Sarasota, Florida (May 2017) -- In the latest figures compiled by My Florida Regional MLS, the April 2017 residential real estate market looks quite healthy. During April of this year, an increase occurred in single family home sales, median sales prices, and inventory across Sarasota and Manatee, in comparison to April 2016.
Sarasota and Manatee Median Home Prices
Median home prices in Sarasota County rose by 9 percent for single family properties, rising to $272,500. While in Manatee County, single family median prices rose by 5.4 percent, up to $285,000. However, condos median prices in Sarasota Counties declined by 1.4 percent, falling to $215,000. But, condo median prices in Manatee County did rise by 2.1 percent, bringing it up to $170,500.
The number of new listings put into the local MLS across both Sarasota and Manatee counties decreased from March, likely marking the end of the season. "This year’s season started slow in January, but picked up steam in February and March, levelling out again in April," said Xena Vallone, the President 2017 Realtor Association of Sarasota and Manatee said.
Top five luxury homes closed in April
1372 Harbor Dr, 4 bedrooms, 3 full baths,... read article
Sarasota, Florida (April 2017) -- During the month of March, the Sarasota-Manatee real estate market experienced a sales bump as the season begins to wind down. In fact, data collected by the Florida Realtors of My Florida Regional MLS, shows strong numbers in county combined closed sales for condos and single family properties. Those combined sales represent an increase of 6.2 percent over March 2016.
Sarasota and Manatee Closed and Pending Sales
This continues a trend, as single family homes in Sarasota County increased by 2.4 percent and condo sales rose by 0.4 percent in February. For Manatee County, closed sales for single family residences rose by 6.6 percent in February.
For the month of March, condo sales in Sarasota increased by 13.5 percent, compared to last year, while single family property sales rose 2.6 percent. In Manatee, condos actually experienced a dip of 4.4 percent, compared to last year, but single family home sales rose by 11.7 percent.
Pending sales -- the number of listings which went under contract during the month -- are generally considered a strong indicator of the following month's sales performance. In both Sarasota and Manatee counties, pending sales rose by 6.1 percent, compared to March 2016. This, despite... read article
Sarasota, Florida (March 27, 2017) -- During the month of February, residential real estate inventory hit 8,557 properties across the two county market in both single family homes and condos. This represents the highest level of residential inventory since nearly five years ago, April of 2012.
Sarasota Manatee Real Estate Inventory Rises in February
In Sarasota County alone, single family inventory increased by 15.1 percent, compared to a year ago, February 2016. In Manatee County, single family inventory is also up against the same month last year by 6.5 percent. Condo inventory likewise rose in both counties. In Sarasota County, condo inventory rose by a remarkable 24.3 percent over last year. While in Manatee County, condo inventory rose slightly, by 1.6 percent.
“With more active listings on the market, buyers are able to take time to view and compare more properties, and are not under pressure to jump on the first property they see. We are seeing this translate into longer time on the market, making it even more important for sellers to price their properties appropriately,” said 2017 RASM President Xena Vallone.
Top five luxury homes closed in February
95 Columbus Blvd, 3 bedrooms,... read article
Sarasota, Florida (February 2017) -- The two county area is off to a strong start for the year, according to the most recent real estate market data. Inventory was again a prime mover, which began in October, November, and December of last year. That particular trend continued in the month of January. Pending sales likewise rose in the first month of the new year, as did median home prices in both Sarasota and Manatee counties. Moreover, the two county area has struck a balance between sellers and buyers.
“The increased inventory is easing the supply and demand pressure and giving buyers more choices. The increase in pending sales is a good indication of future closed sales,” Xena Vallone, 2017 RASM President explains. “A balanced market is driven by supply and demand and favors neither the seller nor the buyer. If the market is strong and balanced, buyers have more choices and sellers have a larger pool of buyers.”
Top five luxury homes closed in January
2251 Gulf of Mexico Dr #502, 4 bedrooms, 4 full baths, 2 half baths $5,250,000
300 S Pineapple Ave #PH1, 4 bedrooms, 4 full baths... read article
Sarasota, Florida (January 2017) -- The Sarasota and Manatee real estate market boasts strong condo activity for December 2016. Closed sales were particularly impressive in the condo unit category, while single family homes actually declined slightly, compared to the same month in 2015. Inventory across the two county real estate market rose again, as it did in the preceding months of October and November last year. This is somewhat unusual as the buying and selling season generally occur in the first few months of the new year.
“With increased inventory in the condo market, it appears our sellers started early in anticipation of northern visitors wanting to escape the harsh winters. This is the time of the year they wait for, it is truly when the largest pool of buyers are in the market to purchase their product,” Xena Vallone, 2017 Realtor Association of Sarasota and Manatee President, explains.
Top five luxury homes closed in December
280 GOLDEN GATE PT Unit#9, 3 bedrooms, 4 full baths $4,295,000
271 ROBIN DR, 4 bedrooms, 5 full baths $3,110,000
7610 SANDERLING RD, 5 bedrooms,6 full baths $2,989,000
3049 BAY SHORE RD, 4 bedrooms,5 full baths $2,862,500
1357 HARBOR DR, 4 bedrooms, 5... read article
The month of November across both Sarasota County and Manatee County showed signs of readying for seasonal sales, with inventory increasing and more closed sales, compared to November 2015, in single family homes as well as condos. During November, the total number of completed sales rose by 8.7 percent over November last year. Single family property sales were particularly impressive, increasing 10.5 percent over the two county area, while condo sales rose by 4.5 percent.
Sarasota, Manatee County Residential Real Estate Inventory
Additionally, inventory experienced an improvement from November 2015, with a combined 12.6 percent rise in both Sarasota and Manatee counties. In Sarasota, inventory of single family residences went up by 10 percent, while Manatee recorded a 6.4 percent boost. Condo inventory in Sarasota rose by an astounding 28.6 percent, while in Manatee, condo inventory increased by 12.1 percent.
“Since September, we’ve seen an upward trend in inventory, reversing the downward trend that started in March of this year. This trend is typical for our market as homeowners start listing in preparation for season,” said 2016 RASM President, Linda Formella.
The months' supply of inventory likewise has experienced an increase since September of... read article
In a reversal from previous months, the two county, Sarasota-Manatee market experienced a change during the month of October. Both inventory and pending sales increased, converse to the last few to several months. Combining Sarasota and Manatee counties, inventory increased by 17.5 percent over last year, as well as 3.1 percent up from September. This marks a reversal in the trend which began earlier in the year.
“Not only did we see an increase in the number of contracts written in October compared to last year but this is a reversal of the trend for most of this year, when contracts written were lower than the previous year. This should lead to more closed sales in the next sixty days," said 2016 RASM President, Linda Formella.
Top five luxury homes closed in October
2120 Casey Key Rd, 5 bedrooms, 5 full baths, 2 half bath $3,200,000
1300 Benjamin Franklin Dr, 3 bedrooms, 3 full baths, 1 half bath $2,850,000
443 Meadow Lark Dr, 3 bedrooms,4 full baths $2,625,000
931 Blue Heron Overlook,4 bedrooms,5 full baths,2 half bath $3,200,000
1304 N Lake Shore Dr, 4 bedrooms, 4 full baths, 1 half bath $2,400,000
Median Home Prices
In addition to increased inventory, pending sales and median prices... read article
During the month of September, the Sarasota County and Manatee County residential real estate market experienced its usual pending sales slide. But, the two county region likewise recorded more sales and higher prices. In addition, distressed properties continue to represent a smaller share of all available listings. It's expected inventory will rise as homeowners transition into home sellers to prepare for the upcoming season.
“The decline in pending sales could be a result of the typical September slow-down with buyers focused on back-to-school activities and storm warnings. Also, investors, weary from the long political season, are taking a break as they prepare for election results and some buyers may have become leery of the rising prices and tight inventory, so they are content to sit on the sidelines,” says Linda Formella, 2016 RASM President.
Top five luxury homes closed in September
204 Bird Key Dr, 5 bedrooms, 5 full baths, 1 half bath $5,250,000
2251 Gulf of Mexico Dr. #PH504, 3 bedrooms, 3 full baths, 1 half bath $4,250,000
1280 Hidden Harbor Way, 4 bedrooms,4 full baths, 1 half bath $3,300,000
10862 Leafwing Dr,4 bedrooms,5 full baths,2 half bath $3,200,000
566 S Spoonbill Dr, 4 bedrooms, 4 full baths,... read article
August distressed property sales, composed of foreclosures and short sales, continued to fall across both Sarasota County and Manatee County. By comparison, distressed property sales fell an astounding 53.9 percent from August of last year. As a result, the total number of distressed property sales decreased to just 5.8 percent of all completed residential real estate transactions. In August 2015, sales of distressed properties accounted for 12.8 of all residential property sales.
Closed sales of single family homes and condos combined went up in August by 1.8 percent over August of last year. Traditional sales, however, which include only non-distressed properties, shows an improvement of 9.9 percent over August 2015. Clearly, as sales of distressed properties decrease and account for a smaller market share, prices of non-distressed properties will experience positive gain. Although there were fewer distressed property sales, which drives down the total number of all closed transactions, this is good news for the health of the market across both counties.
Sarasota and Manatee County Median Home Prices
In addition to falling distressed property sales, both Sarasota and Manatee counties experienced a rise in median home prices. Residential real estate median prices continue to increase from 2015 to 2016. During August, the... read article
During the month of July, the median home price continued its rise upward in both Sarasota County and Manatee County. In Sarasota County, single family properties climbed an impressive 10.5 percent over July 2015, increasing to $242,500; while the single family residence median price in Manatee County rose higher at 11.7 percent from July 2015 to $279,250. Likewise condo median prices rose in both counties. In Sarasota, the median condo price increased to $205,000, or 7.9 percent from July 2015; in Manatee, the median price increased dramatically to $185,250, or 21.9 percent over July 2015.
Sarasota and Manatee July Sales
During the past year, single family home sales in Sarasota County fell by 21.7 percent, as condo unit sales also fell by 24.6 percent. During the same twelve month period, single family home sales in Manatee County increased by 0.7 percent, as condo sales also rose by 11.5 percent. The mixed results indicate a coming trend over the next few to several months. With interest rates still near historic lows and median prices climbing, buyers have more incentive to jump into the market to take advantage of the dynamics.
Pending Sales in Sarasota and Manatee Counties
Pending sales across both counties continue to show... read article