by 8.5 percent in the same time period.
Condo Prices Increase in Both Counties
In Sarasota, the median sales price has decreased 1.1 percent from May 2016 for single family homes, to $260,000. The median single family home price in Manatee is $299,000 - an increase of 7.8 percent. Both counties have seen a boost in condo prices; Sarasota County had a 3.1 percent rise to $255,700 while Manatee County had a remarkable 11.7 percent increase to $186,250.
Property Sales and Inventory Are Up
From May of 2016, the combined closed sales in Manatee County increased by 1 percent, while Sarasota County experienced a massive increase of 10.1 percent. Aside from the year-over-year increase, sales in the two-county area are up by 5.9 percent from April 2017.
"We definitely see more activity with new listings this year. I've observed it among many offices and other agents," said Xena Vallone, 2017 RASM President. "New listings tend to rise in delayed response to increasing prices. With an increase in home prices, potential sellers are more interested in listing."
Both counties are up in active inventory listings from May 2016. Year-over-year, Manatee inventory is up by 6.6 percent and Sarasota inventory is up by 10.9 percent. The kicker: compared to last month, both counties have decreased inventory. Manatee County inventory was down by 3.2 percent, while Sarasota County inventory dropped by 3.9 percent.
"Inventory rises when new listings outpace the number of listings that go off-market," said Vallone. "Although inventory is down from last month, it continues to rise year-over-year in both counties."
Still a Sellers Market
The seller is favored over the buyer in the current market conditions, due to a month's supply below the balanced benchmark. The month's supply estimates the how many months the current inventory will take to be depleted, with the balanced benchmark at 5.5 months. Manatee County single family homes have a 4.3-month supply, with condos at 4.6-months. Single family homes in Sarasota are at a similar 4.5-month supply, while condos are closest to the balanced benchmark at a 5.2-month supply.
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!