Sarasota/Manatee Counties- Real Estate Market Report Sept. 2016
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, $3,250,000
September Sarasota Median Home Prices, Sales Up
Both counties realized gains in median home prices over last year's figures in single family properties, as well as condo units. In Sarasota County, the median sales price for single family residences increased by 11.3 percent, rising to $249,000. Meanwhile, Manatee County experienced a modest gain in single family home median price, going up 1.1 percent to climb to $269,000. In Sarasota, condo median sales price experienced no change, staying at $192,500. But, in Manatee County, condo median prices rose by an impressive 13 percent, increasing to $178,000.
Just the month prior, in August, the median sales price for single family homes reached $253,000 in Sarasota County. While in Manatee County, the median sales price for single family homes hit $270,000. The August condo median sales price in Sarasota was $217,750, while in Manatee, condo median sales price hit $165,000.
Total closed sales across both Sarasota and Manatee counties increased by 2.6 percent over September of 2015. Single family home sales were up in Sarasota and Manatee by 3.8 percent. However, condo sales in each county fell by 1 percent. Single family residence sales in Manatee County increased by 13.8 percent, while Sarasota condo sales rose by 3.3 percent. However, single family property sales in Sarasota County fell by 3 percent in a year over year comparison. For the same period, Manatee County condo sales decreased by 6.2 percent.
Pending Sales Seasonally Fall across Sarasota, Manatee Counties
Pending sales cooled during September as usual for the month. During September of last year, pending sales (transactions in which a buyer and seller have an agreed purchase contract) the overall decline totalled 11 percent. This is unsurprising, since the 2015 year experienced a record year. Last year, the selling season continued into August. Real estate professionals and industry analysts alike regard pending sales as a strong indicator of future closing sales in the next 30 to 60 days.
Inventory, Market Equilibrium, and Distressed Properties
Inventory across Sarasota County and Manatee County rose by 19.8 percent in September when compared to the same month last year. This is counter to the declining levels typically experienced at the end of the season. In Sarasota County, inventory increased by 19.2 percent, while Manatee County rose 11 percent, in year over year figures. Sarasota condo unit inventory rose 39.4 percent and 14.9 percent in Manatee.
Regardless of other conditions, the two county market, made up of Sarasota and Manatee, continues to support a seller's market. A seller's market is defined by the months' of inventory and the two county region remains on the side of home sellers.
This is due in-part to the shrinking existence of distressed properties, which again accounted for a smaller percentage of all listings. In September, distressed properties in Sarasota represented just 5.8 percent of all listings, or 96 properties. That's a stark contrast to September of last year, when 200 distressed properties were on the market, accounting for a total of 12.4 percent of all sales.