Rising Inventory Levels Good News for Home Buyers
If you're looking for your dream home in Sarasota or Manatee counties, your search might be getting easier. That's because the number of homes for sale in both markets is on the rise.
The combined number of homes for sale in the two Florida counties rose to 8,557 in February. That is the highest this number has been since April of 2012. That's good news for buyers! The greater the number of homes available, the easier is it for buyers to find one that fits their budget and needs.
A closer look at the housing numbers illustrates just how busy the Sarasota and Manatee county markets might become this spring. When compared to the same month one year earlier, the number of single-family homes on the market in Sarasota County jumped by 15.1 percent in February. The number of for-sale single-family homes is also up in Manatee County, though not by as much, increasing by 6.5 percent when compared to February of 2016.
Those searching for condos will also find more options, as the number on the market has also been on the rise. In Sarasota County, there were 24.3 percent more condos for sale in February when compared to the same month in 2016. In Manatee County, there was a more modest increase in for-sale condos, a rise of 1.6 percent when compared to February a year ago.
"Due to the increasing amount of inventory, the amount of time properties are sitting on the market are longer and longer. Making now a key time to have sellers price their homes properly." - Keith Redding, Key Solutions Broker
Inventory Should Continue to Rise
There is little sign that inventory will drop anytime soon in either county. According to the numbers, the inventory of homes on the market has been on the rise for almost 12 months, an impressive trend. In Sarasota County, there is 6.2 months' worth of condominiums available for sale, while there are 5.1 months' worth of single-family homes on the market. In Manatee county, buyers will find a 4.9-month supply of condominiums on the market and a supply of 4.6 months' worth of single-family homes.
For sellers, more homes on the market means it will take longer to sell their properties. According to sales statistics, the median number of days it took to sell single-family homes in Sarasota County rose to 49 days in February. That's up from 40 days a year earlier. It took owners a median of 64 days to sell condos here, up from 34 days a year earlier.
Sellers took a median of 61 days to sell single-family homes in February, an increase from 47 days for the same month in 2016. It took them a median of 38 days to sell condos in this market, up only slightly from a median of 36 days a year earlier.
With foreclosure homes being a little below 50 percent now, the amount of homes priced under $200,000 are much lower and therefore the mid-point prices are moving up.
But in better news for sellers, median sales prices continue to rise. The median price for a single-family homes in Sarasota County rose to $257,000 in February, a jump of 2.1 percent from a year earlier. Condo median sales prices in the county increased 15.4 percent to $219,245. In Manatee County, the median price of single-family homes hit $289,752, a solid jump of 13.6 percent from February a year ago. Condo median sales prices rose to $174,500 in February, a jump of 5.8 percent from a year earlier.