Sarasota & Manatee Real Estate Transactions Trend Upwards
While traditional sales of condominiums and single-family houses in the area between Sarasota and Manatee Counties during August are 9.9% higher than in August 2015, the raise in closed sales for these kinds of residential properties has only amounted to 1.8%. In contrast, a decline of 53.9% of sales for distressed properties in the area transpired this August in relation to August 2015, and while 12.8% of property sales within these counties during last August were distressed sales, the same holds true only for 5.8% of total sales this August.
Meanwhile, pending sales for single-family houses in August raised from what they were in July - 9.3% in Manatee County and 10% in Sarasota County. While this ended a decreasing trend for said sales that begun in May, the current downward trend for the pending sales of condominiums has remained active since April 2016 - though August has only seen a 3% decrease since July.
Sarasota Real Estate Market Looking Healthy With Fewer Depressed Properties
Linda Formella, the president of the Realtor Association representing the two counties as of 2016 opined that the market has been in better health in August of this year than in August 2015 despite lower overall property sales, presenting the reduced number of distressed properties on sale as her reason. She also stated that a higher number of closed sales is likely to occur for both counties by the end of 2016 because the recent increases in pending sales indicate as much, even though these increases remain overshadowed by the record-breaking increases that took place in 2015.
Inventory Is Up, Although It’s Still A Seller’s Market
Between August 2015 and August 2016, the available inventory of condominiums and single-family houses for sale in the two-county area increased 32.9% and 17.6%, respectively, which equates roughly to a 22% overall increase in sellable properties. At present, the market for the two types of property remains a seller's market because neither type of property has more than six months worth of inventory supply remaining in either county. In Manatee County, condominiums and single-family houses have 3.8 months and 4.2 months worth of supply remaining, respectively, while in Sarasota County they respectively have 5.1 months and 4.1 months worth of inventory in stock.
Since last year at this time, the median prices of Manatee County single-family houses have raised from $265,000 to $270,000, and Sarasota County single-family houses have raised from $237,000 to $253,000; these are 1.89% and 7% increases, respectively. However, while the median price of Manatee County condominiums raised 6.5% from $155,000 to $165,000, the median price of Sarasota County condominiums lowered from $220,000 to $217,750, which is a slight reduction of roughly 1%.
When it comes to buying or selling your Sarasota home, trust the Key Solutions Real Estate team to make the transaction seamless, stress-free, and successful. As experts in the Sarasota real estate industry, they can help you with everything from buying to selling, investing to property management, and everything in between.
Send them a message today or give them a call at (941) 894-1255 for more information today!