Still Great Opportunities For Buyers and Sellers
Whether you’re looking to buy or sell your home, the Sarasota Florida real estate market offered excellent opportunities in July 2017. For home-buyers, the good news came in the form of an increase in the number of homes and condos on the market in July. This jump in available properties provided ample inventory for house hunters.
The region also saw an increase in the median time between a home’s listing and its final contracted sale, giving home-buyers a more relaxed pace for making their home and condo purchase decisions.
There was good news for home sellers, too. According to My Florida Regional Multiple Listing Service, Sarasota Florida real estate saw an increase in the number of pending sales and a rise in median sales prices.
According to Realtor Association of Sarasota and Manatee President Xena Vallone, July 2017’s market activity was a result of June’s strong lead-in. “Median prices have been rising but, it is driven by supply and demand, not artificial factors as seen in 2005 and 2006,” Vallone said.
Sarasota Real Estate Prices Rise
Home sellers also enjoyed a fairly consistent climb in July 2017 sales prices compared to prices in July 2016. The median sales price for single family homes in our county climbed 7.2 percent. Manatee County single family homes saw a similar increase, rising 7.1 percent.
Condo sales prices diverged a bit from the region’s overall climb in sales price. In Sarasota County, condo prices are up 4.5 percent compared to last year. However, Manatee County condo and townhouse sales fell 10.9 percent in the same period.
While increasing sales prices are often seen as indicators of a strong real estate market, RASM President Vallone cautions sellers. "An increase in median prices isn't always favorable for a seller," she said. "While they are able to sell their home at a higher price, the challenge is finding a replacement home and at the right price."
Current and Future Home Sales
Sarasota real estate experienced an increase in the number of closed sales in July 2017, raised 5.8 percent compared to July of 2016. Manatee County, on the other hand, saw a decrease in sales of 8.9 percent in comparison to July 2016.
Home Inventory in 2017 Compared to 2016
The number of homes on the market in July offers more mixed results. In Manatee, the number of homes and condos on the market in July 2017 exceeded the available home inventory of July 2016. In Sarasota, the there was a decrease of 1.6 percent in single family homes, and an increase of 2.2 percent in condos. Manatee saw a decrease in new condo listings of 6 percent.What Does This Mean for Buyers and Sellers?
As we move closer and closer to a balanced Sarasota real estate market, buyers and sellers should consider their options. For sellers, a rise in median sales prices are great for the wallet, but an increase in inventory is causing Sarasota homes and condos to sit longer. As a buyer, price increases will obviously cost you more, but with an increase in inventory buyers have more Sarasota real estate to find their perfect home.
Selling Pace Slows
Still considered a sellers’ market, home sellers are experiencing an ever so slight decrease in the time between their property’s listing date and its final sale date. For July 2017, Sarasota condos for sale were on the market for a median of 61 days. Manatee County condos sold slightly more slowly, with a median of 69 days on the market.
This decelerated sales pace was also seen in the single family home market. Local single family homes were on the market for a median of 55 days before selling. Manatee single family homes had a slightly faster pace, selling within a median of 44 days.
July’s real estate data was compiled from My Florida Regional Multiple Listing Service’s reports for market activity in the combined region of Manatee and Sarasota counties. The monthly report examines listing and sales data for July 2017 as compared to June 2017 and July 2016.
It's a great time to be in the market for real estate in Sarasota. If you'd like to find out more about the Sarasota-Manatee real estate market, contact the Key Solutions Real Estate team at (941) 894-1255 or send them a message today!