It’s an exciting time in the Sarasota real estate market and for Team Coffey & Co. We are very pleased to have been named the top team in Sarasota County when it came to real estate sales in the first quarter of the year. We sold $25.3 million dollars’ worth of real estate in the first three months of the year and are looking forward to keeping that momentum going. And given how hot the Sarasota market is at the moment, that shouldn’t be a problem.
April Breaks Sarasota Real Estate Records
It has been building for a while now and in April, the expected happened. Real estate sales in Sarasota County set a new monthly record. That month 1,224 homes were sold, beating out the record set exactly 11 years ago by one! That’s right, in April 2004, at the height of the boom, 1,223 homes were sold in the county. Things were not too shabby in Manatee County either with sales of 813, which while not a record is a good improvement on recent months.
Double Digit Increases In Home Prices Over Last Year
For single-family sales, in Manatee prices were up well up over last year, 17%, though down slightly (3.2%) over last month. Manatee condos also saw a price hike over last year of almost 10%, with $145,000 being the median price. Again this is a slight drop over last month’s figure of $157,000. In Sarasota, the story is very positive. With the median price hitting $221,990 that represents a 13% increase over last year’s median. That’s also a 6.5% increase over last month. The median price for Sarasota condos was $191,400, representing a 4.3% increase on last year and a 5.5% increase over last month.
Sarasota Distressed Sales Continue To Fall
The situation with distressed sales in the two counties is also part of the rosy picture. After months of hovering around the 20% mark, they are really and truly coming down. In April they represented just 15.6% of the market in Sarasota and the number was very similar in Manatee. In terms of inventory this represents just 6% of the market in Sarasota and 7% in Manatee.
It’s A Sellers Market
So that’s the past but what about the future? What do pending sales tell us? Well, we can expect more of the same. There were 1127 sales pending at the end of April, which is very similar to the number at the end of March and in Manatee the number was 770 which is down from last month but still 6% above last year. In terms of inventory available the number is between 4.2 and 4.5 for both single-family and condos in the two counties, meaning this is firmly a sellers’ market and prices will surely continue rising.
Questions about the Sarasota real estate market? Speak To Sarasota And Manatee Housing Market Experts at Coffey & Co. now. Call 877.308.6311.