For those of you that prefer pictures to words click to enlarge our infographic sum up of the February real estate market in Sarasota and Manatee Counties.
After the record setting sales of last year, it’s hard to believe this one could be even better, but the February’s sales for homes in Sarasota and Manatee seem to suggest that could be the case. Pending sales and closed sales were both up last month over the first month of this year and over last year’s numbers as well. Also rising were median sales prices, which could indicate a sellers’ market on the horizon.
Sarasota And Manatee Expect Strong Property Sales In March
Pending sales are an indication of where the market is going and what sales will be like next month and signs look positive for strong sales in March. In Manatee County pending sales were at 685, an improvement on both January and on February 2014’s numbers. Sales in Sarasota County were up 51 over January, 1046 to 995 the month before. This figure also represented an improvement over last year. It seems like it’s shaping up to be a hot Spring in Sarasota, at the least in the real estate market!
Home Purchases Rise Significantly In Sarasota
In terms of closed sales, Sarasota saw a significant increase with the 837 properties sold representing a 12.3% increase over January’s 743. This is also an increase over February of last year, when 787 homes were sold. Broken down, this month’s sales equated to 585 single-family homes and 252 condos. For Manatee County sales increased 6% over January reaching 593 homes in total—428 single-family and 165 condos.
A Sellers Market Is Emerging
One particularly interesting aspect of the market is the continued increase in the median sale price. On the whole, the increases were more significant in Manatee County. The prices for single-family homes there have risen almost 17% over the last year from $220,000 to $256,750. Condos meanwhile rose almost 13% from $135,000 to $152,000. While the gains in Sarasota were not as significant, single-family homes were still up 6% over last year at $196,000. The increase in condo prices was steeper. They have increased 10% to $187,500. These gains combined with flat inventory levels could be a sign of a market favoring sellers over the next few months.
Inventory Numbers Flatten
Inventory numbers in the two counties are another interesting story. They reached an all-time low in 2013 but had seen steady gains over the six months to January, surpassing the 4 month mark, which economists view as the sign of a stable market. The gains in January of this year were particularly significant, but February was largely flat, with 4,439 properties on the market in Sarasota compared to 4,385 last month. The situation was similar in Manatee County with 3,166 homes up for sale, compared to January’s 3,106.
All-in-all it is looking like the moment to sell. If you’ve been thinking about putting your home on the market, why not call Coffey & Co. We’ll be happy to meet you for a no obligation initial chat and home evaluation. Call us on 877.308.6311 or email us, now.