Inventory And Median Sales Prices Continue To Climb
Inventory And Median Sales Prices Continue To Climb
Inventory and Median Sales Prices Continue to Climb Sarasota, Fla. (May 20, 2016) - April's housing statistics show that our current trend is continuing as inventory of available properties rose in both counties. For single family homes in Sarasota County, inventory is up 8 percent from April last year, and up 14.2 percent in Manatee County from last year. Condo inventory is also on the rise in Sarasota County, up 25.5 percent from last year, while Manatee County experienced a 19.8 percent increase year-over-year. The months' supply of inventory in the two-county area remains in the range of 4.5 to 5.4 months' inventory this year, compared to a range of 4.2 to 4.5 months at this time last year. This statistic reflects the time it would take to sell all the active listings on the market at the current month's rate of sales. Six months is traditionally considered the benchmark for a balanced market; anything higher is considered a buyer's market and anything lower is a seller's market. So while the months' supply is on the rise, it is still a seller's market. However, the rise in inventory is very encouraging sign that we are returning to a balanced market. "We continue to see an inventory increase in our area, which is great because there are more options for our homebuyers," said Linda Formella, RASM President. "Homes priced at $300,000 and under continue to sell at a quick pace, and this trend is likely to continue. There is a high demand for quality, affordable housing. In the upper end of the market we are seeing an extended buying season in our two-county area, with 80 properties closed in April with prices of $1 million plus, significantly higher than last year." The median sale price rose year-over-year across the board for both counties. Single family median sales prices are up 12.6 percent in Sarasota County to $250,000, while Manatee County experienced an 8.9 percent to $279,300. Sarasota County condo median price rose 13.9 percent to $218,000, and Manatee County likewise witnessed a significant increase of 14.1 percent in condo sales price over last year, to $165,500. Total single family closed sales in Sarasota County reached 733 for the month of April, down only 4.2 percent from last month and down 7.3 percent from last year. Manatee County single family homes sales rose 2.3 percent from last month to 534 total sales, but down slightly, just under 1 percent, from April last year. Condo sales fluctuated, with Manatee County up 12.1 percent from both last month and also last year. Sarasota County increased 4.9 percent increase from last month, but was down 11.8 percent from last year's figures at this time. The total number of closed distressed property sales (foreclosures and short sales) in April this year was 63.7 percent lower than last April. That significant drop is a great sign of a healthy market. Distressed sales for single family homes in the two-county area represented only 7.58 percent of all closed sales for the month, compared to 19.7 percent last year. Similarly, distressed condo sales represented 2.62 percent of closed sales, compared to 7.37 percent last year. At their peak a few years ago, 48 percent of all sales were distressed.
Author:Kathy Toonder Phone: 941-544-7270 Dated: May 23rd 2016 Views: 1,952 About Kathy: I enjoy walking the warm sandy beaches, swimming and watching the magnificent sunsets on Florida’s...
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I enjoy walking the warm sandy beaches, swimming and watching the magnificent sunsets on Florida’s Gulf Coast. Thirty years ago I came from Michigan to the Sarasota area to enjoy the beaches of the Sunshine State. The “Beach Communities” Longboat Key, Lido Key, Siesta Key and Casey Key are what draw everyone to make Sarasota their home!
Sarasota the “Cultural Capital” of Florida attracts homeowners that want more than just a beach experience. Sarasota and Manatee communities with the growth of new housing maintain their elegant but laid back style. It is a great place to make it your home to be able to enjoy lush natural environment and the amenities of a modern city.
I became a home owne r in Lakewood Ranch an award winning 17,500 acre site that provides a beautiful master planned, maintained and golf community. Get the picture: blue waters, white sand, plenty of sun, blue skies, fabulous food, casual outdoor dining, amazing fishing, play golf, boat races, music and art festivals….
My focus is to best understand the goals and visions of my clients, ensuring all decisions are made with a wealth of information and the necessary tools for a successful, rewarding experience.
I have found my “Slice of Heaven” I look forward to you finding yours!
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