Home sales are off to a strong start for 2017. Our market is nearing the balance between a seller’s and a buyer’s market, as the level of housing inventory rises. The post election period saw increasing interest rates, however, the interest rates are still historically low. Consumers see this time as a good time to sell their homes as values continue to rise. We also saw a year over year and month over month increase in the number of properties that went under contract in January. Contracted properties are a good indication of future closings. This time of year, typically referred to as our “season”, normally sees inventory levels rise and prices increase.
There is a 5.9 month supply of condos and a 5 months supply of single family homes in Sarasota. Condos in Manatee are at a 4.8 months supply while single family homes are at a 4.5 months supply. The balance between a seller’s and a buyer’s market is 6 months. “A balanced market is driven by supply and demand and favors neither the seller nor the buyer,” says Xena Vallone, the 2017 President of the Realtor Association of Sarasota & Manatee. “If the market is strong and balanced, buyers have more choices and sellers have a larger pool of buyers.”
Inventory increased 17.9% for both Manatee & Sarasota Counties combined. Sarasota’s inventory grew larger than Manatee’s for both condos and single family homes.
The median prices for Sarasota single family homes rose to $250,000 and Manatee single family home prices rose to $279,000. The condo prices in Sarasota increased to $239,900 and to $175,000 in Manatee.
For more market statistics & graphs, please refer to this article by the Sarasota & Manatee Association of Realtors.