Blog

Feb
17
Sarasota Real Estate Market Stats: A Review of 2015

The numbers are in and 2015 has now officially been reported as a record-breaking year for Manatee and Sarasota real estate. While monthly reports throughout the year indicated that 2015 would likely shatter 2014's records, the feat may not have been a surprise, but is certainly no less impressive. And it wasn't just 2015's closed sales that outperformed last year's numbers. The two-county area also saw reduced days on market, higher median sale prices and fewer distressed sales in 2015.



temp-post-image



Increased Manatee & Sarasota Property Sales

Sarasota and Manatee County had a combined total of 20,691 closed sales in 2015. This included both single-family homes and condos, and was 6.7% higher than 2014's sales. In Sarasota County alone, 8,371 single-family homes were sold, an increase of 6.4% from last year, while 3,763 condos were sold, an increase of 5.6% from 2014. Manatee County's single-family home sales totaled 6,129, an increase of 6.3% from 2014, while condo sales totaled 2,428, an increase of 7.1% from last year.



Higher Median Sale Prices for Condos & Homes

2015's median sale prices in the two-county area also increased over the previous year. Single-family homes for sale in Sarasota went for a median of $224,000, up almost 15% from 2014, while those in Manatee sold for a median of $259,900, an increase of 14.5%. Median sale prices for Sarasota condos increased by 8.3% for a median of $195,000, while Manatee condos increased by 14.2%, for a median price of $159,900.



The increase in median sale prices was a result of fewer homes for sale. The inventory of available homes in the two-county area was typically between a 3 and 4 month supply, indicating that both Sarasota and Manatee were in a seller's market.



Fewer Foreclosures, Short Sales & Distressed Sales

Another indication of the real estate market's health was 2015's fewer foreclosures, short sales and distressed sales.
Foreclosures and short sales in 2015 decreased by more than 30% from the previous year.
There was a total of 1,803 distressed sales in Sarasota County, a decrease of 25.7% from 2014. In Manatee County, distressed sales dropped 35.9% from last year, for a 2015 total of 1,210. Several years ago, distressed sales accounted for almost 50% of closed sales in the two-county area. This year, that number was only 14%.



If you have questions about the Manatee or Sarasota real estate market and what 2016 could have in store for you, simply contact Team Coffey & Co. today!


Contact Us

Contact Us

 Keller Williams Island Life Real Estate         The Coffey Group Fine Homes International                   Longboat Key Island Office               Coffey & Divald Property Management

 206 Harbor Drive S,                                                        646 S. Tamiami Trail                                5350 Gulf of Mexico Dr Suite #205                                       1491 2nd St, Suite B

Venice, FL 34285                                                             Osprey, FL 34229                                           Longboat Key, FL 34228                                                Sarasota, FL 34236

United States                                                                       United States                                                     United States                                                                      United States