Real Estate Sales for July Remain Strong
For both Manatee and Sarasota counties, 2014 was a year of shattered records and success. However, 2015 is proving to be even more successful with its newly broken records.
Property sales remained at a record high for July 2015. 1,974 transactions were successfully closed upon in both counties, boosting sales 23.5% higher than they were in July 2014 (1,600 successful closings). It is projected that if sales continue at the same momentum for the rest of 2015, an annual sales record will be set for both Manatee and Sarasota counties.
Manatee & Sarasota County Closed Sales
In Sarasota County alone, 1,174 closings were made for the month of July. In June, the county saw 1,183 closings and came close to shattering its all-time monthly record set in April 2015 with 1,224 sales. In July, Manatee County was responsible for 768 closings, slightly down from its 875 closings in June. However, it still defeat its July 2014 sales numbers which measured out at 672.
Pending Sales & Contracts
In July 2015, fresh pending sales and contracts saw a 3% increase in comparison to last July. All categories did considerably better than in 2014. However, June saw more pending sales and contracts than July. In both June and July, pending sales only declined by roughly 5%, but in the past years, this decline has been much more significant. This might be a bold indication of the strength of real estate in the current economic climate.
Median Sale Prices of Homes in Sarasota & Manatee County
Additionally, the median in sale prices has slowly crept higher over the past few years. In July 2014, the median sale price for Sarasota homes was $201,000. July 2015's median sale price for single family homes was 9.2% higher at $219,500. June 2015's median sale price was $230,000. Manatee County's July 2015 median sale price was $250,000, an 8.7% increase in comparison to July 2014. This number was a slight decrease in comparison to June 2015. In Sarasota County, the median price of condos sold in July 2014 was $205,000, This number experienced a bit of a drop in July 2015 at $190,000. Manatee County saw a rise in condo prices by a whopping 18.3%. It has never been all that uncommon for condo sales to regularly fluctuate in comparison to single family homes.
The positive numbers [in Manatee/Sarasota real estate] are certainly a good sign of what's to come. According to data, it doesn't seem as though this positive housing market streak will end any time soon.
Inventory of Homes for Sale in Sarasota & Manatee County
For July 2015, Sarasota County saw an available inventory of 3,373 homes for sale. This was a slight 13.9% decrease from July 2014. Manatee County saw an available inventory of 2,616 in July 2015. Again, this was a 4% decrease in comparison to July 2014. The smaller inventory has helped boost asking prices, putting sellers into particularly attractive positions.
Inventory of both Sarasota and Manatee Counties was significantly lower than the ideal 6 month figure to be considered "in balance" with sellers and buyers. These particular metrics are currently between 3.3-3.9 months for the two counties. This number applies for both condos and single family homes. The median days came out between 45 and 53 for July 2015. July 2014 saw median days between 76 and 88. This drop is a direct indication that homes aren't staying on the market for very long before finding buyers.
But What Does It All Mean?
Starcher believes that this positive streak will only continue to grow hotter. Because August has been shown to perform similarly to July in the past, it is projected that this real estate success will at least continue for another month or two. While the decline in inventory is a bit worrisome, the record-shattering sales are hopefully enough to persuade potential sellers to enter the market.
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