April 2016 Momentum Continues In Sarasota
Sarasota and Manatee April 2016 real estate activity demonstrates a continuum in the momentum of rising inventory and median home prices across the two counties. During the month of April, the number of single family homes and condo units listed for sale rose notably. In Sarasota County, single family property listing inventory is up over 8 percent from the same month last year; while in Manatee County, inventory of single family residences rose by 14.2 percent from April of last year. Condominium listing inventory in Sarasota County increased impressively by 25.5 percent over the same month last year. In Manatee County, condo unit listing inventory experienced a similar increase, rising 19.8 percent over April 2015.
In addition to these figures, the active listing supply across both Sarasota and Manatee counties remains between 4.5 months' and 5.4 months' of inventory. In comparison to the same month last year, inventory ranged from 4.2 months' to 4.5 months' of active listings. These figures represent the number of months it would take to sell all available residential real estate listings at the current pace in the local market. Since 6 months of inventory is considered balanced, longer periods represent a buyers' market, while shorter periods are considered to be a sellers' market. Currently, the Sarasota and Manatee real estate market continues to favor sellers, which is a signal the area is returning to balance.
“We continue to see an inventory increase in our area, which is great because there are more options for our homebuyers. Homes priced at $300,000 and under continue to sell at a quick pace, and this trend is likely to continue. There is a high demand for quality, affordable housing. In the upper end of the market we are seeing an extended buying season in our two-county area, with 80 properties closed in April with prices of $1 million plus, significantly higher than last year,” Linda Formella, RASM President, explained.
Top Home Sales in April
Top five luxury homes closed in April, all of which were on Longboat Key:
- 4765 Gulf of Mexico Dr #402, 5 bedrooms, 5 full baths $5,147,149
- 4765 Gulf of Mexico Dr #401, 5 bedrooms, 5 full baths $5,079,783
- 2251 Gulf of Mexico Dr #BV202 4 bedrooms,4 full baths $4,150,000
- 2251 Gulf of Mexico Dr #BV201 4 bedrooms,4 full baths $3,980,000
- 2251 Gulf of Mexico Dr #402 4 bedrooms, 4 full baths $3,740,000
Sarasota and Manatee County Median Home Prices
In both Sarasota and Manatee counties, median home prices increased in a year-over-year comparison. Sarasota County median home prices are up 12.6 percent for single family properties, up to $250,000. Manatee County also experienced a similar rise in median home prices, increasing to 8.9 percent or $279,300. Condo median prices likewise climbed in both counties, with Sarasota up by 13.9 percent or $218,000, compared to last year. In Manatee County, condo median prices also grew by 14.1 percent or $165,5000, over the same month last year.
Closed Real Estate Transaction Sales
The number of closed real estate transaction sales in Sarasota County for April 2016 reached a total of 733 single family homes, which represents a slight decrease of 4.2 percent from March of this year. This also constitutes a decrease from April of last year, a drop of 7.3 percent for single family residences. In Manatee County, single family closed transaction sales increased by 2.3 percent from March of this year, up to 534 total, but also down by less than 1 percent from the same month last year. In Sarasota County, closed condo sale transactions rose by 4.9 percent from March of this year, but simultaneously down by 11.8 percent from April 2015. Closed condo sale transactions in Manatee County in the month of April increased by 12.1 percent over the same month last year, and, up by the same figure from March of this year.
Distressed Properties: Foreclosures and Short Sales
More good news in Sarasota County and Manatee County comes from a substantial drop in the number of distressed property sales in the month of April. Distressed properties, which consist of foreclosures and short sales, represented an impressive drop from April of last year. The total of distressed, single family property sales combined in both counties accounted for just 7.58 percent of all recorded transactions, compared to a more robust figure of 19.7 percent in April 2015. Distressed condo sales only represented a mere 2.62 percent of all completed transactions, compared to more than twice as much, 7.37 percent, last year. Only a few years ago, distress properties of all types accounted for nearly half, or 48 percent, of all completed transactions.