Blog

Aug
06
Best Month Yet For Sarasota And Manatee Real Estate Sales

Pending Sales are down but closed sales are up! This gap between pending sales in May and actual sales in June is a really good indication of how hot the Sarasota and Manatee markets are right now. A significant number of homes are going on the market and selling all within the course of less than a month and so never show up in our pending sales statistics. are particularly popular at the moment with a median days on the market of 43.

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Inventory In the Two Counties Continues To Shrink…

These quick sales also mean that inventory numbers in the two counties continue to fall, which is having a knock on effect on prices in some sectors of the market. The number of single family homes for sale in Sarasota County is particularly low, with just a 3.5 months’ supply (this translates to 2,366 active listings for single family homes). This represents an almost 24% drop in inventory over the previous year and a 9% drop over last month.

…But Prices Are Up

In terms of changes in prices over the last 6 months, prices for single-family homes in Sarasota have increased by around 17%, rising from a $190,000 median price in January of this year to $230,000 in June. Condos in Sarasota have also risen in price by 12% up to a $210,000 median price in June from $185,000 in January. The Manatee market has proven more stable over that same period with prices for single family homes rising only 1.5% during the last six months. The current median sale price is $253,700. Manatee condos are actually down slightly in price compared to January. The median for June was $155,000, 2.5% less than in the first month of this year.

Record Setting Sales Pace Continues

Sales figures in both counties continue to be outstanding, with Sarasota and Manatee Association of Realtors President Stafford Starcher noting that "There hasn't been a string of four consecutive months with sales this high in the history of this region.” In fact, for the last 4 months the number of combined sales in the two counties has been over 2000 and June was the best month so far with 2,058 closed sales between the two counties.

Forecloses And Short Sales In Sarasota Continue to Decline

The total number of short sales and foreclosure sales between the two counties continues to reflect the improved conditions in this market, as well. Total foreclosure and short sales in Sarasota this month were 162, which represents a 30% decrease over the year before. In Manatee, there were 114 foreclosure and short sales, compared to 178 in June of last year.

What Will July Bring For The Sarasota Real Estate Market?

We have been predicting a record setting year in Sarasota and Manatee counties for 2015 and certainly June’s statistics are making that look more and more likely. The summer months are traditionally quieter here as winter residents return north, but that certainly wasn’t the case in June. We’ll be anxious to see what the July stats have to say. The pending sales figure at the end of June was slightly less that at the end of May, but as June proved, that figure wasn't a very accurate predictor of closed sales for the next month.

Questions about the Sarasota real estate market? Speak to Sarasota and Manatee housing market experts at Coffey & Co. now. Call 877.308.6311.


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