Real Estate Prices Continue to Rise in the Sarasota Manatee Market

By | October 20, 2016

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real-estate-paperThe Sarasota Manatee Board of Realtors reports that total closed sales in September in the two-county area are up 2.6 percent over September of last year, with single family sales up 3.8 percent, and condo sales down just under 1 percent. Single family home sales in Manatee County posted a 13.8 percent increase, while condo sales in Sarasota County were up 3.3 percent over last year. Sales were down year over year by 3 percent for Sarasota County single family and down 6.2 percent for Manatee County condos.

While inventory in the two counties is up 19.8 percent from last year at this time, levels have been declining since the end of the season, a typical trend each year. Single family home inventory in Sarasota increased by 19.2 percent, while Manatee experienced an 11.1 percent increase, year over year. Sarasota condo inventory increased by 39.4 percent and Manatee County increased by 14.9 percent.

Both counties saw an increase from last year in median sales prices for single family homes with Sarasota experiencing an 11.3 percent jump to $249,000 and Manatee a 1.1 percent increase to $269,000. Median sales for Manatee condos increased by 13 percent, to $178,000, while Sarasota condos experienced no change, remaining at $192,500.

Distressed sales continue to become more insignificant in the market, with only 96 recorded in September this year, accounting for only 5.8 percent of all sales, compared to 200 in the same month last year, when they accounted for 12.4 percent of sales. The reduction in distressed sales accounts for some of the increase in median prices, as those sales are typically priced below market for similar non-distressed sales.

A seller’s market remains in both Sarasota and Manatee County. According to September 2016 data, Sarasota single family homes are at a 4.2-month supply and condos are at a 5-month supply. Manatee County single family homes are at a 4-month supply and there is a 3.8-month supply of condos. A balanced market is considered to be a 6-month supply.

To read the full press release and view the statistical charts visit Sarasota Manatee

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