It looks like 2015 is going to be a stellar year for real estate sales in Sarasota and Manatee counties. Sarasota in particular has seen a huge boost over the previous month, in fact, closed sales were almost 44% higher in March than February. Manatee was up significantly as well, with a 35% increase. Comparing year on year, sales are up as well 14% for Sarasota and 20% for Manatee and these numbers are particularly impressive, given the strong start the industry saw in 2014. All together there were 1201 closed sales this month in Sarasota and 800 in Manatee.
Manatee Homes For Sale Have Seen A Significant Price Increase
Median sales prices have also climbed when compared to last year. For single-family homes the price stood at $207,500 in Sarasota and $265,000 in Manatee, increases of 9.5% and 17%, respectively, over last year. For condos, it is Manatee County that has seen the real jump. Prices have increased 21% to bring the median price to $157,000, meanwhile in Sarasota, prices are up almost 6% to a median $180, 745, when compared to last year.
A Sellers Market In Both Counties
In terms of the future for our two markets, both pending sales and inventory are looking quite healthy. Between the two counties there are 1907 sales pending as of the end of the March (1126 for Sarasota and Manatee for 781) representing a 10% increase over the previous month. When compared to last year, this is a slight drop. For inventory, both counties have over a four and a half month supply. This figure is indicative of a sellers’ market, something which is reflected in raising prices.
Sarasota And Manatee Distressed Sales Finally Seeing Real Improvement
There is really good news for both counties on the distressed sales front. For the first time in a long time the percentage of distressed sales is below 20% in both Sarasota and Manatee. Short sales and foreclosures accounted for just 17% of the market in Sarasota last month and only 15% of the market in Manatee. This is excellent news, particularly in Manatee where last year one in four sales were distressed.
An Outstanding First Quarter
Looking back over the first quarter, the pace of sales is increasing. It’s up 6% in Sarasota and 9% in Manatee and the total number of sales is up for both counties when compared to last year. All this would seem to indicate that this year’s numbers will to be strong and we can hope for similar or even better sales than last year. In fact, Sarasota is already on a very hot pace, with March’s 1201 sales almost meeting the one month sales record of 1228 set in 2004.
Questions about the Sarasota real estate market? Speak To Sarasota And Manatee Housing Market Experts at Coffey & Co. now. Call 877.308.6311.