Sarasota Real Estate Sales Remain Brisk as More Properties Come on the Market
The Sarasota - Manatee County real estate market, continuing a trend we have seen recently, is becoming more and more favorable to potential buyers as more homes and condos come onto the market. At the end of April, the inventory of available single-family homes in Sarasota County was higher by 8% and in Manatee County higher by 14.2% than at this point a year ago.
Similarly, the inventory of condominiums for sale has risen by 25.5% in Sarasota County and by 19.8% in Manatee County from this same point last year. There were 4,256 properties for sale in Sarasota County and 3,060 for sale in Manatee County.
Even as more homes and condos came on the market, sales of homes remained at a brisk pace. the average property in the two counties in April sold in 64 days at 96% of the asking price. The total number of single-family homes closed in April in Sarasota and Manatee County was 1,267 in April, (733 in Sarasota County; 534 in Manatee County). Sarasota County sales were down slightly by 4.2% from last month and down 7.3% from April, 2015. Manatee County single-family homes sales rose slightly by 2.3% from last month, but down just under 1%, from April last year. Condo sales totaled 750 in the two counties (411 in Sarasota County and 339 in Manatee County) Sarasota County condo sales increased by 4.9% from last month, but down 11.8% from last year at this time while Manatee County condo sales rose by 12.1% from both last month and last year.
The supply of homes and condos available for purchase in the two-county area ranged from 4.5 to 5.4-months of inventory at the end of April. A 6-month supply, assuming sales were to continue at the current pace, is considered the benchmark for a balanced, and therefore healthy, real estate market. More than a 6-month supply tends to indicate a buyer’s market whereas a supply of less than 6-months is considered to favor the interests of sellers. While the current supply a bit below that 6-month benchmark technically favors sellers, the consistent increase in inventory we have seen over the past few months means that the Sarasota real estate market is returning to a more balanced market between the interests of buyers and sellers. And, that is definitely good news for those considering buying a property in this market.
President of the Realtor’s Association of Sarasota & Manatee County, Linda Formella, noted that homes priced under $300,000 continue to sell at a brisk pace and this trend is likely to continue. There is a high demand for quality, affordable housing throughout the area." "But," she added, "even in the upper end of the market, we are seeing an uptick in home sales. Eighty properties with prices of $1 million or more closed during the month of April, significantly more than we saw in April last year. Waterfront homes and condos especially those on Siesta Key and Longboat Key are selling very well extending the usual peak period into the normally slower summer months."
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