Sarasota Real Estate Statistics for August 2016
Less Distressed Sales Indicate a Healthier Market
SARASOTA, Fla. (August 24, 2016) – Sales of distressed properties in the two-county area continued to decline in August, down 53.9 percent from the same month last year. Distressed sales in August comprised only 5.8 percent of total sales compared to 12.8 percent last August.
Closed sales of single family homes and condos combined are up only slightly, 1.8 percent ahead of last August. But a closer look at traditional sales (non-distressed properties) reveals a 9.9 percent increase over the same month last year.
“This is an important fact to note,” says 2016 RASM President Linda Formella. “The sharp decrease in distressed sales has resulted in fewer sales, it is overall a much healthier market than last year because there are fewer distressed properties.”
Pending sales in Manatee and Sarasota showed an improvement from last month. For single family homes, pending sales increased between July and August of this year, reversing the downward trend that started in May in both counties. Ten percent more single family homes went under contract this month compared to July in Sarasota County, and Manatee County experienced a 9.3 percent increase. Pending condo sales, however, continued on a downward trend that started in April after seasonal residents left the area, but were only just under 3 percent lower than July’s pending condo sales.
“Pending sales are a good indicator of potential future closed sales,” says Formella. “And while 2016 doesn’t compare with the record breaking year in 2015, the increase, if continued through the end of this year, should bring more closed sales to both counties.”
The inventory of properties for sale is up significantly from last year at this time, about 22 percent. Single family homes in both counties experienced a 17.6 percent increase in inventory, while condos showed a 32.9 percent increase. Sarasota maintains a 5.1 months’ supply of condos, while Manatee reflects a 3.8 months’ condo supply. As for single family homes, Sarasota has a 4.1 months’ supply and Manatee is at a 4.2 months’ supply. A seller’s market is indicated by this figure remaining under the six-month benchmark.
Median prices continue to rise from 2015 to 2016. The median price of single family homes in Sarasota County shows a 7 percent increase from $237,000 last year to $253,000. Manatee had a 1.89 percent increase from $265,000 to $270,000. However, the median prices for Sarasota County condos decreased 1 percent from $220,000 to $217,750. Manatee condo median price rose from $155,000 to $165,000, a 6.5 percent increase.