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Jan
27
Sarasota Real Estate Market Stats: December 2015

Another Record-Breaking Year for Manatee & Sarasota Real Estate

2015 was a record-breaking year for the Manatee and Sarasota real estate market in terms of closed sales. The two-county area saw a total of 20,691 closed sales, the highest in the Realtor® Association of Sarasota and Manatee's history, and 1,302 more than last year's (at the time) record total.

Linda Formella, 2016 Realtor® Association of Sarasota and Manatee President, commends the dedication of the association's members, which no doubt played a part in the community's success and growth. “Our industry has been steadily and soundly rebuilding and I am so proud of our professional Realtors® and all the industries that support the real estate community.”

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Increased Property Sales & Median Prices

In December 2015, Manatee & Sarasota County saw a combined total of 1,671 property sales. While this was an increase of 28% from November, it was almost on par with last December's sales.

Median sale prices for single-family homes and condos increased across the board in the two-county area. Homes for sale in Sarasota increased to $239,900, up 22% from last December's $195,500, while condos saw a similar increase of 22% to $217,000. Home sale prices in Manatee increased to $262,963, up almost 12% from last December, while condo sale prices increased to $178,249, up by 6%.

Manatee & Sarasota Real Estate Inventory

For the most part, the inventory of available homes and condos was down once again in both counties. In Sarasota County, available homes for sale decreased 2.8% from last year, while condos for sale decreased by only 1%. In Manatee County, homes for sale were down by 3.2% and condos were up by 4%.

Similarly, Sarasota and Manatee County's month's supply of inventory continued to decline, remaining below the 6 month level that represents equilibrium between home buyers and sellers. December 2015's supply of single-family homes was 3.8 and 3.9 months in Sarasota and Manatee, respectively,. Sarasota's condo supply was 4.1 months, while Manatee's was 4.3 months.

Decreased Distressed Sales

Another sign that the Manatee and Sarasota real estate market is recovering is the decreased number of distressed sales seen in December 2015. Single-family distressed sales dropped by almost 50% from last December, in both Sarasota and Manatee, while condo distressed sales dropped by 25% in Sarasota, and nearly 50% in Manatee County.

What Does 2016 Hold for Manatee & Sarasota Real Estate?

2016 most likely holds another year of health and growth for the Manatee and Sarasota real estate market. Formella summed it up quite nicely when she said, "We live and work in paradise and more and more people want to be a part of it.”


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