Strong Housing Market in 2016

By | February 16, 2017

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Real Estate Up GraphThe Realtor Association of Sarasota and Manatee reports that according to recent data from Florida Realtors® Industry Data and Analysis department, Sarasota and Manatee County wrapped up 2016 with fewer distressed sales, an increase in traditional closed sales, an expanding inventory and higher median prices as compared to the year before.

The combined 2016 closed sales of single-family homes and condos in Sarasota and Manatee County totaled 20,091, a 2.6 percent decrease from 2015, which was a record year. However, total sales in 2016 exceed each of the four years prior to 2015.

Condo sales in Manatee County bucked the trend, with 2,606 closed sales in 2016, a 7.7 percent increase over the previous year. Condo sales in Sarasota County decreased 4 percent, with total sales of 3,603. Single family sales in Manatee County decreased nearly 1 percent, for a total of 6,057, while Sarasota County showed 7,825 sales, a decrease of 6.3 percent.

While record sales were not achieved, the health of the market is shown by the fact that traditional sales increased while sales of foreclosures and short sales declined in the two-county area. Distressed sales totaled only 1,290 in 2016 compared to 3,004 in 2015, a decrease of 57.1 percent. As a share of total sales, distressed sales represented only 6.4 percent of total sales in 2016, approaching the more normal level of about 2.5 percent for distressed sales.

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

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