Real Estate Market Update for Sarasota and Manatee Counties

By | December 22, 2016

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Real Estate Up GraphThe Realtor Association of Sarasota and Manatee reports that total closed sales are up by 8.7 percent from November 2015 for single family homes and condos in Sarasota and Manatee counties. Single family homes showed the most improvement from last year, with a 10.5 percent increase in the two-county area, while condos also increased by 4.5 percent.

Inventory also showed improvement from November of 2015, with a combined 12.6 percent increase in the two-county area. Single family home inventory in Sarasota increased by 10 percent, while Manatee
experienced a 6.4 percent increase. Sarasota condo inventory increased by 28.6 percent and Manatee County increased by 12.1 percent.
New pending sales have been on the rise since September of this year. Sarasota County condo new pending sales increased by 39.8 percent from last year and single family by 24 percent. Single family home new pending sales in Manatee increased by 25.1 percent, while condos increased by 8.4 percent
from 2015.

The months’ supply of inventory has also been on the rise since September, slowly moving toward a balanced market (6-month supply). Sarasota single family homes are at a 4.4-month supply and condos are at a 5.4-month supply. Manatee County single family homes are at a 4.2-month supply and condos are at a 4.2-month supply of condos.

When comparing to 2015 prices, the median sales price for single family homes increased in both counties. Sarasota single family homes experienced a 15.8 percent increase to $265,000, while Manatee increased by 3.3 percent to $279,000. Condo median prices were down slightly from last year, with
Sarasota decreasing by 1.3 percent to $196,500 and Manatee decreasing by 1.9 percent to $160,500.

To read the full press release and statistical charts click here.

 


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