The following report, information and statistics are from theĀ Realtor Association of Sarasota and ManateeĀ as published for their Realtor Membership on June 20, 2016 for closed May 2016 business.
Posted by Sara Leicht - SaraSellsSarasota.com onInventory and Median Sales Price Remain High
The housing data for May reveals that inventory numbers are risingĀ
along with the mercury for the Sarasota and Manatee two-county area, likely the result of sellers takingĀ advantage of rising prices. For single family homes in Sarasota County, inventory is up 15.3 percentĀ from May last year, and up 20.2 percent in Manatee County. Condo inventory is also on the rise inĀ Sarasota County, up 33 percent, while Manatee County experienced a 17.4 percent increase year-overyear.ĀDISTRESSED PROPERTY SALES DECLINE
The continued decline in the number of distressed property sales (foreclosures and short sales) reallyĀ shows the recovery and health of our market.In May, only 5.1 percent of closed sales were distressed,Ā compared to 15.8 percent for the same month last year, fast approaching the historic average of about 2Ā percent.
Distressed sales for single family homes in the two-county area represented only 5.9 percent,Ā and distressed condo sales were only 3.5 percent. At their peak a few years ago, 48 percent of all salesĀ were distressed.Ā
MEDIAN SALE PRICE RISES
āHome prices are rising, and we are seeing homeowners who were previously on the fence entering theĀ market. In fact, we have recently seen a 34.6 percent increase in inventory for listings between $250,000Ā and $600,000 compared to last May,ā said Linda Formella, RASM President. āWith the significant bumpĀ in inventory, buyers have more options to choose from, but we are still seeing multiple offers below thatĀ price,ā Formella added.ĀThe median sale price rose year-over-year across the board for both counties.
Single family median salesĀ prices are up 14.6 percent in Sarasota County to $263,000, while Manatee County experienced a 7.0Ā percent jump to $275,000.
Condo prices are also on the rise. The Sarasota County condo median saleĀ price rose 4.3 percent to $218,975, and Manatee County likewise witnessed an increase of 4.2 percent inĀ condo sales price over last year, to $166,750. Ā
TOTAL SALES
Total single family closed sales in Sarasota County reached 753 for the month of May, up 2.7 percentĀ from last month and down just slightly, 3.7 percent, from last year. Manatee County single family homesĀ sales rose 13 percent from last month to 603 total sales, and down slightly, just .3 percent from May lastĀ year.ĀSarasota County condo sales decreased 1.3 percent from last month, closing at 377 total sales, andĀ down 5.5 percent from last yearās figures at this time. Manatee County condo sales are down 18.3 percentĀ from last month, closing at 250 total sales for the month, and up 12.6 percent over last year. Ā
Last year, which set an all-time sales record for the area, the selling season extended into August, thenĀ tapered off in September. This year has returned to a more typical season, with new pending salesĀ reported about 18.5 percent lower than last May. This is not surprising, given last yearās lower prices,Ā when many buyers were taking advantage of opportunities to make their move. Pending sales are anĀ indicator of closed sales to come.
MONTHS SUPPLY OF INVENTORY
The monthsā supply of inventory in the two-county area remains in the range of 4.4 to 5.3 monthsāĀ inventory this year, compared to a range of 3.8 to 4.3 months at this time last year. This statistic reflectsĀ the time it would take to sell all the active listings on the market at the current monthās rate of sales. SixĀ months is considered the benchmark for a balanced market; anything higher is considered a buyersāĀ market and anything lower is a sellersā market. So while the monthsā supply remains on the rise, it is stillĀ a sellersā market.Editorās Note: For comprehensive statistics dating back to 2005, visitĀ www.MyRASM.com/statistics
SINGLE FAMILY SALES YEAR TO YEAR COMPARISON
CONDO SALES YEAR TO YEAR COMPARISONĀ
DISTRESSED SINGLE FAMILY HOME SALES YEAR TO YEAR COMPARISON
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DISTRESSED CONDO SALES YEAR TO YEAR COMPARISONĀ
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