Florida Real Estate News


Sarasota Real Estate Market Report

Posted September 08, 2016

  The Sarasota-Manatee County real estate market sales continued to slow in volume in July although the median price of both single-family homes and condos/townhomes continued to rise.

  In July, Sarasota County recorded closings on single-family homes sales of 680 and condo/townhomes sales of 255 compared to 868 single-family homes and 338 condos and townhomes in July, 2015 for an overall drop year over year of 22.4%. In Sarasota County the drop was across both single-family homes and condo/townhomes.

  In Manatee County, volumes rose slightly. There were closings on 578 single-family homes and 214 condo/townhomes in July of this year versus 574 single-family homes and 192 condos/townhomes in the same month in 2015 for an overall year over year sales volume increase of 3.4%.

  The Sarasota-Manatee County real estate market remains a seller’s market with slightly over a 4 month supply of properties (4.2 months in Sarasota County and 4.4 months in Manatee County) on the market compared to the 6-month supply which is considered to represent a balance between buyer and seller pressures. Because of this seller’s market situation, the median price of properties in both counties has continued to rise in 2016. In Sarasota County the median price of single-family homes rose from $219,500 last year to $242,500 this July. In Manatee County, the median price of a single-family homes rose from $250,000 last July to $279,250 this July. For condos and townhomes, the median price in Sarasota County rose from $190,000 last year to $205,000 this July while in Manatee County the median price of condos and townhomes rose from $152,000 last year to $185,250 this July.

  Data for a single month’s statistics can be distorted, but over the past 12 months, Sarasota County single-family home sales volumes have decreased by 21.7% from 2015 levels while condo sales decreased by 24.6%. Conversely, Manatee County single-family home sales actually increased slightly by 0.7% from 2015 levels while condo and townhome sales increased by 11.5%.

  July marks the 7th month this year where pending sales are down and the 6th month where the supply of homes available for sale has been higher than the same period last year. Based on market dynamics, it is reasonable to expect that prices will adjust to the slowing demand and the increase in the number of properties on the market. “I believe we will see these trends level off in the coming months,” said Linda Formella, 2016 President of the Realtors Association of Sarasota and Manatee.. That will likely present opportunities for those planning to come to the Florida Sun Coast this fall and winter.

  If you are one of those considering investing in a home in the Sarasota Manatee County, Florida Sun Coast area, please contact a Sarasota Florida real estate agent soon to begin to learn about the many residential offerings available both on the mainland and out on our beautiful barrier islands like Longboat Key, Lido Key, Bird Key and Siesta Key.

Information and opinions expressed above have been derived from a variety of sources
and are believed to be accurate and timely but are not warranted.

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