More Inventory Available
In comparison to October of last year, Manatee County saw an 11.3% increase in inventory for single-family homes and an 11.4% increase in inventory for condominiums in October of 2016, and the respective figures for Sarasota County have been 15.7% and 35.8%. In terms of the overall area that the two counties constitute, this amounts to a 17.5% increase in inventory for available residential properties in the area overall, sharply contrasting with the trend that saw a decrease in properties for sale throughout the earlier months of 2016.
Pending sales for these types of property in the two counties, meanwhile, have experienced an upsurge over the previous month. For Manatee County, condominium sales are 24.5% higher and single-family home sales are 6.3% higher, while for Sarasota County, condominium and single-family home sales are 17.2% and 24% higher, respectively. As for how these pending sales compare to those seen last year at this time, the two-county zone has seen 3.3% more condominium sales and 1% more single-family house sales overall.
Although closed sales for houses and condominiums are up in both counties, they have yet to reverse 2016's long-running downward trend. The zone's overall sales for the two types of property have not only lowered by 10.3% since the previous month, but they have also lowered by 6.9% in comparison to October 2015.
Sales Are Expected To Increase
Linda Formella, the president of the Realtor's Association of Sarasota and Manatee, observed that the higher number of properties undergoing pending sales in October indicates that sellers anticipate the upcoming holiday sales season. Together with the observation that inventory volume has increased, she also predicted that the next two months would see closed sales swell.
A Lack Of Homes & Condominiums Remain
With a lack of inventory, Sarasota and Manatee Counties remain a seller's market. Typically, six months of inventory is required for a market to be considered stable and equally beneficial for buyers and sellers. At present, Manatee County maintains a condominium supply of 4 months and a single-family house supply of 4.2 months, while Sarasota County possesses 5.2 months worth of condominium inventory and 4.3 months worth of single-family house inventory.
Sarasota & Manatee Housing Prices Increasing
The two counties also continue to see increased median prices for both kinds of properties - a trend which has yet to reverse course since early 2016. In comparison to last year at this time, Manatee County condominium and single-family median prices have increased to $174,750 and $280,000 via 2.5% and 8% raises, respectively. Sarasota County condominium and single-family median prices, meanwhile, have increased to $205,000 and $236,125 via 10.8% and 3.2% raises, respectively.
When it comes to buying and selling homes and condos in Sarasota, Lakewood Ranch, and Siesta Key, the Key Solutions Real Estate have the resources, technology, and experience to handle even the most difficult of transactions. Get in touch with their team today to learn more about the Sarasota area real estate market.