Blog

Oct
07
Sarasota Real Estate: A Seller’s Market for August 2015

Inventory Drops & Sales Prices Climb

August’s inventory of Manatee and Sarasota homes and condos for sale is about 40% lower than it was when the market reached equilibrium between buyers and sellers back in 2013. This reduced inventory has caused median sale prices to skyrocket in both counties, creating a strong seller’s market.

In Sarasota County, the median sale price of single-family homes increased by over 20% compared to August 2014, while condos increased in price by almost 25%. Manatee County experienced a similar trend, with median sale price increases of almost 19% and 27% for single-family homes and condos, respectively.

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Reduced Days On Market & High Sales

In August 2014, the median days on market for Manatee and Sarasota County property was between 55 and 70 days. This August, the two-county median days on market saw a significant decrease to between 39 and 57 days. While August’s combined 1,709 sales from both counties was down from last month, the figure is up over last August’s 1,649 sales. Moreover, Sarasota County has had over 1,000 sales for the sixth month in a row –something that has never happened before.

This means that despite the low inventories in both counties, sale numbers are historically high and properly-priced residences are typically selling rather quickly.

How Will the Sarasota Market Fare in September?

September will most likely see similar figures as August, reduced numbers compared to the spring and summer sales surge. Inventory may start to increase as prospective sellers realize the opportunities available to them and take advantage of the current market. Late fall and winter visitors will soon be returning, and perhaps looking to relocate to Manatee or Sarasota County permanently.

If you're thinking about buying or selling real estate in Sarasota, or have questions about the market,contact the team at Coffey & Co.!


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