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SARASOTA, Fla. (February 22, 2017) – Recent data produced by Florida REALTORS® for our two-county area indicates January 2017 to be off to a solid start to this season’s sales.
Inventory has been increasing in the two-county area each month since September. The result of higher inventory is that we are very near the balance between a seller’s and a buyer’s market. January also saw an increase in both year over year and month over month in the number of properties that went under contract during the month.
Inventory in the two-county area increased by 17.9 percent over January of last year. Sarasota condo inventory increased by 27.1 percent, while single family was up 20.8 percent. In Manatee County, condos were up by 11.4 percent and single family by 10.9 percent.
New pending sales in the month increased. The combined county pending sales reflect an 8 percent increase from January of 2016.
“The increased inventory is easing the supply and demand pressure and giving buyers more choices,” says Xena Vallone, 2017 RASM President. “The increase in pending sales is a good indication of future closed sales.”
Median prices for Sarasota single family homes increased to $250,000, while Manatee single family increased to $279,000. With fewer homes available to purchase below $200,000, largely because of the decline of distressed properties available for purchase, we can expect median prices to continue to rise. Condo median sales prices rose to $239,900 in Sarasota and to $175,000 in Manatee.
Closed sales in the two-county area are up by 11.6 percent from January 2016 for condos. Meanwhile, single family home sales in Sarasota and Manatee showed an 8.2 percent decrease. Collectively, distressed sales experienced a 51.8 percent decrease from last year, while traditional sales (non-distressed) experienced an increase of 3.5 percent, making a healthier market.
The months’ supply of inventory indicates a more balanced market, with an increase across the board. Sarasota condos are at a 5.9-month supply, surpassing the threshold of a balanced market at 5.5 months, while single family homes are at a 5-month supply. Manatee County condos are at a 4.8-month supply and single family at a 4.5-month supply of condos.
“A balanced market is driven by supply and demand and favors neither the seller nor the buyer,” says Vallone. “If the market is strong and balanced, buyers have more choices and sellers have a larger pool of buyers.”
Editor’s Note: For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.