Here’s the latest Real Estate stats for Sarasota and Manatee county regarding the 2017 market. I previously posted a 2018 outlook based on national statistics from 2017 and as promised, here is similar information that is locally focused. December 2017’s combined numbers in Sarasota and Manatee counties show an increase in closed sales, median sales price and pending sales over December 2016.

Key points

  • Closed single home sales in Sarasota county are up by 3.6%, Manatee county are up by 4.1%
  • Pending single home sales in Sarasota county are up by 4.3%, Manatee county are up by .5%
  • Median sales prices of single family homes in Sarasota increased by 4 percent to $275,000 and in Manatee county increased by 11.4 percent to $317,500.
  • Sarasota single family home inventory decreased by 8.4 percent, Manatee county increased by 1.2 percent.
  • Read below for condo statistics.

Closed Sales

Overall, closed sales in December showed an increase from December of 2016. Closed sales for
single family homes in Manatee County increased by 4.1 percent to 511, Sarasota County
increased by 3.6 percent to 639. Sarasota condo sales increased by 9.7 percent to 327, Manatee
condo sales increased by 0.5 percent to 221.

“Compared to other months throughout the year, December will typically show more closed
sales and less pending sales,” said Greg Owens, 2018 President of the REALTOR® Association
of Sarasota and Manatee. “Buyers are closing out their major purchase for the year, while sellers
ready their property for season.”

Pending Sales

Pending sales are indicated by the number of listed properties that went under contract during the
month. Manatee single family homes increased by 0.5 percent in pending sales, while Sarasota
increased by 4.3 percent. Condo pending sales show improvement in Sarasota with a 26.1
percent increase, however, Manatee County condo pending sales decreased by 9.2 percent.

Median Sales Price

Median sales prices continue to grow. Single family homes in Manatee increased by 11.4 percent
to $317,500, while Sarasota increased by 4 percent to $275,000. Sarasota condo prices increased
by 15.2 percent to $250,000. Manatee condos increased by 5.4 percent to $195,000.

“Sarasota condos continue to show a significant increase in dollar volume with a 64 percent
increase from last year,” said Owens. “Overall, the sales volume is up across the board,
indicating the continuation of a solid market in both counties.”

Inventory

Inventory for single family homes in Manatee County increased by 1.2 percent from last year,
while Sarasota decreased by 8.4 percent. Condo inventory experienced a 3.3 percent increase in
Sarasota, while Manatee decreased by 2.1 percent. As for month’s supply of inventory,
properties remain in a sellers’ market. Sarasota condos are close to a balanced market with a 5.3-
month supply, while Manatee condos are at a 4.5-month supply. Manatee County single family
homes are at a 4.2-month supply and Sarasota single family homes are at a 4.1-month supply.

New listings, or the number of properties put onto the market during the month, showed a
decrease in December as buyers wait to list their property for the upcoming season. Combined in
the two counties, new listings showed a 28.3 percent decline from last month, as well as a 12.9
percent decrease from last year.

Distressed Sales Down Again

With fewer and fewer distressed sales, the market is healthy and median sales prices stay up. In
December 2017, distressed sales for single family homes and condos in both counties
experienced a 27.1 percent decrease from December of 2016. Respectively, the traditional sales
(non-distressed) in the two-county area experienced an increase of 5.9 percent. According to a
recent report from ATTOM Data Solutions, foreclosure filings in the U.S. dropped to the lowest
level since 2005.

 

The information in this report was taken from the monthly report provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service.

2018-01-29T15:10:27+00:00 January 29th, 2018|Buyers, Finance, Home Prices, Sellers|Comments Off on 2017 Market Closes with More Sales and Rising Prices in December

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