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Sarasota Real Estate Sales: October 2017 Market Update

Posted by Brian Tresidder on Tuesday, December 5th, 2017 at 10:12am.

Sarasota Real Estate Market Bounces Back

The real estate market will continue to recover from the devastating impact of hurricane Irma in Manatee and Sarasota counties. There are more new listings and pending sales as the market continues to show a healthy growth trend this month.

Closed sales for single-family homes grew by 2.7 percent in the two counties while condos went down by a 10.4 percent since October 2016.
 
Florida’s rather healthy job opportunities and population growth play important factors. They both should help sales to get back to where they were before the hurricane Irma, said Lawrence Yun, Chief Economist, National Association of REALTORS®.
 

End of Season Decreases

The drop in sales is typical for this time of year, particularly in the condo market, as sellers get their properties ready to list, says Keith Redding, broker at Key Solutions Real Estate.

"There's a high likelihood that a number of sales delayed from the storm ended up closing in October instead of September. The increase helps solidify the Sarasota real estate market and shows that it is returning back to normal."

Today's Pending Sales Forecast Tomorrow's Closings

The expected sales numbers are a decent indicator of future closed sales. To that, single-family homes that were put under contract this month improved significantly at 17.7 percent in Manatee County and by a strong 8.4 percent in Sarasota. The 15.3 percent improvement of condo sales under contract in Sarasota and 5.3 percent increase in Manatee also show a solid improvement.

This is all good news for the number of properties put onto the market during the month for both Florida counties. Condos saw new listings up by a healthy 8.8 percent in Sarasota and 1.8 percent in Manatee county. October’s single-family homes that are new to the market also showed an improved number with a 4.3 percent increase in Sarasota and a slightly higher increase in Manatee with 4.4 percent.

Inventory Jumps From September

Inventory has made gains over the same time last year for Manatee County with an improvement of 3.3 percent for single-family homes. Sarasota experienced a dip of 4.4 percent in the same market area. Both counties saw an increase in condo inventory with a 2.9 percent increase in Sarasota and 0.7 percent increase in Manatee.

The month’s amount of housing inventory is designated by the number of months it will take to sell the existing inventory in relation to the recent sales rates. 
Overall, Sarasota County has a 4.9 month supply for condos and 3.9 month supply for the coveted single-family homes. Manatee County is looking at a 4.1 month supply for condos and 4.2 months for single-family homes.
 

Median Sales Price's Continue Their Trend

On a good note, the median sales prices continue to show an upward trend over last year at this same time. Sarasota County had a healthy increase of 18.1 percent to a median price of $279,000. Manatee County increased by 1.5 percent to $285,995. The condo prices in Sarasota increased by 8 percent to $224,000 while Manatee’s condo prices increased 11.4 percent to $195,000.

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!

Brian Tresidder | Siesta Key Real Estate Broker

Key Solutions Real Estate


Brian is a licensed real estate broker serving Siesta Key, FL and beyond. From finding the perfect vacation home to helping investors reach their full potential, Brian takes a professional and personalized approach to every situation. 

Phone: (941) 894-1255
Email: brian@keysolutionsre.com

Learn More About Brian Now!

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