Sarasota October Real Estate Market Inventory, Pending Sales Up
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 also rose in October in both counties. Single family home median prices increased by 3.2 percent, rising to $236,125 in Sarasota County. While in Manatee County, single family properties increased by 8 percent or up to $280,000. Condo prices likewise rose from October 2015 comparatively, rising by 10.8 percent to $205,000 in Sarasota County. In Manatee County, median condo prices rose by 2.5 percent or up to $174,750.
Sarasota, Manatee Inventory, Pending and Closed Sales
In year-over-year numbers, single family property inventory increased by 15.7 percent in Sarasota County. Manatee County experienced similar gains, with single family home inventory rising by 11.3 percent. For condos, Sarasota County experienced a whopping rise in inventory of 35.8 percent. More modestly, Manatee County condo inventory increased by 11.4 percent.
In both Sarasota and Manatee counties, pending sales, like new inventory, rose significantly. During the month of October, pending sales increased in Sarasota County by 24 percent for single family homes over the month of September. Condo pending sales in Sarasota County in October rose by 17.2 percent. Manatee County also experienced gains in pending sales in single family properties, rising 6.3 percent while condo pending sales increased by an amazing 24.5 percent. Again, in year-over-year numbers, both counties saw a 3.3 percent increase in new pending condo sales over 2015 and 1 percent single family pending sales from last year.
Closed sales told a different story, following a downward trend that's existed most of the year. Combining the two county Sarasota and Manatee area, closed sales are down by 6.9 percent when compared to the same time last year. When compared to September, the decrease in closed sales are more stark, declining by 10.3 percent for condos as well as single family properties in both Sarasota and Manatee counties.
Market Equilibrium and Distressed Properties
Since inventory and pending sales both rose in both counties in October, it is expected more closed sales will occur in the near future. However, this also indicates a more balanced market setting in across both Sarasota and Manatee. The months’ supply of inventory increased during October in both Sarasota and Manatee counties. This incrementally pushes the two-county market into a more balanced market of 6 months supply of inventory.
For the month of October, a seller's market continues in both counties. In Sarasota County, single family home months’ supply of inventory stood at 4.3 and condo supply was 5.2 months. While in Manatee County, there was a 4.2 month supply of single family homes, with a 4 month supply of condo units.
Distressed properties also continue to constitute less of available inventory in the two-county area. This indicates a more healthy market and helps to improve overall residential property values. Fewer foreclosures and short sales bode well for home sellers, while helping to strengthen the local real estate market.