Blog

Dec
22
Sarasota Real Estate Market Stats: November 2015

Closed Sales & Median Sale Prices Follow Seasonal Trends

The Manatee and Sarasota real estate market followed typical trends for this time of year. In November, closed sales in Sarasota and Manatee counties were 774 and 530, respectively, for a combined total of 1304. This number is down almost 18% from October's 1588 sales, but up 2.6% from last November.

Median sale prices for condos and single-family homes were also up from November 2014. In Sarasota County, single-family home median sale prices increased by 18.5%, while condo median sale prices increased by 13.2%. Manatee County followed a similar trend, with increases of 14.9% and 12.8% for single-family homes and condos, respectively.

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Inventory: Manatee & Sarasota Homes for Sale on the Rise

While inventory was still historically low in November, the number of Manatee and Sarasota homes for sale increased by 9% and 5%, respectively, from October's numbers. The month's supply of inventory for the two-county area was below the equilibrium level, about 3.8 months for single-family homes and 4 months for condos. Median days on market continued to decline across the board, as homes continued to sell more quickly than usual.

Foreclosures & Short Sales Drop

Compared to last year, single-family distressed sales in the two-county area decreased by 55%, while those for condos decreased by 38%. Currently, distressed sales account for just over 10% of sales, whereas during the crisis in 2008, they accounted for close to 50% of sales. Similar to the growth in inventory and the decline in days on market, this is also indicative of a healthy market.

Pending Sales in Both Counties Also Drop

As to be expected this time of year, there were fewer new contracts written for single-family homes and condos in both Sarasota and Manatee County compared to October. This number was also down from last November by about 8%. As a result, we shouldn't be surprised to see a decline in the number of closed sales across both counties during the next couple of months.

What does December Hold for Manatee & Sarasota Real Estate?

The Manatee and Sarasota real estate market is on pace to break the record for highest number of sales in a year, currently held by 2014's 19,389 property sales. Within the two-county area, 19,020 single-family homes and condos were sold in the first eleven months of 2015. To break the record, only 370 sales need to be made in December. Since 2015 monthly property sales have always been over the 1,000-mark, it's safe to assume that the record will be broken.

As stated by Stafford Starcher, president of the Realtor® Association of Sarasota and Manatee, "We are enjoying a strong and healthy market, with sustainable gains, and the traditional buying season has just begun. We should anticipate a busy market in the coming months with staying power throughout the year."

If you're interested in buying or selling real estate in Sarasota or Manatee County, or have questions about the market's past, present or future,contact Team Coffey & Co.today!


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