The following report, information and statistics are from theĀ Realtor Association of Sarasota and ManateeĀ as published for their Realtor Membership on February 9, 2017 for closed 2016 business.Ā Ā Ā Ā 

Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā Ā  2016 Housing Market Strong


SARASOTA, Fla. (February 9, 2017) ā€“ According to recent data from Florida RealtorsĀ® Industry Data and Analysis department, Sarasota and Manatee County wrapped up 2016 with fewer distressed sales, an increase in traditional closed sales, an expanding inventory and higher median prices as compared to the year before.

TOTAL SALES FOR 2016

The combined 2016 closed sales of single-family homes and condos in Sarasota and Manatee County totaled 20,091, a 2.6 percent decrease from 2015, which was a record year. However, total sales in 2016 exceed each of the four years prior to 2015.

Condo sales in Manatee County bucked the trend, with 2,606 closed sales in 2016, a 7.7 percent increase over the previous year. Condo sales in Sarasota County decreased 4 percent, with total sales of 3,603. Single family sales in Manatee County decreased nearly 1 percent, for a total of 6,057, while Sarasota County showed 7,825 sales, a decrease of 6.3 percent.

TRADITIONAL SALES VS. FORECLOSURE SALES

Siesta Key Homes for SaleWhile record sales were not achieved, the health of the market is shown by the fact that traditional sales increased while sales of foreclosures and short sales declined in the two-county area. Distressed sales totaled only 1,290 in 2016 compared to 3,004 in 2015, a decrease of 57.1 percent. As a share of total sales, distressed sales represented only 6.4 percent of total sales in 2016, approaching the more normal level of about 2.5 percent for distressed sales.


ā€œWith a steep decline in distressed sales and indications of a balancing market, 2016 closed out as a healthy and sustainable year for our market,ā€
says Xena Vallone, 2017 President of the RealtorĀ® Association of Sarasota and Manatee.

2016 MEDIAN SALES PRICES

Both Manatee and Sarasota County experienced an increase in median sales prices. In Sarasota County, the median sales price was $250,050, up 11.4 percent from the previous year. The median sales price of single family homes in Manatee County was $275,146, up 5.8 percent. The median price for condos in Sarasota in 2016 was $210,000, up 7.7 percent over the previous year. As for Manatee, the median price in 2016 was $170,000, up 6.3 percent. The median price is the mid-point of all sales reported for the year, with half the sales above the median, and half below.

Bird Key Homes for Sale in Sarasota, Floridaā€œTight inventories continued to put upward pressure on median prices, as demand exceeds supply,ā€ adds Vallone. ā€œMedian price increases are not solely caused by changes in the value of real estate, they alsoĀ  reflect the mix of the homes that sold in that year. In our case, the decreased inventory of homes for sale in lower price ranges because of fewer distressed sales, is having an impact, too.ā€

Inventory experienced a 24.9 percent increase from last year in single family homes and condos in the two-county area. Manatee single family homes increased by 12.5 percent and Sarasota increased by 22.3 percent. Manatee condos increased by 17.2 percent and Sarasota condos increased by 38.5 percent.

MONTH'S SUPPLY OF INVENTORY

Monthā€™s supply of inventory also increased across both counties. Sarasota condos now sit at a 5.5 monthā€™s supply (an indication of a balanced market) as compared to a 3.8 monthā€™s supply in 2015. Manatee condos are at a 4.4 monthā€™s supply, an increase of 10 percent from last year. Single family
homes in Sarasota county increased by 28.6 percent to a 4.5 monthā€™s supply while Manatee increased by 13.9 percent to a 4.1 monthā€™s supply.

At the recent Florida RealtorsĀ® Mid-Winter Meetings, nationally acclaimed economist Elliot Eisenberg shared three factors that may be attributing to tight inventory. He explained that investors are holding on to properties acquired during the recession for cash flow from rentals, builders are not building at a pace to keep up with the needs of a growing population, and that owners who bought or refinanced a home during the period of low interest are choosing to stay where they are.

Sarasota Waterfront Homes

SARASOTA 2016 SINGLE FAMILY SALES COMPARED TO 2015

Ā Sarasota 2016 single family homes sales

SARASOTA 2016 CONDO SALES COMPARED TO 2015

Ā Sarasota 2016 Condo Sales

DISTRESSED SARASOTA 2016 SINGLE FAMILY SALES COMPARED TO 2015

Ā Sarasota 2016 Distressed Single Family Home Sales

DISTRESSED SARASOTA 2016 CONDO SALES COMPARED TO 2015

Sarasota 2016 Distressed Condo Sales

Posted by Sara Leicht - SaraSellsSarasota.com on

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