Sarasota and Manatee County real estate market sales volumes in August began to stabilize as anticipated after falling in July, but, as in July, the median price of properties continued to rise.
In August, Sarasota County recorded closings on 668 single-family homes sales down slightly from 680 in July and 755 in August, 2015. There were 274 Sarasota County condo/townhome sales up from 255 in July but down from the 293 in August, 2015. In Manatee County, however, both single-family home and condo/townhome sales volumes rose slightly month-over-month. There were 572 Manatee County single-family home closings in August about equal to the 578 in July and up slightly from 506 in August, 2015. There were 225 Manatee County condo/townhome closings in August up slightly from 214 in July of this year and up from the 155 condo/townhome closings recorded in August of 2015.
The Sarasota County real estate market remains a seller’s market and, as a result, prices continued to rise. For example, the median price of a Sarasota County single-family home rose to $253,500 this month, up from $242,500 in July and $237,000 in August, 2015. In Manatee County, although the median price of a single-family home dropped slightly in August to $270,000 from $279,250, it was above the $265,000 level posted a year ago in August, 2015.
At this juncture, three points are worth noting about the Sarasota real estate market. The first point to be considered is that, at today’s prices, many desirable Sarasota luxury homes and condos are still priced well below the levels seen a decade ago.
Second, as prices rise, more properties that were previously “under water” after the Great Housing Bust of 2008 and 2009 are becoming more able to be sold at these more reasonable price levels. This tends to bring more properties to market and that tends to stabilize prices.
And third, with more properties coming on the market with each passing month, the Sarasota metropolitan real estate market is approaching the point where the market will be back in balance between seller and buyer pressures and prices will further tend to stabilize. In Sarasota County, for example, at the end of August there was a 4.1 month supply of single-family homes for sale up from only a 3.2 month supply in August of last year. In Manatee County at the end of August, there was a 4.2 month supply of single-family homes on the market, up from a 3.5 month supply last year at this point.
If you are considering investing in a home in the Sarasota or Manatee County, Florida area, please call me today at 941.928.3424 now so I can tell you about the many attractively priced Sarasota luxury homes and condos available today on in a wide variety of Sarasota mainland downtown, golf course and waterfront neighborhoods and out on our beautiful barrier islands, Longboat Key, Lido Key, Bird Key, Siesta Key and Casey Key. I would be delighted to introduce you as well to the many, many lifestyle amenities and attractions of the paradise that is the Sarasota Florida Sun Coast.