Sarasota/Manatee February Market Report
Sarasota, Florida (March 27, 2017) -- During the month of February, residential real estate inventory hit 8,557 properties across the two county market in both single family homes and condos. This represents the highest level of residential inventory since nearly five years ago, April of 2012.
Sarasota Manatee Real Estate Inventory Rises in February
In Sarasota County alone, single family inventory increased by 15.1 percent, compared to a year ago, February 2016. In Manatee County, single family inventory is also up against the same month last year by 6.5 percent. Condo inventory likewise rose in both counties. In Sarasota County, condo inventory rose by a remarkable 24.3 percent over last year. While in Manatee County, condo inventory rose slightly, by 1.6 percent.
“With more active listings on the market, buyers are able to take time to view and compare more properties, and are not under pressure to jump on the first property they see. We are seeing this translate into longer time on the market, making it even more important for sellers to price their properties appropriately,” said 2017 RASM President Xena Vallone.
Top five luxury homes closed in February
Residential home inventory started rising in the two county market nearly a year ago. This increase results in a trend of expanding the months' supply, nearly closing in on a balanced market between buyers and sellers at 5.5 months. Sarasota County is currently on trajectory to realize a buyer's market, with 6.2 months' of supply in condos; single family reached 5.1 months' of supply. Manatee County during the month of February, hit a 4.9 months' of supply for condo units and 4.6 months' of supply in single family homes. So the market in Manatee still favors sellers.
Median Listing Time in Sarasota, Manatee Counties during February
With more inventory available, the median listing time between placing a property on the market and purchase contract acceptance also increased during February. In Sarasota, single family homes rose to 49 days, compared to 40 days in February of last year. In Manatee County, that figure also increased from 47 days to 61 days. The median time to contract in February for condos during February rose to 64 days, compared to 34 days last year. However, in Manatee County, the median time to contract performed better, hitting 38 days, compared to 36 days last February.
Median Home Prices in Sarasota, Manatee Counties during February
Over the past twelve months, the median sales price across the two county real estate market in both condos and single family homes. In Sarasota, the median sales price for single family residences rose by 2.1 percent, reaching $257,500, compared to the same month last year. In Manatee, the median sales price for single family homes rose by 13.6 percent, reaching $289,752. Condo median sales prices in Sarasota increased by 15.4 percent, hitting $219,245 and 5.8 percent or $174,500 in Manatee.
“It is important to remember that a rise in median prices does not equate to an increase in the value of individual properties. It is the midpoint of all the homes that sold that month. With foreclosures and short sales down 43.5 percent in the two-county area, there are fewer properties being listed below $200,000, so the mid-point is naturally increasing,” Vallone explains.
Pending Sales and Closed Sales
Pending sales in both counties actually fell during February 2017 by 2.2 percent. With Sarasota and Manatee combines, closed sales increase 2.5 percent, compared to the same month last year. Single family closed sales rose by 2.4 percent and condo closed sales increased by 0.4 percent, in Sarasota. In Manatee, those figures came-in at a 6.6 percent increase but a 2 percent decrease, respectively.
Distressed properties in both counties continue to represent a smaller market share of available inventory and closed sales. Distressed properties, which are foreclosures and short sales, are down considerably, by 43.5 percent.