Median Sales Price Increasing For Sarasota & Manatee Counties
Homeowners are opting to sell their properties as the Sarasota and Manatee markets for the month of May recorded a rise in available inventory. Stoking the housing market is the still near historically low interest rates and buyers getting in as home values and prices increase. The county area experienced an uptick in both median sales price and inventory during the month of May and this signals a stronger market in the coming months. For the month of May, single family property inventory increased by an impressive 15.3 percent from May 2015 in Sarasota County and a more impressive figure of 20.2 percent in Manatee County. Condominiums also experienced steep rises in inventory, up 33 percent in Sarasota County and 17.4 percent in Manatee.
“Home prices are rising, and we are seeing homeowners who were previously on the fence entering the market. In fact, we have recently seen a 34.6 percent increase in inventory for listings between $250,000 and $600,000 compared to last May. With the significant bump in inventory, buyers have more options to choose from, but we are still seeing multiple offers below that price,” said Linda Formella, Realtor Association of Sarasota and Manatee President.
Top Home Sales in May
Top five luxury homes closed in May:
Median Home Prices
In both Sarasota County and Manatee County, the median sales price rose during the month of May. The single family homes median sales price increased by 14.6 percent, reaching $263,000. In Manatee County, the median sales price rose by 7.0 percent, reaching $275,000. In addition to the rise in single family property median sales prices, condos experienced an increase in both counties. Sarasota County condo median sales price climbed by 4.3 percent, hitting $218,975 and in Manatee County, the condo median sales price rose by 4.2 percent over the same month last year, reaching $166,750.
Closed and Pending Sales
Closed sales showed a bit of mixed results, with overall good news. For the month of May, the number of completed single family residential real estate transactions in Sarasota County totaled 753, an increase of 2.7 percent from April of this year, but a decrease of 3.7 percent compared to last May. In Manatee County, single family property completed sales rose by 13 percent from April, reaching 603 transactions, but also slightly down from May 2015 by .3 percent. Closed condo transactions in Sarasota County fell by 1.3 percent from April, totaling 377 completed sales. This is likewise down 5.5 percent from May 2015. In Manatee County, closed condo sales were down by 18.3 percent from April, with just 250 completed transactions, but this figure is up from May 2015 by 12.6 percent.
Market equilibrium during the month of May still favors sellers in the area, with the months' supply of inventory across both counties ranging from 4.4 months to 5.3 months. During May 2015, inventory in both Sarasota and Manatee counties ranged from 3.8 months to 4.3 months. This statistic measures the number of months it would take for all available listed properties to sell at the current pace. Since six months is considered to be a balanced market between sellers and buyers, anything above constitutes a buyers' market and any shorter period constitutes a sellers' market.
Another strong sign of a healthy real estate market is the low number of available distressed properties, which are foreclosure and short sale homes. During the month of May, the number of completed transactions involving distressed properties were just 5.1 percent of all sales across both Sarasota and Manatee counties. During May 2015, 15.8 percent of all sales in both counties involved distressed properties. The historical average for the two county market of distress property sales is approximately 2 percent. This is impressive and follows a long running trend over the last few years. During the peak of the housing bust, distressed property sales constituted an astonishing 48 percent of all completed transactions across Sarasota and Manatee counties.