The following report, information and statistics are from theĀ Realtor Association of Sarasota and ManateeĀ as published for their Realtor Membership on February 23, 2016 for closed January 2016 business.

Home Prices Continue to Rise During Seasonal Sales Dip

SARASOTA, Fla. (February 23, 2016) ā€“ The end of 2015 witnessed record-breaking sales for bothĀ Sarasota and Manatee counties. January sales reflected the expected seasonal dip as a result of reducedĀ buying activity during the holidays, even as median prices continued to rise.Ā 

ā€œOur slice of paradise is catching its breath a bit after our very busy fourth quarter,ā€ said Linda Formella,Ā RASM President, ā€œand while sales are slowing down slightly, we are confident that our real estateĀ community will continue to see steady, sustainable growth in the first quarter of 2016.ā€

SALES
For the month of January, Sarasota County experienced a slight 1.2 percent rise from last year in totalĀ sales for single family homes at 520 sales, while condos were down 5.2 percent with 217 closed sales. InĀ Manatee County, single family homes were down 5.4 percent from last year to 385 total sales, but condoĀ sales rose 2.6 percent with 156 closed sales.

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MEDIAN PRICES
A good indication of a robust market, the median sale prices remain healthy and increased in bothĀ counties over last year.

Single family median prices rose 21.3 percent in Sarasota County to $230,500,Ā and climbed 10 percent to $274,900 in Manatee County. Ā Condo prices were also up 17.8 percent inĀ Sarasota County, at $218,000, compared to $169,950 for Manatee County, an increase of 6.3 percent overĀ last year.

INVENTORY
Inventory of available properties continues to be an issue for buyers, but showed small improvement. ForĀ single family homes in Sarasota County, inventory is down 1.5 percent from January last year, and up 2.4Ā percent in Manatee County. Condo inventory is up in both counties, with Sarasota County up 6.1 percent,Ā while Manatee County saw an increase of 9.6 percent.

ā€œWe are seeing signs of a stable, growing market,ā€ said Formella. ā€œNew construction means new salesĀ opportunities and mortgage interest rates continue to remain low. We also have more Florida winterĀ visitors than ever before. Itā€™s a fabulous time to sell.ā€

The two-county area saw the monthā€™s supply of inventory remain low, with a 4.2 monthā€™s supply ofĀ single family homes in Sarasota County compared to 4.4 in Manatee. The monthā€™s supply of condos inĀ Sarasota County is 4.8, and an even 5 months in Manatee, all well below the 6-month supply that isĀ considered a balanced market for buyers and sellers.Ā 

PENDING SALES
Pending sales are lower in January in both counties for both single family and condos, a sign that it willĀ be difficult to sustain last yearā€™s pace with our continuing low inventory levels.Ā 

DISTRESSED SALES DECLINE
The drop in the percentage of distressed sales (foreclosures and short sales) signals another sign of healthĀ in the market. Both the number of distressed sales and the share of the market have continued to decline,Ā signaling our continued recovery. Distressed sales for single family homes in the two-county areaĀ represented only 11.8 percent of all closed sales for the month, compared to 25.8 percent last year.Ā Similarly distressed condo sales came in at 7.8 percent of those closed sales, compared to 12.3 percentĀ last year. At their peak a few years ago, 48 percent of all sales were distressed.Ā 

ā€œ2016 is truly off to great start,ā€ said Formella. ā€œOur real estate market isnā€™t looking to break any recordsĀ again any time soon, but we are looking forward to a healthy and sustainable future, and I know ourĀ RealtorĀ® members are ready to take it on.ā€

SINGLE FAMILY SALES YEAR TO YEAR COMPARISON

Sarasota January 2016 Single Family Home Sales


CONDO SALES YEAR TO YEAR COMPARISON

Sarasota Condo Sales January 2016

Ā 

DISTRESSED SINGLE FAMILY HOME SALES YEAR TO YEAR COMPARISON

Sarasota Distressed Single Family Home Sales January 2016

Ā 

DISTRESSED CONDO SALES YEAR TO YEAR COMPARISON

Sarasota Distressed Condo Sales January 2016

Posted by Sara Leicht - SaraSellsSarasota.com on

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