SARASOTA, Fla. (August 24, 2016) – Median sale prices for condos and single family homes continue to increase in both Sarasota and Manatee County. Sarasota County single family homes are up 10.5 percent from 2015 to $242,500, while Manatee County experienced an 11.7 percent jump from 2015 to $279,250. Year over year, condo median sales prices rose 7.9 percent from 2015 to $205,000 in Sarasota and 21.9 percent to $185,250 in Manatee.
“While we continue to see a climb in median sales prices in both counties, I believe we will see this trend level off in the coming months,” says Linda Formella, 2016 President of the Realtor® Association of Sarasota and Manatee.
Over the past year, Manatee County increased in sales from 2015, with a 0.7 percent increase in single family homes and an 11.5 percent increase in condos. Sarasota County single family home sales decreased by 21.7 percent and condos sales are down by 24.6 percent.
Pending sales can be an indicator of potential future closed sales. In 2015, pending sales were strong through August, whereas this year, pending sales started to decline in May. New pending sales for both condos and single family homes in Sarasota and Manatee County are 18.5 percent lower than last July.
“July marks the seventh month this year where pending sales are down. This is also the sixth month where listing inventory has been higher than the same period last year. It’s reasonable to expect that the prices will adjust to the slowing demand,” says Formella.
According to a recent report from Jonathon Smoke, realtor.com®’s chief economist, 40 percent of buyers surveyed by realtor.com® said the main obstacle in purchasing a home was finding one that met their needs. If there were more inventory available to buyers, sales would be higher. Many buyers are more willing to risk the sale of their home if they are able to find and purchase a new one.
“I recently reviewed a contract where the sellers made the sale contingent upon their successful purchase of another home. This is the first time I have seen or heard of this type of contingency. It’s always the other way around – buyers purchase contingent upon the sale of their current home,” adds Formella.
Fortunately, inventory is on a steady rise. Single family homes in Manatee and Sarasota each showed a 19.5 percent increase from July 2015, with a 4.2 months’ supply of inventory in Sarasota and a 4.4 months’ supply in Manatee.
Condo inventory is also on the rise in both counties, with Sarasota County up 44.5 percent and Manatee County up 12.2 percent from last year. Sarasota has a 5.1 months’ supply of inventory and Manatee has a 4.1 months’ supply. The months’ supply in both counties remains under the six-month benchmark, indicating a seller’s market.
Click HERE for the July 2016 statistics report.
Editor’s Note: For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics