Sarasota Market Reports
Are you buying or selling a house in Sarasota, FL? The Sarasota housing market is continually changing, which is why we display up-to-date information to assist you in the decision making process.
Sarasota, a quaint and lively town, is surrounded by the Gulf of Mexico and Sarasota Bay. The area is known for its arts and culture, award-winning beaches, golf, and a wide array of housing options. For information on the Sarasota housing market, please do not hesitate to contact us. We are always happy to help.
October 2017 – A Month of Recovery
SARASOTA, Fla. (November 21, 2017) – October proves to be a month of recovery from Irma’s impact on the Sarasota and Manatee real estate market. As the market bounces back, sellers prepare for the season, bringing more new listings and pending sales in October 2017.
Sarasota Real Estate Market 2017
Closed Sales Closed sales for single family homes increased by 2.7 percent in the two counties from October of 2016, while condo sales decreased by 10.4 percent from this time last year. According to Chief Economist Lawrence Yun, National Association of REALTORS®, Florida’s strong job and population growth should guide sales back to pre-storm pace fairly quickly.
Pending Sales Pending sales are a good indicator of future closed sales. The number of single family homes that went under contract during the month increased by 17.7 percent in Manatee County and by 8.4 percent in Sarasota County. Condo pending sales also show improvement with a 15.3 percent increase in Sarasota and a 5.3 percent increase in Manatee.
Active Sales The number of properties put onto the market during the month improved in both counties. New listings for condos increased by 8.8 percent in Sarasota and 1.8 percent in Manatee. Single family homes put on the market this month also improved with a 4.3 percent increase in Sarasota and a 4.4 percent jump in Manatee. “Compared to Irma’s impact in September, we saw a combined 75 percent increase in new listings from last month to this month,” said Xena Vallone. “Sellers are playing catch-up and listing their properties for the upcoming season.”
Monthly Supply of Inventory Inventory for single family homes in Manatee County increased by 3.3 percent from last year, while Sarasota decreased by 4.4 percent. Condo inventory improved with a 2.9 percent increase in Sarasota and 0.7 percent increase in Manatee.
The month’s supply of inventory is indicated by the number of months it will take to deplete the current inventory, given the recent sales rates. For Sarasota County, condos are at a 4.9 month supply and single family homes are at a 3.9 months supply. In Manatee County, condos are a 4.1 month supply, while single family homes sit at 4.2 months.
Median sales prices continue to show an upward trend, year-over-year. The median price of single family homes in Sarasota County increased by 18.1 percent to $279,000 while Manatee County increased by 1.5 percent to $285,995.
Sarasota condos increased by 8 percent to $224,000. Condo prices for Manatee increased by 11.4 percent to $195,000.
Browse homes for sale by median home prices:
SINGLE FAMILY SALES YEAR TO YEAR COMPARISON
CLOSED SALES – SINGLE FAMILY HOMES SARASOTA
CLOSED SALES – CONDOS AND TOWNHOMES SARASOTA
When it comes to condos and townhomes, the Sarasota market experienced a slight increase in the number of closed foreclosure sales. In October 2016, there were a total of 6 closed foreclosure sales compared to 8 closed foreclosure sales in October 2017.
For October 2017, there was one closed short sale, a very slight increase compared to 0 short sales in October 2016. The total number of closed traditional sales for October 2017 was 234, which is a decrease of -12.7% from October 2016.
WHAT DOES THIS MEAN FOR SELLERS?
Xena Vallone, 2017 President of the REALTOR® Association of Sarasota and Manatee, explains that sales in the area will typically slow around this time, particularly in the condo market, as sellers get their properties ready to list for seasonal buyers. “A sort of ‘calm before the storm’,” said Vallone. “It’s likely that some, if not most, of October’s sales are from September’s delayed sales. But, this month’s increase in pending sales indicates that we’re back in business.”
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WHAT DOES THIS MEAN FOR BUYERS?
If you are in the market to buy a home, especially homes under $300,000, you will need to act fast. With our usual increase of seasonal buyers during this time of year, homes will go fast, so don’t waste time hemming and hawing about your dream property or someone else may swoop it out from under you.
In addition, Sarasota is seeing an increase in cash buyers, so if you are a financed buyer, make sure you have your pre-approval ready prior to house hunting. You will need this when submitting an offer. If you wait to apply for your pre-approval, keep in mind that a lender typically takes about 24 hours to process it. This can be the difference between your dream home becoming yours or someone else’s.
The Sarasota real estate market is constantly changing, which is why Ursini & Company is here to keep you informed. For any questions you have regarding Sarasota Florida housing, the Sarasota market, or Sarasota real estate news, please do not hesitate to contact us. We pride ourselves on our responsiveness and ability to meet our clients’ needs and exceed their expectations. Be sure to contact us by email, phone, or text at 941-812-4894. We are always happy to help!