Sarasota Real Estate Update

By | January 24, 2017

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Real EstateThe Sarasota Manatee Association of Realtors reports that condo sales increased in December as compared to the previous year, with Sarasota at a 12.5% increase and Manatee at a 7.8% increase. Single family home sales decreased in Sarasota County by 6.1% and Manatee by an 8.2% decrease.

December also showed a significant increase in inventory in the two-county area, with condo inventory increasing by 30 percent over last December and single family increasing by 18 percent.

While many markets have been reporting a decrease in cash sales, that is another area of strength for the two-county condo market. This December, 63.1 percent of all condo sales were cash sales, compared to 66.1 percent last December. Cash sales of single family homes were 34.1 percent of all single family sales in December, compared to 40.9 percent last December.

Median prices for single family homes are up in both counties, with Sarasota County up by 10.3 percent to $264,500 and Manatee County up by 7.5 percent to $285,000 from last December. Median condo prices are down slightly in Sarasota by 1.1 percent to $217,000, while Manatee County experienced a 3.8 percent increase to $185,000.

The months’ supply of inventory continues to rise toward a balanced market, favoring neither a seller or a buyer. Sarasota condos hit the balanced threshold of a 5.5-month supply, while single family homes are at a 4.5-month supply. Manatee County condos are at a 4.4-month supply and single family at a 4.1-month supply of condos.

To view the full press release and statistical charts visit RASM.

 


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