Sarasota Real Estate Market Bounces Back
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.
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
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!