Manatee & Sarasota Median Sale Prices
October vs September Home Sale Prices
Single family home sale prices increased close to 3% from September through October in Sarasota County, while condominium sale prices dropped by 5%. In Manatee County, sale prices of single family homes dropped by 2.6% from September through October, while condo sale prices rose by 8%.
October 2015 vs October 2014 Home Sale Prices
Median sale prices in Manatee and Sarasota counties were up significantly over last year's sale prices, indicating a stronger market outlook. Compared to last October, the biggest increase in sale prices was experienced by condominiums in Manatee County, which increased by 29.7% over last year. Condominium sales prices in Sarasota rose only 5.7% by comparison. In the single family home category, Sarasota saw a 17.9% increase and Manatee saw a 12% increase.
Manatee & Sarasota Property Sales
In September and October, Manatee and Sarasota property sales were slightly depressed over last year. October's property sales totaled 1,588 which is down about 1% from the September figure of 1608. There were 880 property sales in Sarasota County and 708 in Manatee County. Numbers for new contracts written have also slowed slightly from both September and last October. This could mean slower sales for the end of the year and maybe a slight downward trend.
"This market has been on an historic roll in 2015, and we typically experience some degree of leveling off in overall sales as we enter the traditionally slower early fall months," said Stafford Starcher, president of the Realtor® Association of Sarasota and Manatee. "However, the higher median sales prices, particularly compared to last October, indicate that our market remains popular and buyers have not been deterred by the price level rise we've witnessed."
Inventory of Homes in Manatee & Sarasota County
Property inventories rose by 6% in Sarasota County and about 4% in Manatee County from September. There were 3,533 properties in Sarasota and 2,682 in Manatee. Last October, the inventory was 3,791 and 2,832, in Sarasota and Manatee, respectively. The overall inventory is still far below October 2013's totals of approximately 10,500 properties.
Typically, property owners begin putting their homes for sale early in the year to test the market, causing inventory to peak sometime close to February. If this trend continues once again this year, Manatee and Sarasota will experience another busy season.
In Sarasota and Manatee counties, the supply of inventory was between 3.5 and 3.9 months, well below the 6 month mark that indicates there is equilibrium between buyers and sellers. These figures are slightly higher than recent norms in both Sarasota and Manatee counties, but are still historically low. The median days on the market for properties in both counties was once again between 36 and 55 days. This figure is lower than the 47 to 55 day period from last October. Despite the high prices, homes are still selling more quickly than last year.
What Does Next Month & The Rest of 2015 Hold?
In conclusion, since January 2015, both Manatee and Sarasota County real estate markets have been on a record pace, experiencing higher than normal property sales and sale prices. It would not be surprising to see a record number of sales in the two-county area in its history. Year to date, Sarasota County sales are ahead by 630 and Manatee County sales are ahead by 560. Respectively, Sarasota and Manatee County need only average 560 and 360 sales per month for November and December in order to break 2013's record.
We are certainly living in historic times, based on the overall sales to this point in the year. The future is always unpredictable, but based upon the enthusiasm, professionalism and competence of our real estate agents, I see only bigger and better things ahead for our market.
Thinking about selling or buying Sarasota real estate? Have questions about the Sarasota real estate market's past, present or future? Then call the Key Solutions Real Estate team at (941) 894-1255 or send us a message today!