The 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.
The Realtor Association of Sarasota and Manatee reports that total closed sales are up by 8.7 percent from November 2015 for single family homes and condos in Sarasota and Manatee counties. Single family homes showed the most improvement from last year, with a 10.5 percent increase in the two-county area, while condos also increased by 4.5 percent.
Inventory also showed improvement from November of 2015, with a combined 12.6 percent increase in the two-county area. Single family home inventory in Sarasota increased by 10 percent, while Manatee
experienced a 6.4 percent increase. Sarasota condo inventory increased by 28.6 percent and Manatee County increased by 12.1 percent.
New pending sales have been on the rise since September of this year. Sarasota County condo new pending sales increased by 39.8 percent from last year and single family by 24 percent. Single family home new pending sales in Manatee increased by 25.1 percent, while condos increased by 8.4 percent
from 2015.
The months’ supply of inventory has also been on the rise since September, slowly moving toward a balanced market (6-month supply). Sarasota single family homes are at a 4.4-month supply and condos are at a 5.4-month supply. Manatee County single family homes are at a 4.2-month supply and condos are at a 4.2-month supply of condos.
When comparing to 2015 prices, the median sales price for single family homes increased in both counties. Sarasota single family homes experienced a 15.8 percent increase to $265,000, while Manatee increased by 3.3 percent to $279,000. Condo median prices were down slightly from last year, with
Sarasota decreasing by 1.3 percent to $196,500 and Manatee decreasing by 1.9 percent to $160,500.
To read the full press release and statistical charts click here.
The inventory of properties for sale in Sarasota and Manatee Counties is up by 17.5 percent from last year, and also shows an increase of 3.1 percent from last month, reversing the downward trend that started earlier this year. Year over year, single family home inventory in Sarasota increased by 15.7 percent, while Manatee experienced an 11.3 percent increase. Sarasota condo inventory increased by 35.8 percent and Manatee County increased by 11.4 percent.
New pending sales are up from last month in both counties and also compared to last year. Sarasota single family homes saw a 24 percent increase from last month, with condos up 17.2 percent. Manatee county single family homes increased by 6.3 percent, while condos increased by 24.5 percent. Both Manatee and Sarasota county increased by 3.3 percent in new pending condo sales from 2015 and by 1 percent for single family pending sales from last year.
Closed sales continued the downward trend we have seen most of the year. Combined, sales are down by 6.9 percent from last year. This decrease was also reflected from the previous month, a combined decrease of 10.3 percent for condos and single family homes in the two-county area.
To read the full press release from the Realtor Association of Sarasota and Manatee click here.
The Sarasota Manatee Board of Realtors reports that total closed sales in September in the two-county area are up 2.6 percent over September of last year, with single family sales up 3.8 percent, and condo sales down just under 1 percent. Single family home sales in Manatee County posted a 13.8 percent increase, while condo sales in Sarasota County were up 3.3 percent over last year. Sales were down year over year by 3 percent for Sarasota County single family and down 6.2 percent for Manatee County condos.
While inventory in the two counties is up 19.8 percent from last year at this time, levels have been declining since the end of the season, a typical trend each year. Single family home inventory in Sarasota increased by 19.2 percent, while Manatee experienced an 11.1 percent increase, year over year. Sarasota condo inventory increased by 39.4 percent and Manatee County increased by 14.9 percent.
Both counties saw an increase from last year in median sales prices for single family homes with Sarasota experiencing an 11.3 percent jump to $249,000 and Manatee a 1.1 percent increase to $269,000. Median sales for Manatee condos increased by 13 percent, to $178,000, while Sarasota condos experienced no change, remaining at $192,500.
Distressed sales continue to become more insignificant in the market, with only 96 recorded in September this year, accounting for only 5.8 percent of all sales, compared to 200 in the same month last year, when they accounted for 12.4 percent of sales. The reduction in distressed sales accounts for some of the increase in median prices, as those sales are typically priced below market for similar non-distressed sales.
A seller’s market remains in both Sarasota and Manatee County. According to September 2016 data, Sarasota single family homes are at a 4.2-month supply and condos are at a 5-month supply. Manatee County single family homes are at a 4-month supply and there is a 3.8-month supply of condos. A balanced market is considered to be a 6-month supply.
From October 21st to November 20th, experience life in Lakewood Ranch during the annual home tour featuring more than 50 stunning model homes throughout the community. Some of the communities featured are The Lake Club, Country Club East, Bridgewater, Esplanade, Mallory Park, Indigo, Harmony, Arbor Grande (villas), Del Webb (over 55 community) and the Waterfront at Main Street (condos). Even if you’re not in the market for a new home it’s a great way to check out the latest in design and home décor.
The Lakewood Ranch Business Alliance, Lakewood Ranch Community Activities and Lakewood Ranch will kick off the Tour of Homes on Friday, October 21st at Main Street. This block party will supply lots of family fun. Yesterdayze will fill the air with country, 60’s medley, motown and surf music. The DJ will keep you dancing as they play today’s Top 20 hits. Grace Community Church will supply the kid’s zone. All proceeds will benefit the Lakewood Ranch Business Alliance, a local non-profit that is focused on building a stronger more successful business community in Lakewood Ranch. Guests are welcome to bring chairs, but please leave coolers at home. Dogs are welcome but must be kept on a short leash. For more information visit LWRBA.org. Don’t miss the fun at this FREE event!
The Sarasota Manatee Association of Realtors reports that sales of distressed properties in the two-county area continued to decline in August, down 53.9 percent from the same month last year. Distressed sales in August comprised only 5.8 percent of total sales compared to 12.8 percent last August. Closed sales of single family homes and condos combined are up only slightly, 1.8 percent ahead of last August. But a closer look at traditional sales (non-distressed properties) reveals a 9.9 percent increase over the same month last year.
Pending sales in Manatee and Sarasota showed an improvement from last month. For single family homes, pending sales increased between July and August of this year, reversing the downward trend that started in May in both counties. Ten percent more single family homes went under contract this month compared to July in Sarasota County, and Manatee County experienced a 9.3 percent increase. Pending condo sales, however, continued on a downward trend that started in April after seasonal residents left the area, but were only just under 3 percent lower than July’s pending condo sales.
The inventory of properties for sale is up significantly from last year at this time, about 22 percent. Single family homes in both counties experienced a 17.6 percent increase in inventory, while condos showed a 32.9 percent increase. Sarasota maintains a 5.1 months’ supply of condos, while Manatee
reflects a 3.8 months’ condo supply. As for single family homes, Sarasota has a 4.1 months’ supply and Manatee is at a 4.2 months’ supply. A seller’s market is indicated by this figure remaining under the six month benchmark. Median prices continue to rise from 2015 to 2016.
For the full press release and statistical charts click here.
The Realtor Association of Sarasota and Manatee report that median sale prices for condos and single family homes continue to increase in both counties. Sarasota County single family homes are up 10.5 percent from 2015 to $242,500, while Manatee County experienced an 11.7 percent jump from 2015 to $279,250. Year over year, condo median sales prices rose 7.9 percent from 2015 to $205,000 in Sarasota and 21.9 percent to $185,250 in Manatee.
Over the past year, Manatee County increased in sales from 2015, with a 0.7 percent increase in single family homes and an 11.5 percent increase in condos. Sarasota County single family home sales decreased by 21.7 percent and condos sales are down by 24.6 percent.
Pending sales can be an indicator of potential future closed sales. In 2015, pending sales were strong through August, whereas this year, pending sales started to decline in May. New pending sales for both condos and single family homes in Sarasota and Manatee County are 18.5 percent lower than last July.
To read the full press release and statistical charts click here.
Median sale prices are on the rise for condos and single family homes in both counties. Single family median sales prices are up 7.8 percent in Sarasota County to $248,000, while Manatee County experienced a 12.4 percent jump to $285,000. The Sarasota County condo median sale price rose 4.3 percent to $219,000, and Manatee County also saw an increase of 11.6 percent in condo sales price over last year, to $173,000.
Sales have also been on the rise this year, with more single family sales reported in both Sarasota and Manatee County in June than any other month this year. Sarasota County single family homes jumped to 792, a 5.2 percent increase from May 2016. Manatee County single family homes jumped 1.2 percent from May 2016 to 610. While 2016 doesn’t compare to the record breaking numbers in 2015, this rising trend in 2016 is worth noting.
Compared to last year, however, closed sales for single family homes in Manatee County and Sarasota County are down slightly from June of 2015. Manatee County saw a 2.4 percent decrease and Sarasota a 4.7 percent decrease in single family homes. On the flipside, condos in Sarasota saw a 0.9 percent increase from June of last year. However, condos in Manatee County decreased by 4.4 percent from June of 2015.
New pending sales for both condos and single family homes in Sarasota and Manatee County are 25 percent lower than last June. This year, we are noticing a more typical trend, with pending sales slowing after season’s end, compared to last year’s tapering off in September.
Distressed properties, foreclosures and short sales, continue to decline. In June, 6.3 percent of closed sales were distressed, compared to the 13.4 percent in June of 2015. Distressed sales for single family homes represented 7.1 percent and condos at 4.4 percent in the two-county area.
June data also reveals that inventory numbers continue to rise for the two-county area, likely from more sellers taking advantage of rising prices. For single family homes in Sarasota County, inventory is up 20.4 percent from June 2015, and up 17.2 percent in Manatee County. Condo inventory is also on the rise in Sarasota County, up 35.9 percent, while Manatee County experienced a 16.8 percent increase from last year.
Florida’s economic future is looking bright, according to University of Central Florida economist Sean Snaith‘s latest Florida & Metro Forecast. Florida’s economy will outpace the U.S. average in the next four years.
Through 2019, Florida’s economy is projected to expand at an average annual rate of 2.9 percent, outpacing the U.S. GDP’s forecasted growth average of 2.3 percent. Nominal gross state product is expected to break $1 trillion by 2018 and grow to $1.074 trillion by 2019.
The primary drivers of the Sunshine State’s economic growth are rising job growth and home construction.
“The fundamental underpinnings of the housing market in Florida continue to strengthen,” wrote Snaith, director of the Institute for Economic Competitiveness at the UCF College of Business Administration, in the report. “Job growth in Florida is forecasted to continue outperforming the U.S. labor market, and more baby boomers continue to reach the end of their working lives.”
Snaith believes the improved outlook will help Floridians get back in the job hunt, attract out-of-state job seekers and lift consumer sentiment and spending.
In fact, the economy is growing so quickly that Florida faces a single-family housing shortage that Snaith said should correct itself as new housing construction begins to grow in the next few years.
The Realtor Association of Sarasota and Manatee reports that the housing data for May reveals that inventory numbers are rising along with the mercury for the Sarasota and Manatee two-county area, likely the result of sellers taking advantage of rising prices. For single family homes in Sarasota County, inventory is up 15.3 percent from May last year, and up 20.2 percent in Manatee County. Condo inventory is also on the rise in Sarasota County, up 33 percent, while Manatee County experienced a 17.4 percent increase year-over year.
The continued decline in the number of distressed property sales (foreclosures and short sales) really shows the recovery and health of our market. In May, only 5.1 percent of closed sales were distressed, compared to 15.8 percent for the same month last year, fast approaching the historic average of about 2 percent. Distressed sales for single family homes in the two-county area represented only 5.9 percent, and distressed condo sales were only 3.5 percent. At their peak a few years ago, 48 percent of all sales were distressed.
The 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.
The Realtor Association of Sarasota and Manatee reports that total closed sales are up by 8.7 percent from November 2015 for single family homes and condos in Sarasota and Manatee counties. Single family homes showed the most improvement from last year, with a 10.5 percent increase in the two-county area, while condos also increased by 4.5 percent.
The Sarasota Manatee Board of Realtors reports that total closed sales in September in the two-county area are up 2.6 percent over September of last year, with single family sales up 3.8 percent, and condo sales down just under 1 percent. Single family home sales in Manatee County posted a 13.8 percent increase, while condo sales in Sarasota County were up 3.3 percent over last year. Sales were down year over year by 3 percent for Sarasota County single family and down 6.2 percent for Manatee County condos.
The Sarasota Manatee Association of Realtors reports that sales of distressed properties in the two-county area continued to decline in August, down 53.9 percent from the same month last year. Distressed sales in August comprised only 5.8 percent of total sales compared to 12.8 percent last August. Closed sales of single family homes and condos combined are up only slightly, 1.8 percent ahead of last August. But a closer look at traditional sales (non-distressed properties) reveals a 9.9 percent increase over the same month last year.
The Realtor Association of Sarasota and Manatee report that median sale prices for condos and single family homes continue to increase in both counties. Sarasota County single family homes are up 10.5 percent from 2015 to $242,500, while Manatee County experienced an 11.7 percent jump from 2015 to $279,250. Year over year, condo median sales prices rose 7.9 percent from 2015 to $205,000 in Sarasota and 21.9 percent to $185,250 in Manatee.
Florida’s economic future is looking bright, according to 
The Realtor Association of Sarasota and Manatee reports that the housing data for May reveals that inventory numbers are rising along with the mercury for the Sarasota and Manatee two-county area, likely the result of sellers taking advantage of rising prices. For single family homes in Sarasota County, inventory is up 15.3 percent from May last year, and up 20.2 percent in Manatee County. Condo inventory is also on the rise in Sarasota County, up 33 percent, while Manatee County experienced a 17.4 percent increase year-over year.
