Blog

Jul
01
Sarasota Real Estate Market Continues To Heat Up

It is looking increasingly likely that if 2015 continues on its current pace, it will be another record year of real estate sales for the Sarasota and Manatee housing markets. Home sales in Sarasota in the month of May were very similar to April's record setting figures. Total sales for the county were 1182, just 42 short of last month's number. In Manatee, meanwhile, the picture was even rosier. Sales for the month were 827, which was 14 more than in April and 79 more than May of last year.



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Home Prices Are Trending Upwards In Sarasota And Manatee

In the month of May the median price for a single-family home in Manatee was $257,111 and in Sarasota it was $230,000. For Manatee that represents an increase of 14.3 percent over last year and it's a 20 percent increase for prices in Sarasota County over that same period. Condo prices were also up by 20 percent in Sarasota County over the previous year, with the median price hitting $210,000. In Manatee, the price of condos has been more stable, with a price increase of just 1.5 percent over the year. There the median price there was $160,000.



Inventory Numbers Favor Sellers

Inventory numbers in the two counties continue to hover around 4 months which is where they have been for the last year or so. The highest inventory number currently is condos in Manatee of which there is a 4.3 month supply, while the number of single-family homes for sale in Sarasota is the lowest figure with a 3.9 month supply. These numbers favor sellers as a six month supply is needed for the market to be considered balanced. Despite the relatively low inventory numbers, the NAR is not worried, with their chief economist recently stating he saw no signs of a housing bubble and evidence suggests that job growth was behind the positive numbers.



Pending Home Sales In Sarasota Cool Down Slightly

The one indication that things might be slowing down slightly were the pending sales numbers. As is typical this time of year, there has been a slight decrease as seasonal residents return home. In Sarasota County pending sales by the end of the month had reached 949, down 16 percent over the previous month. In Manatee, pending sales were down 13 percent over last month at 667.



Distressed Sales Numbers Continue To Improve

The number of distressed sales in the two counties continues to mark the healthy economy. In Sarasota County, they were just 15.9 percent of total sales, which is up slightly over the month before but still well below last year’s numbers. The situation is similar in Manatee County, where they represented 15.7 percent of the market in May. This is a significant improvement over May 2014, when they accounted for 23 percent of the market. Overall, distressed listing now only account for 8.6 percent of total inventory in Sarasota and only 6.7 percent in Manatee.



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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