New Listings in Response to Rising Prices

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SARASOTA, Fla. (June 21, 2017) – In May of 2017, Sarasota and Manatee County showed an increase in new listings, median sales prices, inventory and closed sales, according to data compiled by Florida Realtors® from My Florida Regional MLS. Combined closed sales in Sarasota County increased by 10.1 percent from May of 2016, while Manatee County experienced an increase of 1 percent from last year. In addition to a year-over-year increase, sales in the two-county area also increased from last month, up 5.9 percent from April 2017.

The median sales price for single family homes in Sarasota is $260,000, a decrease of 1.1 percent from May 2016. Manatee single family home prices increased by 7.8 percent to $299,000. Condo prices are up in both counties, a 3.1 percent rise to $255,700 in Sarasota County and an 11.7 percent increase to $186,250 in Manatee County.

Last month’s report showed a decrease in properties listed, a typical indication of the end of the season. This month, new listings showed an increase from last year. Sarasota County single family homes increased by 8.5 percent from last year, while condos increased by 1.3 percent. Single family homes in Manatee County increased by 2.3 percent from last year, while condos increased by 0.8 percent.

“We definitely see more activity with new listings this year. I’ve observed it among many offices and other agents,” said Xena Vallone, 2017 RASM President. “New listings tend to rise in delayed response to increasing prices. With an increase in home prices, potential sellers are more interested in listing.”

Active inventory listings are up in both counties from May 2016. Year-over-year, inventory for Sarasota is up by 10.9 percent and in Manatee inventory is up by 6.6 percent. However, compared to last month, inventory is down in both counties. Sarasota inventory decreased by 3.9 percent, while Manatee inventory decreased by 3.2 percent.

“Inventory rises when new listings outpace the number of listings that go off-market,” said Vallone. “Although inventory is down from last month, it continues to rise year-over-year in both counties.”

Current market conditions favor the seller over the buyer, with a month’s supply below the balanced benchmark of 5.5 months. Month’s supply is an estimate of the number of months it will take to deplete the current inventory. Sarasota county single family homes are at a 4.5 month supply, while condos are at a 5.2 month supply. Single family homes in Manatee County are at a 4.3-month supply and condos are at a 4.6-month supply.

For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.