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SARASOTA, Fla. (August 24, 2017) – The latest data, compiled from My Florida Regional Multiple Listing Service, continues to fluctuate in July of 2017 in the two county area. Closed sales increased in Sarasota County by 5.8 percent, compared to July 2016. However, sales in Manatee County were 8.9 percent lower than July last year.
Median prices continue to rise in response to the low inventory of properties for sale and the decreasing number of foreclosed and short sales. Lawrence Yun, chief economist of the National Association of REALTORS®, reported that home prices in most metro areas continued their fast ascent in the second quarter because supply remained at pitiful levels.
The median price of single family homes in Sarasota County rose 7.2 percent, while it rose 7.1 percent in Manatee County as compared to July 2016. Condo median prices rose 4.5 percent in Sarasota County, while they fell 10.9 percent in Manatee County for the same period. Overall, however, median prices in July were lower than during the recently ended season.
“Median prices have been rising but, it is driven by supply and demand, not artificial factors as seen in 2005 and 2006,” said Xena Vallone, 2017 President of the Realtor® Association of Sarasota and Manatee. “The increase began in 2011 and has continued at a gradual, sustainable rate.”
Inventory has shown an increase year-over-year, but has been trending lower since the peak in February. Last year at July month-end, there were only 6,687 properties for sale in the two-county area. By the end of February, the level had increased to 8,557. At the end of last month, there were 7,182 properties on the market.
Distressed sales (foreclosures and short sales) have continued to fall as the economy has improved. Only 4 percent of all sales in July this year were distressed sales, compared to 5.3 percent in the same period last year.
“At the peak of the downturn, nearly half the sales were distressed. Traditionally, distressed sales account for sales between 2 and 3 percent,” said Vallone.
New pending sales for single family homes are up 4 percent from July 2016 in the two-county area. For condos, the area shows a decline of 2.6 percent from last year.
The month’s supply of inventory, the number of months it would take to deplete current inventory at the recent sales rate, peaked in March with levels inching toward a balanced market. However, like inventory, this figure has been steadily decreasing since then. In Manatee County, there was a 4.2 month supply of single family homes for sale, while Sarasota dropped to a 4.1 month supply. Sarasota condos are at a 4.6 month supply and Manatee condos are at a 4.1 month supply. The market remains a seller’s market.
New listings of single family homes in Manatee County experienced a significant increase of 18.4 percent compared to July 2016, while Sarasota decreased by 1.7 percent. Condo new listings in Sarasota increased by 2.2 percent from last year and Manatee decreased by 6 percent.