Sarasota November Real Estate Market Preparing For Seasonal Sales
The month of November across both Sarasota County and Manatee County showed signs of readying for seasonal sales, with inventory increasing and more closed sales, compared to November 2015, in single family homes as well as condos. During November, the total number of completed sales rose by 8.7 percent over November last year. Single family property sales were particularly impressive, increasing 10.5 percent over the two county area, while condo sales rose by 4.5 percent.
Sarasota, Manatee County Residential Real Estate Inventory
Additionally, inventory experienced an improvement from November 2015, with a combined 12.6 percent rise in both Sarasota and Manatee counties. In Sarasota, inventory of single family residences went up by 10 percent, while Manatee recorded a 6.4 percent boost. Condo inventory in Sarasota rose by an astounding 28.6 percent, while in Manatee, condo inventory increased by 12.1 percent.
“Since September, we’ve seen an upward trend in inventory, reversing the downward trend that started in March of this year. This trend is typical for our market as homeowners start listing in preparation for season,” said 2016 RASM President, Linda Formella.
The months' supply of inventory likewise has experienced an increase since September of this year. Overall, the two county residential real estate market is slowly moving back towards a balanced market of 6 months worth of supply. Over the past few months, the market has favored sellers over buyers in both Sarasota County and Manatee County. Single family properties in Sarasota stand a 4.4 month supply, while condos have more, with 5.4 month supply. In Manatee, single family homes are at a 4.2 month supply, while condos stand at a 4.2 month supply.
In a balanced market of 6 months of supply, both buyers and sellers are essentially on equal footing. The 6 months of supply is the time it would take to sell all currently listed residential real estate inventory, if no new listing came onto the local market.
Top five luxury homes closed in October
- 280 Golden Gate Pt Unit 8, 3 bedrooms, 4 full baths $4,295,000
- 717 N Shore, 3 bedrooms, 2 full baths, 1 half bath $3,950,000
- 280 Golden Gate Pt Unit 7, 3 bedrooms,4 full baths $3,895,000
- 280 Golden Gate Pt Unit 6, 3 bedrooms,4 full baths $3,795,000
- 1111 Ritz Carlton Dr #PH-1801, 3 bedrooms, 3 full baths, 1 half bath $3,750,000
Median Home Prices
Just as inventory is increasing in the two county area, so is the median sales price. In Both Sarasota County and Manatee County, the median sales price rose in November of this year, compared to November of 2015. The single family home median sales price in Sarasota County rose by 15.8 percent, increasing to $265,000. In Manatee County, the single family median sales price went up by 3.3 percent, coming in at $279,000.
However, condo median sales prices decreased in both counties during the month of November. In Sarasota, the condo median sales price dropped to $196,500 or 1.3 percent, while in Manatee, the condo median sales price fell by 1.9 percent to $160,500.
“The bottom line is that we need a few years of above-normal construction activity. Only then will we see a slight rise in vacancy rates to help lessen the rent growth pressure and bring the inventory of homes for sale to a more balanced market,” Chief Economist Lawrence Yun, of the National Association of Realtors, explains.
Since September of this year, pending sales have increased steadily. Pending condo sales in Sarasota County rose by a substantial sum, 39.8 percent, compared to November of last year. Also in Sarasota, single family pending sales increased by a sound 24 percent. In Manatee County, single family pending home sales rose by 25.1 percent, while pending condo sales went up by 8.4 percent, compared to November 2015.
Fortunately, the number of distressed properties, foreclosures and short sales, have steadily become a smaller and smaller percentage of total available inventory. With a slowly increasing inventory, slightly higher interest rates, and more months' of supply, the two county, Sarasota and Manatee markets are ready for seasonal sales.
If you are considering buying or selling a home here in Sarasota County and want to know more about local real estate market conditions, please phone us at 941-363-1507. We’ll be happy to tell you more and work with you to find the right home or market your property.