Sales Slightly Lower, but 2015 Still on Pace for a Record
Overall sales typically tend to level off during the fall, and October 2015 was no exception. Sarasota and Manatee counties saw overall sales of 880 and 708, respectively, for a combined total of 1,588. This number is slightly lower than September’s 1608 sales, and October 2014’s sales of 1712. The most significant change occurred in Sarasota County, where the number of single family home sales decreased more than 17% from last October. With that being said, 2015 is still on a record pace for the highest number of closed sales in Sarasota and Manatee counties.
Inventory May Be Up, But It’s Still Historically Low
While inventory is still significantly lower than October 2014’s nearly 6,700 and 2013’s 10,500 totals, both counties saw an increase in the number of homes for sale compared to September. Sarasota County saw an increase of about 6% and Manatee County saw an increase of about 4%, for a combined October 2015 total of 6215 homes. For the past two years, inventory has peaked in February, so it’s possible that inventory across both counties will continue to increase.
Sale Prices Continue to Climb in Both Counties
Much like in September 2015, the overall lack of inventory in October 2015 compared to previous years has driven up median sale prices of single-family homes and condos across both counties. In Sarasota County, sale prices for single-family homes and condos rose by 17.9% and 5.7%, respectively. Single-family homes in Manatee saw price increases of just over 12%, while the most significant change in median sale prices occurred for Manatee County condos, which increased by almost 30% from last October.
Manatee & Sarasota Homes Still Selling Quickly
Similar to September 2015, the number of days that Manatee and Sarasota County homes spent on the market in October 2015 was between 36 and 55 days, compared to last year’s range of 47 to 55 days. Despite the significant increase in sale prices, homes and condos in both counties are still selling more quickly than they were last year.
What Will November Hold for the Real Estate Market?
Since pending sales were down a bit from September and October 2015, it’s likely that November, and even December, will see decreases in overall sales. However, the region is still in the running to break its 2013 record for highest number of sales during a single year. Currently, Sarasota and Manatee counties have almost 1300 more overall sales than they had at this time last year. As stated by Stafford Starcher, president of the Realtor® Association of Sarasota and Manatee, “The future is always unpredictable, but based upon the enthusiasm, professionalism and competence of our real estate agents, I see only bigger and better things ahead for our market.”