Sarasota Real Estate Update

By | September 23, 2016

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Red Upward GraphThe Sarasota Manatee Association of Realtors reports that sales of distressed properties in the two-county area continued to decline in August, down 53.9 percent from the same month last year. Distressed sales in August comprised only 5.8 percent of total sales compared to 12.8 percent last August. Closed sales of single family homes and condos combined are up only slightly, 1.8 percent ahead of last August. But a closer look at traditional sales (non-distressed properties) reveals a 9.9 percent increase over the same month last year.

Pending sales in Manatee and Sarasota showed an improvement from last month. For single family homes, pending sales increased between July and August of this year, reversing the downward trend that started in May in both counties. Ten percent more single family homes went under contract this month compared to July in Sarasota County, and Manatee County experienced a 9.3 percent increase. Pending condo sales, however, continued on a downward trend that started in April after seasonal residents left the area, but were only just under 3 percent lower than July’s pending condo sales.

The inventory of properties for sale is up significantly from last year at this time, about 22 percent. Single family homes in both counties experienced a 17.6 percent increase in inventory, while condos showed a 32.9 percent increase. Sarasota maintains a 5.1 months’ supply of condos, while Manatee
reflects a 3.8 months’ condo supply. As for single family homes, Sarasota has a 4.1 months’ supply and Manatee is at a 4.2 months’ supply. A seller’s market is indicated by this figure remaining under the six month benchmark. Median prices continue to rise from 2015 to 2016.

For the full press release and statistical charts click here.

 

 


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