For 2016, Sarasota & Manatee Counties are reporting higher home median pricing, a larger inventory with an increase in traditional home sales and less distressed home sales. All signs point towards a healthy market. Traditional sales have risen and the short sales and foreclosures dropped by over 57% from 2015. Distressed sales accounted for 6.4% of total sales in 2016, which is inching closer to the average level of about 2.5%. Prices are rising, due in part to tight inventories, demand currently exceeds supply. The fact that lower distressed properties have slowed down, effects the rising home prices, as well.
Both Counties, Manatee & Sarasota experienced higher median prices in 2016. The prices rose 5.8% to $275,146 for single family homes in Manatee. In Sarasota the prices rose 11.4% to $250,050 for single family homes. Manatee condos were up 6.3% for condos to $170,000 and Sarasota condos rose 7.7% to $210,000.
The total sales for 2016 did not beat the record sales year for 2015. However, the sales for 2016 were still higher than the past 4 previous years.
For more market statistics, please refer to this article by the Sarasota & Manatee Association of Realtors.
Photo credit: Sarasota & Manatee Association of Realtors