Sarasota Real Estate Market Stays Hot
November continued to be a hot seller's market in the Sarasota and Manatee area with increased sales, higher prices and an increase in the number of listings. The sales of condos were particularly hot during November 2017. This was great news for sellers because sales usually slow just before Thanksgiving, and they do not pick up again until spring arrives.
After reaching a low in September, inventory of homes on the market continues to inch upward. During November 2017, there was 1.1 percent more homes for sale than a year ago. Manatee County saw a 7.5 percent increase in the number of single-family homes closing. It appears that many families dreamed of closing on their single-family home by the holidays as pending sales rose by 13 percent. The days until contract rose to 51 days which is a 45.7 percent increase over a year ago. Buyers are starting to have more choices as new listings rose by 8.8 percent, however, buyers are having to pay more for homes with the average price rising to $289,000, which is an increase of 3.6 percent.
Condo sales rose by 16.3 percent in Manatee County, and the number of pending sales rose by 16.5 percent. Sellers, however, are having to wait a little longer for their condos to sell as the average days to contract rose to 59 days. Buyers had fewer choices as inventory fell by 2.4 percent. This is a 55.3 percent increase over November 2016. Those wanting to move to a Manatee County condo had 9.6 new listings to choose from along with those that had been on the market previously. The median sales price rose by 12.9 percent to reach $181,250.
Inventory Levels Fall
Buyers had slightly fewer single-family homes to choose from in November as available inventory fell by 5.3 percent. The number of single-family homes closing in Sarasota County fell by 3.3 percent, but the number of pending sales rose by 4.5 percent. New listings of homes decreased by 0.7 percent. The number of days to contract rose to 52 days which is an increase of 45.7 percent. The median sales price rose to $285,000, which is an increase of 7.5 percent.
Condo Sales Very Strong
The closing of sales of condominiums was particularly strong in Sarasota County where they rose by 26 percent over the previous month. This may have been aided by the fact that new listings increased by 22.8 percent. Buyers, however, still had plenty of choices with inventory increasing by four percent. In addition, the number of pending sales rose by 21.4 percent. Median time to contract fell to 37 days which is a 17.7 percent decrease over November 2016. The total dollar volume of condos selling also rose by 92.7 percent over a year ago, but this could be an overcorrection as condo sales were down in September and October. The median sales price rose by 22.1 percent in November to $240,000 in November.
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!