Featured Real Estate Article

Current Real Estate Market Statistics for Sarasota and Manatee Counties

By | October 20, 2018

When Hurricane Irma made its path toward Sarasota and Manatee County in September 2017, sales stalled in both counties due to limited business days surrounding the storm. After last year’s irregular report, this September showed significant improvement in new listings, pending sales and overall closed sales.

Compared to last year, combined closed sales in the two-county area are up by 7.6 percent. The condo market improved with a 7.5 percent increase in Sarasota sales and a 12.5 percent increase in Manatee County. As for single-family homes, Sarasota sales increased by 3.6 percent and Manatee sales increased by 10.7 percent.

More properties went under contract this month, compared to last year’s stall, with a 31.8 percent combined increase. Condo pending sales in Sarasota county increased by 40.5 percent, while Sarasota single-family homes increased by 28.8 percent. In Manatee County, condo pending sales increased by 32.8 percent, while single-family homes increased by 39.9 percent.

As for new listings, the combined totals increased from last year by 36.5 percent. Single-family home new listings increased by 50.5 percent in Sarasota, while Manatee experienced a 31.7 percent increase. Condo new listings increased by 19.5 percent in Sarasota and by 29.4 percent in Manatee.

Notably, median prices continue to rise. Manatee single-family homes stayed at $295,000, while Sarasota increased by 3.7 percent to $280,000. Condo prices in Sarasota increased by 7.4 percent to $236,248 and Manatee increased by 2.8 percent to $186,575.

Inventory is up by 2.7 percent, compared to last year’s two-county area totals. Sarasota single-family home inventory increased by 6.7 percent to 2,583, while Manatee single-family homes decreased by 0.8 percent to 2,002. Sarasota condo inventory increased by 4.2 percent to 1,463, while Manatee condo inventory is down by 3 percent to 774 available properties.

According to current month’s supply of inventory, the market continues to favor the seller. Single-family homes in Sarasota and Manatee are both at a 3.8-month supply, a 2.7 percent increase in Sarasota and a 5 percent decrease in Manatee. As for condos, Manatee County decreased by 12.8 percent to a 3.4 month’s supply and Sarasota is at a 4.2 month’s supply, a 6.7 percent decrease from last year.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

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Homes Sold Quickly in August

By | September 20, 2018

The Realtor Association of Sarasota and Manatee reports that August 2018 numbers show an increase in closed sales, inventory and new listings in the Sarasota and Manatee housing market. With pressure from rising prices, the median time to contract is down across both counties.

This month, there were 1,898 reported closed sales in Sarasota and Manatee, a 4.3 percent increase from August 2017. The condo market continues to improve with a 10.1 percent increase in Sarasota sales and a 26.9 percent increase in Manatee County. As for single-family homes, Sarasota sales decreased by 1.2 percent and Manatee sales increased by 0.2 percent.

Compared to last year, August 2018 reported fewer pending sales. In the two-county condo market, total pending sales increased by 6.6 percent. Single-family homes showed a decrease of 12.8 percent for total pending sales.

The median time to contract decreased across the two counties. Sarasota condos decreased by 1.3 percent to 76 days on the market, while Manatee condos decreased by 16.1 percent to 47 days on the market. As for single-family homes, both counties reported a median 44 days on the market, a 2.2 percent decrease in Manatee and a 12 percent decrease in Sarasota.

Median sales prices also continue to rise, year-over-year. Sarasota single-family homes increased by 9.9 percent to $283,488, while Manatee increased by 3.2 percent to $296,000. Condo prices in Sarasota increased by 9.1 percent to $232,950 and Manatee increased by 3.8 percent to $190,000.

The condo market continues to shine with a jump in new listings, or the number of properties put on this market this month. Sarasota condo new listings increased by 11.4 percent and Manatee condo new listings increased by 8.2 percent. Single-family home new listings increased by 4.5 percent in Manatee County, while Sarasota single-family home new listings only increased by 0.3 percent.

With more listings comes more inventory. The overall inventory is up by 1.2 percent, compared to last year’s two-county area totals. Sarasota single-family home inventory increased by 3.2 percent to 2,595. Manatee single-family home inventory decreased by 2.7 percent to 2,050. Sarasota condo inventory increased by 5.1 percent to 1,425, while Manatee condo inventory is down by 1.5 percent to 801 available properties.

The Sarasota and Manatee County market favors the seller, as noted by the current month’s supply of inventory. Single-family homes in Sarasota and Manatee are both at a 3.9-month supply, a 2.6 percent increase in Sarasota and a 4.9 percent decrease in Manatee. As for condos, Manatee County decreased by 7.7 percent to a 3.6 month’s supply and Sarasota is at a 4.1 month’s supply, a 4.7 percent decrease from last year.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

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Condo Market in Sarasota and Manatee

By | August 27, 2018

Condos

CondosThe Realtor Association of Sarasota and Manatee reports that July inventory fell short, but sales continued to climb year-over-year. The condo market is strong with more pending sales and new listings this month.

In July 2018, Sarasota and Manatee County reported 1,885 closed sales, a 10.3 percent increase from last year. In Sarasota County, condo sales increased by 11.4 percent to 341, and single-family homes increased by 3.1 percent to 704. As for Manatee County, condo sales increased by 10.1 percent to 218 and single-family homes increased by 19.2 percent to 622.

Pending sales represent the number of properties that went under contract this month. Across both counties, pending sales increased in the condo market but decreased for single-family homes. In Manatee County, condo pending sales are up by 18 percent, while Sarasota condo pending sales are up by 6.6 percent. As for single-family homes, Manatee County is down by 1.2 percent, while Sarasota is down by 1.8 percent.

July brought more condo listings, but fewer single-family homes were added to the market when compared to last year. New listings in Sarasota condos increased by 5.6 percent and Manatee condos increased by 18 percent. As for Sarasota single-family homes, new listings decreased by 7.5 percent and Manatee decreased by 14.7 percent.

July’s overall inventory is down from last year. Sarasota single-family homes decreased by 4 percent to 2,605, while Manatee single-family homes decreased by 5.3 percent to 2,045. Sarasota condo inventory decreased by 1.9 percent to 1,431, while Manatee condo inventory is down by 0.2 percent to 849 available properties.

Median sales prices stay on the rise, year-over-year. Sarasota single-family homes increased by 8 percent to $280,750, while Manatee increased by 3.2 percent to $309,500. Condo prices in Sarasota increased by 8.3 percent to $232,000 and Manatee increased by 20.8 percent to $199,250.

Sarasota and Manatee County are both in a seller’s market, a reflection of the current month’s supply of inventory. Single-family homes are depleting the current inventory at an estimated 3.9 months, a 4.9 percent decrease in Sarasota and a 9.3 percent decrease in Manatee County. As for condos, Manatee County decreased by 4.9 percent to a 3.9 month’s supply and Sarasota is at a 4.1 month’s supply, a 10.9 percent decrease from last year.

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

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Home Sales Rise Again

By | July 26, 2018

The Sarasota and Manatee market stays on trend with increasing home sales, rising median prices and low inventory in June 2018. Sarasota County and Manatee County reported a total of 2,097 closed sales in June 2018, a 5.2 percent increase from last year. In the condo market, Sarasota sales increased by 3.8 percent to 384, while Manatee condo sales increased by 20.9 percent to 278. As for single-family homes, Manatee sales increased by 4.8 percent to 637, while Sarasota increased by 1.7 percent to 798.

Combined pending sales, or the number properties that went under contract this month, increased by 3 percent from June of 2017. In Manatee County, condo pending sales are up by 7.3 percent, while single-family pending sales are up by 9.9 percent. As for Sarasota County, there was no change in the condo market and a 2.3 percent decrease in single-family home pending sales.

Overall, inventory is down compared to June 2017. Sarasota single-family homes decreased by 3.4 percent, while Manatee single-family homes decreased by 1.1 percent. Sarasota condo inventory increased by 1.9 percent, while Manatee condo inventory is down by 2.8 percent in the two-county area.

Median sales prices continue to rise. Sarasota single-family homes increased by 1.6 percent to $279,500, while Manatee increased by 0.8 percent to $300,000. Condo prices in Sarasota increased by 2.7 percent to $221,250 and Manatee increased by 4.9 percent to $191,500.

At less than 5 months to deplete the current inventory, the two counties represent a seller’s market in June 2018. Manatee condos are at a 4.1-month supply, a 6.8 percent decrease from last year. Sarasota condos are at a 4.5 month-supply, a 6.3 percent decrease. Both Manatee and Sarasota single-family homes decreased to a 4.1-month supply of inventory.

To view the full press release or to view the statistical charts visit: Sarasota Manatee Realtors

 

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Real Estate Sales Going Strong in Sarasota and Manatee Counties

By | June 21, 2018

The Realtors Association of Sarasota and Manatee  reports that both counties have closed more home sales so far in 2018 than sales in January through May of 2017. Inventory is still tight and median prices continue to rise year-over-year. Overall, this month reports more closed sales and pending sales across the two counties.

The two-county area reported 2,191 total closed sales, a one percent increase from May 2017. In the condo market, Sarasota sales increased by 6.4 percent to 452, while Manatee condo sales increased by 16.8 percent to 278. As for single-family homes, Manatee sales increased by 2.6 percent to 641, while Sarasota County decreased by 0.2 percent to 820.

The number of properties that went under contract this month increased by 8.2 percent from May of 2017. In the two-county area, condo pending sales increased by 6.6 percent, while single-family homes increased by 9 percent. Pending sales can be a good indicator of future closed sales.

Inventory remains tight in the two-county area. Sarasota single-family homes decreased by 5.9 percent, while Manatee single family homes increased by 0.8 percent. As for condos, Sarasota inventory increased by 1.8 percent, while Manatee condo inventory is down by 0.9 percent in the two-county area.

Median sales prices continue to rise in Sarasota and Manatee. Manatee single-family home prices increased by 2 percent to $305,000 and Sarasota increased by 8 percent to $280,750. Condo prices in Sarasota increased by 4 percent to $234,675 and Manatee decreased by 1.3 percent to $183,750.

Year-over-year, the month’s supply of inventory continues to decrease, indicating a seller’s market. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.8 monthsupply.

Manatee single-family homes are at a 4.3-month supply and Sarasota single-family homes are at a 4.2-month supply. Inventory may be tight, but the median time to contract showed an overall increase this month.

Sarasota condos spent 63 days on the market, a 3.3 percent increase from this time last year. Manatee condos also increased with a 14.9 percent jump to 54 days. For single-family homes, the median time to contract is up by 12.8 percent in Manatee to 53 days, while Sarasota is down to 45 days, a 2.2 percent decrease.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

 

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Real Estate Prices Continue to Rise in Sarasota and Manatee Counties

By | May 29, 2018

The Realtors Association of Sarasota and Manatee recently reported that in April 2018, Sarasota and Manatee housing inventory levels dropped again, with pressure from rising median sales prices.

Overall, April showed an increase in sales across the two counties, as well as an increase in new listings. April reported 2,014 total sales which is a 3.3 percent increase from last year.

Sarasota condo sales increased by 17.8 percent and Manatee condo sales increased by 2.5 percent. As for single-family homes, Manatee sales increased by 5.8 percent, while Sarasota decreased by 5.3 percent. Overall, inventory is down compared to this time last year. For single-family homes, the number
of properties listed decreased by 10.3 percent. As for condos, inventory decreased by 8.9 percent in the two-county area.

Dr. Lawrence Yun, chief economist of the National Association of Realtors® (NAR), commented on this trend in his recent 2018 midyear forecast presentation at the REALTORS® Legislative Meetings & Trade Expo. Yun indicated that a stronger economy, wage growth and improving job market is expected to raise sales and prices. However, low inventory and the
challenging affordability for the next generation of homebuyers may temper growth. Overall, he predicts a moderate and multiyear increase in home sales ahead.

Median sales prices continue to rise in Sarasota and Manatee. Manatee single-family home prices increased by 5.4 percent to $311,000 and Sarasota increased by 4.6 percent to $285,000. Condo median prices in Sarasota increased by 9.3 percent to $235,000 and Manatee increased by 23.1
percent to $209,950.

A seller’s market remains, indicated by the decreased month’s supply of inventory. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.6 month-supply. Manatee single-family homes are at a 3.9-month supply and Sarasota single-family homes are at a 4.1- month supply.

The median time to contract for Sarasota single-family homes is down by 11.1 percent to 40 days, while Manatee increased by 2.2 percent to 47 days from April 2017. For Sarasota condos, the time to contract is down by 6.5 percent to 43 days, while Manatee condos are down by 24 percent is to 38 days on the market. With tighter inventory, properties are spending less time on the market.

Overall pending sales, or the number of properties that went under contract in April, decreased from last month. This is an indication that sales are tapering off the traditional snowbird season.

Compared to 2017, the condo market experienced more pending sales with a 22.1 percent increase in Manatee and a 1.7 percent increase in Sarasota. Single-family homes, however, experienced a drop in pending sales. Sarasota single-family homes decreased by 13.1 percent and Manatee by 16.1 percent.

For more detailed information or to view the entire press release visit: Sarasota Manatee Realtors Association

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Sarasota Real Estate Sales Increasing

By | April 24, 2018

As of March 2018, the two-county area has closed on 5,015 properties so far this year, an increase from this time last year. Inventory levels dropped this month and median prices continue to rise. This month also showed an increase in pending sales, indicating more closed sales on the horizon.

Overall, closed sales for single-family homes and condos in the two-county area increased by 2.3 percent from this time last year. The condo market improved in sales with a 9.9 percent increase in Sarasota and a 9.7 percent increase in Manatee. As for single-family homes, Manatee County sales decreased by 0.2 percent to 580, while Sarasota decreased by 2.3 percent to 766.

The median sales price for Manatee condos increased by 15.1 percent to $201,500 and Sarasota condos increased by 4.3 percent to $240,000. Single-family median prices in Sarasota increased by 9.3 percent to $287,053 and Manatee decreased by 1.7 percent to $285,000.

The number of properties that went under contract increased from this time last year. Combined, pending sales for single-family homes and condos increased by 4.9 percent from March 2017.

A drop in new listings is another good indication of the selling season ending. The number of properties put on the market during March 2018 decreased by 7.6 percent from 2017 in the two-county area.

Combined inventory in the two-county area decreased by 14 percent from March 2017. Compared to last year, single-family homes experienced a 15.4 percent decrease, while condos decreased by 11.4 percent. When compared to last month, inventory decreased by 12.2 percent in the two-county area.

The market is strong on the seller’s side this month. Manatee condos represent a 4.5-month supply and Sarasota condos are at a 4.8 month-supply. Manatee single-family homes are at a 4.0-month supply and Sarasota single-family homes are at a 4.1-month supply.

To view the full press release and view the statistical charts visit: http://sarasotamanateerealtors.com/wp-content/uploads/2018/04/March-2018-Statistics-Report.pdf

 

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Home Sales Increase in Sarasota and Manatee Counties

By | March 22, 2018

Sold Sign

Sold SignHome sales in Sarasota and Manatee County increased for the second consecutive month in 2018. The two-county area reports another month of tight inventory, pressuring median prices to rise again.

Combined closed sales in the two-county area increased by 8.8 percent from February 2017. Manatee County single-family home sales increased by 8.6 percent to 441. Sarasota County showed a 9.8 percent increase to 569 closed sales. Sarasota condo sales jumped by 14.1 percent to 315, while Manatee increased by 5.2 percent to 202.

Overall, median sales prices are up. Manatee condos increased by 22.2 percent to $213,250, breaking $200,000 for the first time since 2008. As for Sarasota condos, the median price decreased by 0.1 percent to $219,000. Manatee single-family homes increased by 3.5 percent to $300,000, while Sarasota single-family home prices increased by 5.8 percent to $272,500.

Inventory is tight, with a combined 2 percent decrease from February 2017. Manatee County single-family homes decreased by 1.6 percent, while Sarasota single-family homes decreased by 5 percent from last year. Condo inventory increased by 2.9 percent in Manatee County, while Sarasota decreased by 0.1 percent.

The number of properties that went under contract in February increased by 5.6 percent overall from last year. Condo pending sales are up by 11.3 percent, while single-family homes are up by 2.9 percent.

New listings increased from this time last year, with condos increasing by 15 percent and single family homes by 7.5 percent. However, when compared to last month, the combined number of new listings decreased 10.1 percent, expected after January’s jump at the start of the season.

The month’s supply of inventory reflects a sellers’ market. The condo market is close to the balanced market benchmark with Manatee condos at a 5.3-month supply and Sarasota condos at a 5.7-month supply. Manatee County single-family homes are at a 4.4-month supply and Sarasota single-family homes are at a 4.7-month supply.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.

 

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Sarasota Manatee Home Sales Up

By | February 22, 2018

Real Estate News

Real Estate NewsSarasota-Manatee home sales and prices increased again in January 2018 according to the Realtor Association of Sarasota Manatee. Inventory tightens, but a rise in pending sales and new listings indicate an upcoming season of sales.

Combined closed sales in the two-county area increased by 13 percent from this time last year. Single-family home sales in Manatee County rose by 12.7 percent to 399. Sarasota County showed a 9.5 percent increase to 519 closed sales. Sarasota condo sales jumped by 31.5 percent to 326, while Manatee condo sales decreased by 4.2 percent to 221.

Compared to last year, condo median sales prices are down slightly, while single-family home prices are up. Manatee condos decreased by 1.4 percent to $172,500, Sarasota condo prices decreased by 0.8 percent to $238,000. Single-family homes in Manatee increased by 7.6 percent to $300,145, while Sarasota increased by 10.4 percent to $275,900.

Pending sales, or the number of properties that went under contract this month, increased by 14.8 percent from January 2017. Condo pending sales are up by 20.9 percent in pending sales, while single-family homes are up by 11.8 percent. When compared to December 2017, combined pending sales in the two-county area increased by 45.5 percent, an indicator of future closed sales this season.

New listings, or the number of properties put onto the market during the month, jumped from last year with a combined increase of 7.3 percent. As buyers list their properties for the season, new listings will typically increase from the low levels seen in December. New listings, combined in the two-county area, increased by 62.5 percent from December 2017.

Inventory is tight at the start of this year, with an overall 3.8 percent decrease from January 2016. Manatee County single-family homes showed a 2.1 percent decrease and Sarasota a 7.6 percent decrease from last year. Condo inventory stayed the same in Sarasota, while Manatee decreased by 2.2 percent.

For the most part, the month’s supply of inventory is at a lower level than it was this time last year. Sarasota condos stay close to a balanced market with a 5.3-month supply, while Manatee condos are at a 4.5-month supply. Manatee County single-family homes are at a 4.2-month supply and Sarasota single-family homes are at a 4.1-month supply.

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

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Strong Finish for 2017 Real Estate in Sarasota and Manatee Counties

By | January 25, 2018

The Sarasota Manatee Realtors Association reports that a strong market continues in the area, as indicated by December 2017 statistics. Compared to December 2016, combined numbers show an increase in closed sales, median sales price and pending sales.

Overall, closed sales in December showed an increase from December of 2016. Closed sales for single family homes in Manatee County increased by 4.1 percent to 511, Sarasota County increased by 3.6 percent to 639. Sarasota condo sales increased by 9.7 percent to 327, Manatee condo sales increased by 0.5 percent to 221.

Pending sales are indicated by the number of listed properties that went under contract during the month. Manatee single family homes increased by 0.5 percent in pending sales, while Sarasota increased by 4.3 percent. Condo pending sales show improvement in Sarasota with a 26.1 percent increase, however, Manatee County condo pending sales decreased by 9.2 percent.

Median sales prices continue to grow. Single family homes in Manatee increased by 11.4 percent to $317,500, while Sarasota increased by 4 percent to $275,000. Sarasota condo prices increased by 15.2 percent to $250,000. Manatee condos increased by 5.4 percent to $195,000.

Inventory for single family homes in Manatee County increased by 1.2 percent from last year, while Sarasota decreased by 8.4 percent. Condo inventory experienced a 3.3 percent increase in Sarasota, while Manatee decreased by 2.1 percent. As for month’s supply of inventory, properties remain in a sellers’ s market. Sarasota condos are close to a balanced market with a 5.3 month supply, while Manatee condos are at a 4.5-month supply. Manatee County single family homes are at a 4.2-month supply and Sarasota single family homes are at a 4.1 month supply.

New listings, or the number of properties put onto the market during the month, showed a decrease in December as buyers wait to list their property for the upcoming season. Combined in the two counties, new listings showed a 28.3 percent decline from last month, as well as a 12.9 percent decrease from last year.

With fewer and fewer distressed sales, the market is healthy and median sales prices stay up. In December 2017, distressed sales for single family homes and condos in both counties experienced a 27.1 percent decrease from December of 2016. Respectively, the traditional sales (non-distressed) in the two-county area experienced an increase of 5.9 percent. According to a recent report from ATTOM Data Solutions, foreclosure filings in the U.S. dropped to the lowest level since 2005.

Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. To view the full report with statistical charts click here.

 

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