Property sales in Sarasota and Manatee counties continue to rise at a record-breaking annual rate! With increased sale prices and low inventory, the market is hot and ripe for sellers. If things continue along this path, 2015 will upend 2014’s all-time record for the highest number of sales in the region.
Property Sales & Prices Continue to Rise
The two-county region saw a total of 1,974 closings this month, an increase of 23.5% over last year’s total of 1,600! Sarasota County saw a total of 1,174 closings and Manatee County saw 768. While sales in both counties are down from last month’s figures (1,165 and 875, respectively), they are significantly higher than July 2014’s numbers.
Price Increases for Manatee & Sarasota Homes for Sale
Median sale prices in both counties have been experiencing an upward trend over the last few years, and July 2015 is no different. The median price for single family homes in Sarasota County dropped to $219,500 from last month’s $230,000, but increased 9.2% from July 2014’s $201,000. Manatee County experienced a similar drop compared to last month ($253,700 to $250,000), but also a similar 8.7% increase from July 2014’s $230,000.
Manatee Condo Prices Soar
Median sale prices for condos in Sarasota dropped from last year’s figure of $205,000 to $190,000 this July. This isn’t too unusual, as the prices of Sarasota condos tend to fluctuate more than those for single-family homes. This month, median sale prices in Manatee County condos went from $128,500 to $152,000, an increase of 18.3% over last July.
Manatee & Sarasota Pending Sales
Pending sales can be a good indication of what sales will be like the following month, as well as where the market is headed. We typically see less sales during the hot summer months, indicative of seasonal visitors heading north to escape the heat. While this was indeed the case for both counties in July, the total decrease in pending sales was less than 5% compared to June, which is far less significant than the usual decline. Furthermore, the total number of pending sales was still 3% higher than in July 2014, another indication of how hot the Sarasota and Manatee markets are right now.
Inventory Still Low – Good News for Sellers
The number of single-family homes and condos available continued its decline in both counties this month. Sarasota County saw a 13.9% decrease from last July, while Manatee County experienced a decrease of about 4%. With such a short supply of inventory, less than 4 months’ worth, it continues to be a seller’s market. The figures for median days on market also indicate that homes aren’t staying on the market for very long: July 2015’s figures were between 45 and 53 days, while those for July 2014 were between 76 and 88 days.
What Does August Have in Store for the Sarasota Market?
In the past, August real estate sales are typically very similar to those of July, so the market is likely to remain very strong. While the decreased inventory is of slight concern, it’s possible that the current health of the market and the record-breaking sales will be enough to convince prospective sellers to jump into this hot market sooner rather than later.
If you’ve been thinking of selling your Sarasota real estate, why not try our free, no obligation home evaluation to find out how much your home is worth? Contact The Team At Coffey & Co. to get started!