Normal Real Estate Market Returns After Hurricane Irma

By | November 28, 2017

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Hurricane IrmaThe Realtor Association of Sarasota and Manatee reports that October proved to be a month of recovery from Irma’s impact on the Sarasota and Manatee real estate market. As the market bounces back, sellers prepare for the season, bringing more new listings and pending sales in October 2017.

Closed sales for single family homes increased by 2.7 percent in the two counties from October of 2016, while condo sales decreased by 10.4 percent from this time last year. According to Chief Economist Lawrence Yun, National Association of REALTORS®, Florida’s strong job and population growth should guide sales back to pre-storm pace fairly quickly.

Xena Vallone, 2017 President of the REALTOR® Association of Sarasota and Manatee, explained that sales in the area will typically slow around this time, particularly in the condo market, as sellers get their properties ready to list for seasonal buyers.

Pending sales are a good indicator of future closed sales. The number of single family homes that went under contract during the month increased by 17.7 percent in Manatee county and by 8.4 percent in Sarasota County. Condo pending sales also show improvement with a 15.3 percent increase in Sarasota and a 5.3 percent increase in Manatee.

The number of properties put onto the market during the month improved in both counties. New listings for condos increased by 8.8 percent in Sarasota and 1.8 percent in Manatee. Single family homes put on the market this month also improved with a 4.3 percent increase in Sarasota and a 4.4 percent jump in Manatee.

Inventory for single family homes in Manatee County increased by 3.3 percent from last year, while Sarasota decreased by 4.4 percent. Condo inventory improved with a 2.9 percent increase in Sarasota and 0.7 percent increase in Manatee. The month’s supply of inventory is indicated by the number of months it will take to deplete the current inventory, given the recent sales rates. For Sarasota County, condos are at a 4.9 month supply and single family homes are at a 3.9 months supply. In Manatee County, condos are a 4.1 month supply, while single family homes sit at 4.2 months.

Median sales prices continue to show an upward trend, year-over-year. The median price of single family homes in Sarasota County increased by 18.1 percent to $279,000 while Manatee County increased by 1.5 percent to $285,995. Sarasota condos increased by 8 percent to $224,000. Condo prices for Manatee increased by 11.4 percent to $195,000.

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


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