Sarasota Area Market Update – April 2017

Sales Increase as Season Winds Down

SARASOTA, Fla. (April 21, 2017) – According to the recent numbers compiled by Florida REALTORS® from My Florida Regional MLS, March 2016 proved to show strength in both Sarasota and Manatee County. The combined closed sales for condos and single family in the two-county area increased by 6.2 percent from March of 2016.

Sarasota condo sales increased by 13.5 percent from last year, while single family homes increased by 2.6 percent. Manatee single family home sales increased by 11.7 percent, while condos were down by 4.4 percent from 2016.

“It’s common to see an increase in sales when we near the end of our season,” explains Xena Vallone, 2017 President of the Realtor® Association of Sarasota and Manatee. “And the bump in pending sales in March will likely lead to more closed sales in April and May.”

Pending sales are the number of listings that went under contract and can be an indicator of future closed sales. In the two-county area, pending sales increased by 6.1 percent over last March, unlike the slight drop that occurred in February. Pending sales for Sarasota condos increased by 21.8 percent, while single family homes increased by 7.6 percent. However, Manatee condos experienced a 6.4 percent decrease, while single family homes increased by 0.3 percent.

The inventory of active listings continues to improve over levels last March, up 12 .2 percent in the twocounty area. Inventory increased across both counties in March, with single family homes increasing by 13 percent in Sarasota and by 10.5 percent in Manatee. Condo inventory increased by 18 percent in Sarasota and by 4.1 percent in Manatee.

Median sales prices also continue to rise in both counties. Median prices for Sarasota single family homes increased to $262,621, up 7.6 percent from 2016, while Manatee single family increased to $290,000, an increase of 7.4 percent. Condo median sales prices increased by 17.3 percent to $230,000 in Sarasota, and by 9.4 percent to $175,500 in Manatee County.

“Typically, there are more homes available above the respective median price point for each county. With a lower supply of single family homes listed under $300,000, we see that the median time to contract is shorter for these homes than it is for the homes listed in the higher ranges,” explains Vallone.  “Buyers are quicker to jump on a sale when they know their supply is limited.”

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.

 With the exception of the Manatee condo market taking a slight dip from last month, the months’ supply of inventory continues to gradually push toward a balanced market. In Sarasota County, the month’s supply of condos is at 6, indicating a buyer’s market, while single family homes remain at a 5.1-month supply. Manatee County is at a 4.8-month supply for condos and a 4.7-month supply for single family.