Featured Real Estate Article

Hurricane Irma Impacts Real Estate Sales

By | October 27, 2017

Hurricane Irma

Hurricane IrmaThe Sarasota Manatee Realtors Association reports that our area was mostly unscathed from Hurricane Irma but, real estate sales were hit the hardest. With office closures, reinspections and tight scheduling for new appraisals, September 2017 reports a decrease in closed sales, pending sales and new listings.

Compared to this time last year, combined closed sales for the two-county area decreased by 16.8 percent. September’s decline in sales isn’t an effect of the current housing supply and demand, but is directly related to the business and school closures around the storm.

This limited business days this month also contributed to a decrease in the number of properties that were put on the market. New listings for single family homes in the two counties decreased by 31.8 percent. Condo new listings decreased by 20.9 percent in the two-county area.

While inventory may be slightly down from August, overall inventory does show slight improvement from this time last year. Single family homes in the combined two counties improved by 1.9 percent, while condos increased by 2.9 percent. Inventory supply typically starts to grow in the fall, which brings good news for post-Irma market recovery.

Irma’s arrival also brought fewer shopping days for buyers to select their purchase. New pending sales, or the number of properties that went under contract in the month, decreased in both counties. Sarasota County experienced a 29.8 percent decrease in new pending sales, while Manatee County decreased by 26.2 percent.

Pending sales are a good indicator of future closed sales. With so few pending sales this month, Irma’s impact on closed sales will trickle into October. Notably, median sales prices are up, an indicator that Florida’s housing market is experiencing a delay, rather than a crash. The median price of single family homes in Sarasota County increased by 8.4 percent to $269,900, while Manatee County increased by 9.3 percent to $295,000. Sarasota condos increased by 11.2 percent to $220,000. Condo prices for Manatee increased by 2 percent to $181,500.

To view the full press release and statistical charts visit Sarasota Manatee Realtors.

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Upward Trend in Sarasota Real Estate

By | September 26, 2017

Upward Trend Multi Color

Upward Trend Multi ColorThe Sarasota Manatee Board of Realtors reports that compared to August 2016, the latest market report shows an increase in closed sales, median prices, and inventory for single family homes, while condos in the two-county area reported an increase in closed sales and pending sales. The August 2017 data was compiled from My Florida Regional Multiple Listing Service by Florida Realtors®.

Closed sales for single family homes increased by 6.9 percent from August 2016 in the two county area. As for condos, closed sales also improved slightly from last year, with an increase of 0.8 percent. Combined, closed sales climbed from last month with a 6.4 percent increase to 1,819 sales in August. When looking at closed sales thus far in 2017, sales are higher than they were for the first eight months in 2016, a 2.1 percent increase to 14,254 closed sales.

New pending sales are up across the two-county area. There were 1,293 pending single family sales reported in the month of August, a 1.3 percent increase from last month and 516 pending condo sales, a 4.2 percent increase from July. Combined new pending sales also increased from this time last year, with a 2 percent increase in the two-county area. New pending sales can be a good indicator of future closed sales.

During the month of August, there were 6,791 single family and condo properties for sale in the two-county area, a 4.3 percent increase from this time in 2016. Inventory is down from last month in the two-county area. Single family home inventory decreased by 5.2 percent from July 2017, while condos decreased by 6.1 percent.

The month’s supply of inventory is the number of months it would take to deplete the current inventory at the recent sales rate. This figure has been decreasing since March of 2017, staying under the threshold for a balanced market. In Sarasota County, there was a 3.8 month supply of single family homes for sale, while Manatee dropped to a 4.1 month supply. Sarasota condos dropped to a 4.3 month supply, while Manatee is now at a 3.9 month supply.

Year-over-year, median prices continue to rise as distressed properties continue to decline. The median price of single family homes in Sarasota County rose 1.5 percent to $258,000, while it rose 6.2 percent to $286,855 in Manatee County, compared to August 2016. Condo median prices rose 10.9 percent to $183,000 in Manatee County, while they fell by 2 percent to $213,500 in Sarasota.

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

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Inventory Low, Prices Rising

By | August 27, 2017

Price Increase

Price IncreaseThe Sarasota Manatee Association of Realtors reports that in July median prices continue to rise in response to the low inventory of properties for sale and the decreasing number of foreclosed and short sales. Lawrence Yun, chief economist of the National Association of REALTORS®, reported that home prices in most metro areas continued their fast ascent in the second quarter because supply remained at pitiful levels.

The median price of single family homes in Sarasota County rose 7.2 percent, while it rose 7.1 percent in Manatee County as compared to July 2016. Condo median prices rose 4.5 percent in Sarasota County, while they fell 10.9 percent in Manatee County for the same period. Overall, however, median prices in July were lower than during the recently ended season.

Inventory has shown an increase year-over-year, but has been trending lower since the peak in February. Last year at July month-end, there were only 6,687 properties for sale in the two-county area. By the end of February, the level had increased to 8,557. At the end of last month, there were 7,182 properties on the market.

Distressed sales (foreclosures and short sales) have continued to fall as the economy has improved. Only 4 percent of all sales in July this year were distressed sales, compared to 5.3 percent in the same period last year.

New pending sales for single family homes are up 4 percent from July 2016 in the two-county area. For condos, the area shows a decline of 2.6 percent from last year.

The month’s supply of inventory, the number of months it would take to deplete current inventory at the recent sales rate, peaked in March with levels inching toward a balanced market. However, like inventory, this figure has been steadily decreasing since then. In Manatee County, there was a 4.2 month supply of single family homes for sale, while Sarasota dropped to a 4.1 month supply. Sarasota condos are at a 4.6 month supply and Manatee condos are at a 4.1 month supply. The market remains a seller’s market.

New listings of single family homes in Manatee County experienced a significant increase of 18.4 percent compared to July 2016, while Sarasota decreased by 1.7 percent. Condo new listings in Sarasota increased by 2.2 percent from last year and Manatee decreased by 6 percent.

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

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Sarasota and Manatee Real Estate

By | August 1, 2017

housing-up-trend

housing-up-trendThe Realtor Association of Sarasota and Manatee just released the market statistics for June 2017 that show an increase in inventory, median sales prices and the median time to contract. Compiled each month from My Florida Regional Multiple Listing Service, the data also indicates an increase in pending sales and a decrease in closed sales, as compared to last year, for the combined two county area.

Single family home sales are down by 0.4 percent, while condos made a slight increase of 1.5 percent, mostly in Sarasota. Pending sales can be a good indicator of future closed sales. Pending sales increased by 7.9 percent for condos and single-family homes in the two counties combined.

Among a decrease in closed sales and new listings, the Sarasota condo market stands out with a significant 36.2 percent increase in pending sales and a jump in new listings, but a decrease in median price.

Inventory has also shown an increase year over year. When compared to last month, however, inventory showed a decrease. Condos decreased by 6.2 percent from last month and single family homes dropped by 3.6 percent.

New listings showed improvement between April and May, but didn’t continue in June. This month, condos decreased in new listings by 5.8 percent and single family homes decreased by 3.4 percent. The time between the listing date and the contract date has been increasing for the last three months. Sarasota condos spent 67 days, while Manatee spent 54 days on the market. For single family homes, Sarasota is at 61 days on the market and Manatee at 47 days.

Median prices also continue to rise. Single family homes in Sarasota are at a median price of $275,000, an increase of 10.9 percent from last year. Manatee single family home prices increased by 4.5 percent to $297,750. Condo prices are up 4.9 percent to $182,500 in Manatee County, but showed a 2 percent decrease for Sarasota County at $215,000.

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

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Prices and Inventory on the Rise in the Sarasota and Manatee Real Estate Market

By | June 22, 2017

The statistics for the month of May just released by the Realtor Association of Sarasota and Manatee showed an increase in new listings, median sales prices, inventory and closed sales, according to data compiled by Florida Realtors® from My Florida Regional MLS.

Combined closed sales in Sarasota County increased by 10.1 percent from May of 2016, while Manatee County experienced an increase of 1 percent from last year. In addition to a year-over-year increase, sales in the two-county area also increased from last month, up 5.9 percent from April 2017.

The median sales price for single family homes in Sarasota is $260,000, a decrease of 1.1 percent from May 2016. Manatee single family home prices increased by 7.8 percent to $299,000. Condo prices are up in both counties, a 3.1 percent rise to $255,700 in Sarasota County and an 11.7 percent increase to $186,250 in Manatee County.

Last month’s report showed a decrease in properties listed, a typical indication of the end of the season. This month, new listings showed an increase from last year. Sarasota County single family homes increased by 8.5 percent from last year, while condos increased by 1.3 percent. Single family homes in Manatee County increased by 2.3 percent from last year, while condos increased by 0.8 percent.

Active inventory listings are up in both counties from May 2016. Year-over-year, inventory for Sarasota is up by 10.9 percent and in Manatee inventory is up by 6.6 percent. However, compared to last month, inventory is down in both counties. Sarasota inventory decreased by 3.9 percent, while Manatee inventory decreased by 3.2 percent.

To read the full press release and view the statistical charts visit the Realtor Association of Sarasota and Manatee.

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Sarasota and Manatee Real Estate Update

By | May 25, 2017

The Sarasota Manatee Realtors Association reports that according to the recent numbers compiled by Florida REALTORS® from My Florida Regional MLS, April 2017 reflects an increase in single family closed sales, median sales prices and inventory in Sarasota and Manatee County as compared to April of 2016.

Closed sales in Sarasota County increased by 8.3 percent for single family homes, while Manatee County experienced a 1.5 percent increase. Condos, however, decreased in sales in the month of April. Sarasota condo sales decreased by 0.3 percent this month and Manatee decreased by 22 percent.

Median prices of Sarasota County single family homes increased by 9 percent to $272,500, while condos decreased by 1.4 percent to $215,000. Single family homes in Manatee County increased in median price by 5.4 percent to $295,000, while condos in Manatee increased by 2.1 percent to $170,500.

The number of properties that were put on the market during April decreased in both counties from last month, a good indication of the end of the season.

When looking at the total inventory in the two-county area, there is a 9.3 percent increase of active listings from this time in 2016, but inventory continues to be very tight, especially in lower price ranges. In Sarasota County, the inventory of single family homes increased 12.3 percent and condos by 12 percent. Single family homes in Manatee County increased by 3.6 percent, while condos increased by 9.7 percent.

In April 2017, we saw an increase in time to contract over last year in both counties. Sarasota single family homes increased to 45 days on market, up from 35 last year, and the time for condos increased to 46 days, also up from 35 days a year ago. In Manatee County, time on market for single family homes increased to 46 days from 38 last year, while condos rose from 33 days last year to 50 days on market this year.

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

 

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Sarasota Real Estate Update

By | April 25, 2017

The Realtor Association of Sarasota and Manatee reports that according to the recent numbers compiled by Florida REALTORS® from My Florida Regional MLS, March 2017 proved to show strength in both Sarasota and Manatee County. The combined closed sales for condos and single family in the two-county area increased by 6.2 percent from March of 2016.

Sarasota condo sales increased by 13.5 percent from last year, while single family homes increased by 2.6 percent. Manatee single family home sales increased by 11.7 percent, while condos were down by 4.4 percent from 2016.

Pending sales are the number of listings that went under contract and can be an indicator of future closed sales. In the two-county area, pending sales increased by 6.1 percent over last March, unlike the slight drop that occurred in February. Pending sales for Sarasota condos increased by 21.8 percent, while single family homes increased by 7.6 percent. However, Manatee condos experienced a 6.4 percent decrease, while single family homes increased by 0.3 percent.

The inventory of active listings continues to improve over levels last March, up 12 .2 percent in the two county area. Inventory increased across both counties in March, with single family homes increasing by 13 percent in Sarasota and by 10.5 percent in Manatee. Condo inventory increased by 18 percent in Sarasota and by 4.1 percent in Manatee.

Median sales prices also continue to rise in both counties. Median prices for Sarasota single family homes increased to $262,621, up 7.6 percent from 2016, while Manatee single family increased to $290,000, an increase of 7.4 percent. Condo median sales prices increased by 17.3 percent to $230,000 in Sarasota, and by 9.4 percent to $175,500 in Manatee County.

When breaking down the current listings, there are more single family homes for sale in the $200,000 – $299,999 price range in Sarasota with 739 homes. While in Manatee, there are more homes listed in the $300,000 – $399,999 range with 579 listings. As for condos, we see the more listings in the $100,000 – $199,999 range in both counties with 467 properties in Sarasota and 265 properties in Manatee.

With the exception of the Manatee condo market taking a slight dip from last month, the months’ supply of inventory continues to gradually push toward a balanced market. In Sarasota County, the month’s supply of condos is at 6, indicating a buyer’s market, while single family homes remain at a 5.1-month supply. Manatee County is at a 4.8-month supply for condos and a 4.7-month supply for single family.

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

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Inventory of Single-Family Homes and Condos on the Rise in Sarasota and Manatee Counties

By | March 23, 2017

Housing Market Up

Housing Market UpThe Realtor Association of Sarasota and Manatee just reported that the combined inventory of single-family homes and condos in the two-county area reached 8,557 in February, the highest number since April of 2012. The number of single family homes for sale in Sarasota County is up by 15.1 percent from February of last year, and is up by 6.5 percent in Manatee County. Condo inventory also increased from last year with Sarasota County up by 24.3 percent, while Manatee County was up by 1.6 percent.

Inventory has been rising in each county for nearly twelve months, resulting in an increase of month’s supply and bringing the area even closer to the benchmark of a balanced market of 5.5 months. In Sarasota County, the month’s supply of condos reached 6.2, indicating a buyer’s market, while single family homes are at a 5.1-month supply. Manatee County is at a 4.9-month supply for condos and a 4.6-month supply for single family.

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

 

 

 

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Strong Housing Market in 2016

By | February 16, 2017

Real Estate Up Graph

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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Sarasota Real Estate Update

By | January 24, 2017

Real Estate

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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