Sarasota Real Estate Market Remains Strong
This is great news for the real estate industry as sales normally slow during December as sellers prepare their properties for the busy spring season while many buyers decide to stay in their current homes until after the busy holiday season. The usual pattern, however, was seen to some extent with the combined two counties experiencing a 28.3 percent decline over November 2017 and 12.9 percent decline over December 2016.
With the number of foreclosures dropping to the lowest level since 2005, the sale of distressed condominium and single-family home sales in the area fell 27.1 percent over a year ago. It was a trend that was seen across Florida real estate. Meanwhile, the sale of non-distressed homes rose by 5.9 percent.
Manatee County Stats
A closer look at the number shows that the inventory of homes available in Manatee County rose by 1.2 percent over December 2016. That brings the county to about a 4.2 month supply. Buyers are willing to pay a little more for single-family homes with the median price rising to $317,500, which is an increase of 11.4 percent. During December 2017, 511 homes closed, which is an increase of 4.1 percent. The number of pending sales also increased by 0.5 percent.
There is about a 4.5 month supply of condominiums in Manatee County where there was a decrease of about 2.1 percent in available inventory. There was about a 5.4 percent increase in the average sales price to $195,000. Buyers are not in as much of a hurry to make an offer with pending sales falling by 9.2 percent.
Sarasota County Stats
Meanwhile, in Sarasota County including Siesta Key, 639 single-family homes closed during the month, which is an increase of 3.6 percent. There is about a 4.1 month supply indicating an extremely balanced market. There was also a 4.3 percent increase in pending home sales. The number of available single-family homes shrank during the month by 8.4 percent. Buyers were willing to pay about 4 percent more for a single-family home bringing the average price to $275,000.
Condos in Siesta Key and elsewhere in the county continue to command top dollar with the average condo selling for $250,000. The number of condos available on the market compared to the number of buyers remains very balanced with about a 5.3 month supply. This is an increase of 15.2 percent for the year. In fact, the dollar volume is up a whopping 64 percent over 2016. Buyers completed purchasing 9.5 percent or 327 condominiums over the last month. Pending sales grew by 26.1 percent while the available inventory increased by 3.3 percent.
With the changes to the tax law, future numbers should prove extremely interesting as buyers and sellers figure out how it impacts their individual circumstances.
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!