June Sarasota Median Home Prices Continue Uptick
The combined Sarasota County and Manatee County real estate market continued a trend in June, producing yet another increase in median home prices. Over the past few months, median prices for single family homes and condos have gone up in both Manatee and Sarasota counties as distressed properties represent less and less over the number of total properties available for sales. In addition, inventory remains low but sufficient. Such news is a welcome one because it bodes well for the local market and local economy. “The rise in median prices reflects the continued popularity of the area and the impact of our current low inventory levels,” said 2016 RASM President, Linda Formella.
Top Home Sales in May
Top five luxury homes closed in June:
Median Home Prices Continue to Rise
During the month of June, the median single family home price rose by 7.8 percent, coming-in at $248,000; while condo median prices increased by 4.3 percent to $219,000. In Manatee County, single family properties are up 12.4 percent, rising to $173,000.
Overall sales have increased in both counties but in June, sales of single family homes were particularly impressive, outpacing every previous month this year. In the month of June, Sarasota County recorded 792 transactions, an improvement of 5.2 percent from May of this year. Manatee County experienced a modest increase in the sales of single family properties, rising 1.2 percent from May when the total figure came-in at 610. Also in Sarasota County, the sales of condo units increased 0.9 percent compared to June 2015 but the opposite occurred in Manatee County, with a decrease of 4.4 percent compared to June of last year.
A contrarian figure occurred during the month of June in the number of closed or completed sales when compared to June 2015. Both Sarasota County and Manatee County experienced a fall in the number of closed transactions, down 4.7 percent in Sarasota County for single family homes and likewise down 2.4 percent in Manatee County.
Pending Sales and Inventory Levels
Pending sales also experienced a decrease in comparison with June 2015. In both Sarasota County and Manatee County, pending have fallen by a full 25 percent. However, this coincides with the end of the traditional selling and buying season. Last year, the selling and buying season lasted into September, something that's usual for the region.
Available inventory for the two county region are up in single family homes and condos. In Sarasota County, single family property inventory rose by 20.4 percent over June of last year and in Manatee County, available single family homes rose by 17.2 percent. Available condo inventory likewise jumped in June. In Sarasota County, condo inventory rose by an impressive 35.9 percent; while in Manatee County, there was a 16.8 percent increase in condos compared to last year.
The months’ supply of inventory improved slightly in June, ranging between 4.2 months to 5.1 months, an improvement over June 2015, when the months’ supply of inventory stood between 3.5 months and 4.1 months. This figure represents the number of months it would take to sell all available inventory at the current rate of sales. In a balanced market, six months is considered ideal as any time more is deemed a buyers' market, while less time is regarded as a sellers' market.
Distressed Properties Continue Decline in Available Listings
Another good bit of news is distressed properties continue to represent a smaller share of all available listings. Distressed properties consist of foreclosures and short sales and only included 6.3 percent of all closed transactions. This is a stark comparison to June of 2015, when distressed properties represented 13.4 percent of all sales. In both counties, distressed single family properties were 7.1 percent and condos were 4.4 percent all of completed transactions.
“The market seems to be balancing out compared to the high number of sales we saw last year. We see an improvement in distressed properties, inventory on the rise, as well as an increase in median sales prices,” Formella explained.