Blog

Oct
28
Sarasota Real Estate Market Stats: September 2015

The Streak Might be Over, but Sales are Still Strong

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September is traditionally a slower month for the Manatee and Sarasota real estate market, and this year appears to be quite similar to 2014. Property sales in both counties dropped almost 6% from August’s 1709 to 1608, and for the first time since February 2015, Sarasota County’s closed sales fell below the 1,000 level. That being said, the last six months’ sales have been record-setting, and this September’s sales were almost unchanged from last year’s.

Higher Inventory Still Historically Low

The combined September inventory of single-family homes and condos in Sarasota County was 3,337, slightly up from August’s 3,303 but down from last September’s 3,666. Manatee County saw a similar trend with an increase in inventory to 2,571 from 2,534 in August, but a decrease from last year’s 2,731. Compared to 2013, when the market had reached an equilibrium between buyers and sellers, today’s inventory levels in both Sarasota and Manatee County signify a drop of more than 40%.

Supply and Demand: Inventory Goes Down, Sale Prices Go Up

The reduced inventory of single-family homes across both counties continued to significantly drive up median sale prices in September, in a perfect example of the supply and demand law. In Manatee County, the median sale price of single-family homes rose to $265,950, an almost 23% increase from last September’s $217,000! Sarasota County experienced similar results, with an 18.3% increase in median sale price, from $189,000 last September to $223,500 this year. In terms of condo median sale prices, Manatee County saw a 3.6% increase, from $152,000 to $157,500, while Sarasota County experienced a slight 1.3% decrease, from $195,000 to $192,500. If you've been thinking about selling your Sarasota home, now's the perfect time!

Days On Market Still Dropping

Despite the increased sale prices, Manatee County and Sarasota homes are still selling more quickly than usual. Median days on market for September were between 35 and 54 days, down from both the previous month’s and last September’s figures of 39 to 57 days, and 46 to 66 days, respectively.

What Will October Hold?

September 2015’s reduced days on market and almost insignificant reduction in closed and pending sales indicate that homebuyers aren’t being scared away by the lack of inventory and higher prices in Sarasota and Manatee County. Inventory might even continue to increase over the next month or two as more people start to take advantage of the current seller’s market. Over the past few years, the month of October has seen an increase in sales as a result of visitors and winter residents returning to the area. If that trend continues, October 2015 could be another record-setting month for the real estate market in Sarasota and Manatee County, or at the least contribute to 2015's record-setting total sales.

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.!


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