It's A Seller's Market in Sarasota and Manatee Counties
More and more people are putting their houses and condos up for sale in Sarasota and Manatee Counties. Sale prices have increased this year, which has attracted a lot of sellers to the market. Due to a low months' supply of inventory, it's now a great time to sell.
Since May of last year, the inventory of single-family homes increased 15.3% in Sarasota County and 20.2% in Manatee County. For condos, the increase has been a whopping 33% for Sarasota County and 17.4% for Manatee County. This is an indicator that more sellers have entered the market.
Increase In Home Values Is Enticing To Sellers
The most likely reason for the increase in sellers is that home prices have also risen since last year. The change has been greatest for single-family homes in Sarasota County, where the median sales price jumped 14.6% to $263,000. In Manatee County, the median improved 7% to $275,000.
Condo prices tell a similar story. In Sarasota County, the median sales price for condos went up 4.3% to $218,975, and in Manatee County it went up 4.2% to $166,750.
Inventory Is Growing In Sarasota & Manatee County
Overall, there has been a 34.6% increase in total active listings between $250,000 and $600,000 in both counties. Despite that, the months' supply of inventory remains low. Currently it's at 4.4 to 5.3 months, an increase from last year's 3.8 to 4.3 months.
Other Market Statistics For Sarasota & Manatee County
Although single-family home sales are not as high as they were this time last year, they are definitely on an upward trend. In Sarasota County, there have been 753 sales for homes since May 2015, which is an increase of 2.7% since last month but a decrease of 3.7% from last year. In Manatee County, where 603 homes sold, the increase has been much greater, at 13% since last month, and only a negligible decrease of 0.3% from last year.
Condos sales, however, have decreased in both counties since last month. The decline has been modest in Sarasota County; 377 condos sold, down 1.3% from last month and 3.7% from last year. It has been greater in Manatee County where only 270 condos sold, a decrease of 18.3% from last month. However, interestingly enough, condo sales in Manatee County actually have increased 12.6% from last year.
Distressed Properties In Major Decline
Some good news is that distressed closed sales, which includes foreclosures and short sales, have decreased in both counties since it peaked a few years ago at 48% of all sales. Last year was an improvement but still high, at 15.8% of sales as of May 2015. This year, distressed closed sales have decreased to only 5.1% of sales, closer to the historic average of 2%. For single family homes, 5.1% of total sales were distressed, and for condos the number is 3.5%.
Sarasota & Manatee County Real Estate Market Forecast For June 2016
One thing to remember is that last year was the highest sales record ever for the two-county area, much of it due to the unusually low housing prices and a higher foreclosure rate. New pending sales are 18.5% lower than last year, which returns us to a more typical season. Since sale prices are high and closed sales are on an upward trend, it's a great time to enter the market if you're thinking about selling.
Thinking about buying or selling a home in Sarasota? Learn more about the Sarasota real estate market wtih Key Solutions Real Estate! Give us a call at 941.894.1255 or send us a message today!