As 2016 Ends, Things are Looking Up for Buyers
Sarasota Florida area real estate displayed something a bit odd in December but at the same time, a positive note for those considering buying a home or condo here during the "snowbird" season. There was a big increase in condominium and townhome sales in both Sarasota County and Manatee County compared to December 2015. Sarasota County saw a 12.5% increase in condo and townhome sales while Manatee County saw a 7.8% increase. On the other hand, single-family sale closings were down from the rate in December last year. Sarasota County single-family home sales dropped by 6.1%, while Manatee County experienced an 8.2% decrease.
While real estate sales were posting mixed results as the year 2016 ended, we also saw a significant increase in the inventory of homes, condos and townhomes available for sale in both counties over the level at the end of 2015. Condo and townhome inventories increased by 30% over the inventory available at the end of last year. The inventory of single-family increased over the end of 2015 level by 18%. The supply of available properties continues to rise toward a balanced market which favors neither sellers or buyers. Sarasota condos hit a near-balanced level of 5.5 month supply compared to the standard definition of a balanced market which is a 6 month supply. Single-family homes also moved toward balance with a 4.5 month supply. Manatee County also moved toward balance with a 4.4 month supply of condos and townhomes and a 4.1 month supply of single-family homes.
This increase in available inventory is a positive signal for those considering buying a property. The larger supply of available properties tends to stabilize prices and reduces the probability that buyers will face competing offers for the property they want to buy. A further bit of good news for prospective buyers of a condo or townhome is the fact that, while the median price of a single-family home was up in both counties, the median condo price in Sarasota was actually down by 1.1% while Manatee County experienced a very modest 3.8% increase to $185,000 over the December 2015 level.
In summary at the end of 2016, the Sarasota real estate market is less hectic and more more healthy. If anything, it is becoming more favorable to those considering buying a home or condo during this winter season.
If you are considering investing in a home, condo or townhome in warm and sunny Florida any time soon for your retirement now or as a home you’ll use seasonally until you do retire, may I suggest you seriously consider making that investment now in the Sarasota Florida area with its almost constant sunshine and light breezes and where you’ll find the friendliest people you will find just about anywhere.
Call me please at 941.928.3424 for information about any home, condo, townhome or neighborhood you've read about or seen here on my website. It would be my pleasure to help you find the Sarasota luxury home or condo of your dreams here in Sunny Sarasota Florida.