Market Stays on Trend as Season Nears
SARASOTA, Fla. (December 20, 2017) – November statistics indicate a healthy market in the Sarasota and Manatee area. Combined numbers show an increase in sales, new listings and prices.
In November 2017, closed sales for single family homes in Manatee County increased by 7.5 percent, while Sarasota County decreased by 3.3 percent. The condo market stands out this month, with a 26 percent increase in Sarasota sales and a 16.3 percent increase for sales in Manatee.
“Historically, home sales will slow down around this time and will start to pick up again in February or March when season is in full swing,” said Xena Vallone, 2017 RASM President.
Pending sales for single family homes increased by 13 percent in Manatee County and by 4.5 percent in Sarasota County. Condo pending sales also show improvement with a 21.4 percent increase in Sarasota and a 16.5 percent increase in Manatee. Pending sales can be a good indicator of future closed sales.
The median time to contract for condos in Sarasota is at 37 days, a 17.8 percent decrease from this time last year. However, condos in Manatee are spending more time on the market with 59 days reported in November, a 55.3 percent increase from last year.
“Sarasota condos are selling quickly and at a higher price with the dollar volume of sales showing a 92.7 percent increase from last year,” said Vallone. “This could be pointing to the lower volume of condo sales in the past two months.”
As for single family homes, the median time to contract is up in both counties. Sarasota homes closed in 52 days, a 48.6 percent increase, while Manatee homes closed in 51 days, a 45.7 percent increase.
The median sales price for condos in Sarasota increased by 22.1 percent to $240,000. Manatee condos increased by 12.9 percent to $181,250. Single family home prices in Sarasota increased by 7.5 percent to $285,000 while Manatee increased by 3.6 percent to $289,000.
Inventory for single family homes in Manatee County increased by 1.1 percent from last year, while Sarasota decreased by 5.3 percent. Condo inventory experienced a 4 percent increase in Sarasota, while Manatee decreased by 2.4 percent.
“While we may see some decrease in inventory from November of last year,” said Vallone. “Inventory is showing a steady climb from the lower levels in September across all markets.”
The number of properties put onto the market during the month improved in both counties. New listings for condos increased by 22.8 percent in Sarasota and 9.6 percent in Manatee. As for single family homes, new listings decreased by 0.7 percent in Sarasota and increased by 8.8 percent in Manatee.
Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.