Home Sales increase as the “season” winds down. As reported by the Sarasota & Manatee Realtor Association for the home sales during the month of March 2017. The numbers are compiled by the Florida REALTORS from My Florida Regional MLS. The local market showed strength in both Sarasota & Manatee Counties, with an increased combined closed sales percentage of 6.2% for both condos and single family homes.
The condo sales in Sarasota increased by 13.5% from last year, while single family homes increased by 2.6%. Manatee single family home sales increased by 11.7%, while condo sales were down 4.4% from 2016.
Pending sales indicate the number of home listings that went under contract and usually is a good indicator of the number of closed sales in the near future. Pending sales increased 6.1% over March 2016 for both Counties. Pending sales for Sarasota condos went up by 21.8% and single family homes went up by 7.6%. Manatee condos experienced a 6.4% and the single family homes increased by 0.3% since last year.
It’s typical to see a rise in sales near the end of the season months, as many buyers are shopping around the first few months of the year and making buying decisions towards the end of the season, in March.
The inventory of active listings continues to improve, up 12.2% in both Sarasota & Manatee, over last March. Inventory increased across both counties in March. Single family homes rose by 13% in Sarasota and 10.5% in Manatee. Inventory for condos rose 18% in Sarasota and 4.1% in Manatee. Overall, the months’ supply of inventory continues to push the market towards a balanced buyer and seller market.
Median sales prices continue to rise in both Sarasota & Manatee. Median prices for single family homes are up to $262,621 in Sarasota and $290,000 in Manatee. The median sales prices for condos in Sarasota are $230,000 and in Manatee they’ve increased to $175,000.
When breaking down the current listings, there are more single family homes for sale in the $200,000 – $299,999 price range in Sarasota with 739 homes. While in Manatee, there are more homes listed in the $300,000 – $399,999 range with 579 listings. As for condos, we see the more listings in the $100,000 -$199,999 range in both counties with 467 properties in Sarasota and 265 properties in Manatee.