December 2016 Sarasota Real Estate Condo Market Posts Increase
Sarasota, Florida (January 2017) -- The Sarasota and Manatee real estate market boasts strong condo activity for December 2016. Closed sales were particularly impressive in the condo unit category, while single family homes actually declined slightly, compared to the same month in 2015. Inventory across the two county real estate market rose again, as it did in the preceding months of October and November last year. This is somewhat unusual as the buying and selling season generally occur in the first few months of the new year.
“With increased inventory in the condo market, it appears our sellers started early in anticipation of northern visitors wanting to escape the harsh winters. This is the time of the year they wait for, it is truly when the largest pool of buyers are in the market to purchase their product,” Xena Vallone, 2017 Realtor Association of Sarasota and Manatee President, explains.
Top five luxury homes closed in December
- 280 GOLDEN GATE PT Unit#9, 3 bedrooms, 4 full baths $4,295,000
- 271 ROBIN DR, 4 bedrooms, 5 full baths $3,110,000
- 7610 SANDERLING RD, 5 bedrooms,6 full baths $2,989,000
- 3049 BAY SHORE RD, 4 bedrooms,5 full baths $2,862,500
- 1357 HARBOR DR, 4 bedrooms, 5 full baths, 1 half bath $2,525,000
Closed Sales and Median Home Prices
Closed sales in December rose by 12.5 percent for condos in Sarasota County, while Manatee experienced a 7.8 percent rise in the same residential category, compared to December 2015. Single family properties dipped in the number of completed transactions, falling by 6.1 percent in Sarasota County and 8.2 percent in Manatee County, compared to December of 2015.
Median prices posted mixed results in both counties, but overall, went up in December 2016. In Sarasota County, the median price for single family homes rose by 10.3 percent over December 2015, reaching $264,500. While in Manatee County, the single family home median price increased by 7.5 percent over December 2015, hitting $285,000. Median condo prices in Sarasota were the only to fall, but just by a mere 1.1 percent to $217,000. Manatee County condo median price, however, rose by 3.8 percent to hit $185,000.
Across both Sarasota and Manatee counties, inventory rose, especially for condo units, increasing by 30 percent in December 2016, compared to December 2015. In the same comparison, single family properties were likewise up but did not experience such a big gain, rising by a healthy 18 percent.
The months’ supply of inventory is still on a trajectory to strike a balanced market in the two county area. Inventory of single family homes in Sarasota reached a 4.5 month supply, while condos hit a 5.5 month supply. In Manatee, single family property inventory stand at a 4.4 month supply, while condos are at a 4.1 month supply. A balanced market is considered to show near parity between buyers and sellers. The months of supply represent the time it would take to sell all available listings without any new properties entering the market for sale.
Cash Sales and Pending Sales
In both Sarasota and Manatee counties, cash sales have accounted for fewer transactions but December 2016 showed strength in this category. December posted 63.1 percent cash sales for condos, slightly less than December 2015, when 66.1 percent of condo transactions were cash. In the single family category, cash sales accounted for 34.1 percent, also down from December 2015's total of 40.9 percent.
New pending sales across the two county area experienced mixed results. In Sarasota County, a total of 245 new pending sales were recorded, up from 232 or 5.6 percent, compared to December 2015. However, there were 174 new pending sales in Manatee County, down by 3.3 percent compared to December 2015.
The distressed property category continues to shrink across the two county real estate market, another sign of health. In December 2016, distressed property sales (foreclosures and short sales) fell by 63.4 percent. Conversely, non-distressed or traditional sales increased by 6.5 percent.
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.