Sarasota Real Estate News & Market Statistics
The Sarasota and Manatee housing market continues to show strength even as our snowbird season comes to an end. According to the April 2017 report compiled by My Florida Regional MLS and released by the Realtor Association of Sarasota Manatee, both Sarasota and Manatee Counties combined saw a 6.2% increase in its condo and single family home sales as compared to March 2016.
A Glimpse of the Sarasota Condo Market
In comparison to March 2016, Sarasota closed condo sales increased by 13.5%, with 413 sales in March 2017. Manatee condo sales were down 4.4%, with a total of 259 sales.
The median Sarasota condo price increased in March 2017 by 17.3% to $230,000. Manatee saw an increase of 9.4% to $175,000. The median list price means “in the middle”, so exactly half the Sarasota homes listed are above $230,000, and exactly half are below. When doing statistics, median price is the preferred summary statistic over average price because it is not sensitive to uncharacteristically high sale prices to a small number of homes.
Both Sarasota and Manatee counties experienced an increase in condo inventory. The March 2017 supply of condo inventory for Sarasota is at 6.0, which means the Sarasota condo market is balanced, indicating a buyer’s market. The Manatee condo inventory remained at a 4.8 months supply, showing no increase from March 2016, sustaining a sellers market.
The Sarasota real estate market trends continue to show a large majority of cash buyers, with Sarasota County seeing an increase of 17.1%, while Manatee County saw a decrease of -14.3%.
A Glimpse of the Sarasota Single Family House Market
Single family home sales in Sarasota increased by 13.5% from March 2016, while Manatee single family homes sales increased by 11.7%.
February 2017 experienced a slight drop in pending sales, yet March 2017 showed a two-county increase of 6.1% from the prior year. Pending sales mean a buyer has accepted an offer, but has not closed on the property as of yet. Many of these pending sales will become future closed sales.
Single family homes are not experiencing the same percentages of cash buyers as condo sales, with March 2017 seeing a decrease of -12.9% in compared to March 2017. Manatee county saw a decrease of -12.1% for cash buyers.
Both Manatee and Sarasota Counties saw an increase in single family home inventory and median sale prices. The median single family home price for Sarasota County is $262,621, a 7.6% increase from March 2016. The median single family home price for Manatee County is $290,000, up 7.6% from last year.
Simplifying the Housing Data
A market is considered balanced when it has a 6 month supply of inventory. With inventory increasing, the Sarasota condo market is showing a 6 month supply, while the Manatee condo market is at a 4.8 month supply. Sarasota county single family homes are at a 5.1 month supply, while Manatee County single family homes are at a 4.7 month supply. Simply put, the Sarasota and Manatee housing market is heading in the direction of a balanced market, and shifting from a seller’s market to a buyer’s market.
What Does this Mean for Buyers?
If you are looking to buy a home in Sarasota, there is a good supply of inventory on the market for you to choose from. Now that season is winding down, homes will not be scooped up as quickly as they were with our influx of winter visitors. As a result, buyers may have a slight advantage when purchasing a home.
Considering purchasing a fixer upper? See which improvements will give you more bang for your buck.
What Does this Mean for Seller?
With our high season ending, and inventory increasing, sellers need to make it a point to stand out from their competition. Educating yourself on the best ways to add value to your home will help sell your home fast. If you are a seller ready to list your home, download our home sellers check list. Not only will these tips add value to your home, but they will help your home to sell quickly for the best possible price.
Curious what your home is worth? Find out in 15 seconds, using our home evaluation calculator.
Sarasota Homes for Sale
Here are a list of homes in the average price range for Sarasota. All homes are listed at $350,000 or less.
View Our Previous Market Reports
The Hot and Trendy Downtown Sarasota Housing Market
- Sarasota Real Estate News & Market Statistics
- A Glimpse of the Sarasota Condo Market
- A Glimpse of the Sarasota Single Family House Market
- Simplifying the Housing Data
- What Does this Mean for Buyers?
- What Does this Mean for Seller?
- Sarasota Homes for Sale
- View Our Previous Market Reports
- The Hot and Trendy Downtown Sarasota Housing Market