Sarasota Real Estate Market Sales Increase
Sarasota, Florida (April 2017) -- During the month of March, the Sarasota-Manatee real estate market experienced a sales bump as the season begins to wind down. In fact, data collected by the Florida Realtors of My Florida Regional MLS, shows strong numbers in county combined closed sales for condos and single family properties. Those combined sales represent an increase of 6.2 percent over March 2016.
Sarasota and Manatee Closed and Pending Sales
This continues a trend, as single family homes in Sarasota County increased by 2.4 percent and condo sales rose by 0.4 percent in February. For Manatee County, closed sales for single family residences rose by 6.6 percent in February.
For the month of March, condo sales in Sarasota increased by 13.5 percent, compared to last year, while single family property sales rose 2.6 percent. In Manatee, condos actually experienced a dip of 4.4 percent, compared to last year, but single family home sales rose by 11.7 percent.
Pending sales -- the number of listings which went under contract during the month -- are generally considered a strong indicator of the following month's sales performance. In both Sarasota and Manatee counties, pending sales rose by 6.1 percent, compared to March 2016. This, despite a small drop in February. Sarasota condo pending sales rose by 21.8 percent and single family homes increased by 7.6 percent. During the month of March in Manatee, pending single family sales rose by 0.3 percent. However, pending condo sales fell by 6.4 percent.
“It’s common to see an increase in sales when we near the end of our season. And the bump in pending sales in March will likely lead to more closed sales in April and May,” Vallone explains.
Top five luxury homes closed in March
Residential Real Estate Inventory and Active Listings
In the two-county real estate market, inventory rose by a healthy 12.2 percent in the month of March. Single family listings in Sarasota rose by 13 percent and 10.5 percent in Manatee. Likewise, condo inventory rose by 18 percent in Sarasota and 4.1 percent in Manatee.
A breakdown of active listings in the two-county region shows in Sarasota, there are more homes listed between $200,000 and $299,999, with 739 properties. But, in Manatee, more homes are listed between $300,000 and $399,999, with 579 properties. While condos have more listings between $100,000 and $199,999, with 467 properties in Sarasota and 265 properties in Manatee.
Combined, both Sarasota County and Manatee County continue to push toward a more balanced market between buyers and sellers. The months' supply of inventory for condos came in a 6 months in Sarasota, indicating a buyer's market. Single family homes stayed at 5.1 months in Sarasota, reflecting a market near parity. While Manatee recorded 4.8 months' of supply in condos and 4.7 months for single family homes.
"Typically, there are more homes available above the respective median price point for each county. With a lower supply of single family homes listed under $300,000, we see that the median time to contract is shorter for these homes than it is for the homes listed in the higher ranges. Buyers are quicker to jump on a sale when they know their supply is limited,” Xena Vallone, 2017 President of the Realtor Association of Sarasota and Manatee, says.
Median Home Prices
The median sales price increased across both Sarasota County and Manatee County during the month of March. In Sarasota, median prices rose to $262,621 or 7.6 percent compared to March 2016, for single family residences. In Manatee, single family median prices hit $290,000, reflecting an increase of 7.4 percent over last year. For condo median prices, Sarasota experienced an increase of 17.3 percent over March 2016, up to $230,000. The median condo price rose by 9.4 percent, reaching $175,500 in Manatee, compared to last year.
The number of distressed property sales for March continued to represent a smaller portion of all sales closed during the month. The number of closed foreclosure sales decreased by 56.3 percent, compared to March 2016, while the number of short sales fell 42.9 percent.