2015 was a record-breaking year for the Manatee and Sarasota real estate market!
Both counties recorded the highest number of closed sales in the RASM's history, with an overall total of 20,691 homes sold; 1,302 more closed sales than what was achieved in 2014.
Manatee & Sarasota Home Sale Prices & Closes
In December 2015, sales in both counties totaled 1,671, an increase of 28% compared to November, though sales for December 2014 were higher than 2015. Notably, median prices increased across both counties. In Sarasota, single family home prices increased 23% from last December to hit a median sales price of $239,900. In Manatee, prices grew by 12% to reach a median sales price of $262,963. Sarasota enjoyed opportune times as its condo prices saw an increase of 22% to $217,000 while the median sales price of Manatee condos only increased 6% to cap the year at $178,249.
Decline of Inventory in Sarasota & Manatee County
With all the above upsides, it is worthy to note the decline of inventory in Sarasota and Manatee County from last December. In Sarasota, inventory of single-family properties depreciated by 2.8% while inventory in Manatee decreased by 3.2%. In the condo sector, both counties performed differently. In Sarasota, condo inventory fell by 1% while a 4% increase occurred in Manatee.
December's supply of inventory in both counties was below the 6-month range that defines equilibrium between supply and demand. Sarasota County had a 3.8 month supply of single family homes compared to Manatee’s 3.9. The month’s supply of condos in Sarasota stood at 4.1 months, while Manatee's supply was 4.3 months.
New agreements or pending sales for single-family homes declined by 11.3% from last year, while those for condos were unchanged. This could be a reflection of limited inventory and competition amongst buyers for their ideal property.
Manatee & Sarasota Real Estate Market Recovery & Prospects
The Manatee and Sarasota real estate market continues to recover, as was seen in the number of distressed sales in December 2015. Compared to last December, distressed sales for single-family homes decreased in Sarasota and Manatee by 49% and 47%, respectively. Only 12% of total sales in the two-county area was attributed to distressed sales in December 2015.
We live and work in paradise and more and more people want to be a part of it. I am looking forward to a healthy year of steady growth in 2016.
Formella concurs that 2015's success can be attributed to the dedication and exemplary work of the association's Realtors®.
As always, if you have questions about the Sarasota real estate market's past, present or future, call the Key Solutions Real Estate team at (941) 894-1255 or send us a message!