Inventory and Median Sales Prices Continue to Climb

SARASOTA, Fla. (May 26, 2016) – April’s housing statistics show that our current trend is continuing as inventory of available properties rose in both counties. For single family homes in Sarasota County, inventory is up 8 percent from April last year, and up 14.2 percent in Manatee County from last year. Condo inventory is also on the rise in Sarasota County, up 25.5 percent from last year, while Manatee County experienced a 19.8 percent increase year-over-year.

The months’ supply of inventory in the two-county area remains in the range of 4.5 to 5.4 months’ inventory this year, compared to a range of 4.2 to 4.5 months at this time last year. This statistic reflects the time it would take to sell all the active listings on the market at the current month’s rate of sales. Six months is traditionally considered the benchmark for a balanced market; anything higher is considered a buyer’s market and anything lower is a seller’s market. So while the months’ supply is on the rise, it is still a seller’s market. However, the rise in inventory is very encouraging sign that we are returning to a balanced market.

“We continue to see an inventory increase in our area, which is great because there are more options for our homebuyers,” said Linda Formella, RASM President. “Homes priced at $300,000 and under continue to sell at a quick pace, and this trend is likely to continue. There is a high demand for quality, affordable housing. In the upper end of the market we are seeing an extended buying season in our two-county area, with 80 properties closed in April with prices of $1 million plus, significantly higher than last year.”
The median sale price rose year-over-year across the board for both counties. Single family median sales prices are up 12.6 percent in Sarasota County to $250,000, while Manatee County experienced an 8.9 percent to $279,300. Sarasota County condo median price rose 13.9 percent to $218,000, and Manatee County likewise witnessed a significant increase of 14.1 percent in condo sales price over last year, to $165,500.

Total single family closed sales in Sarasota County reached 733 for the month of April, down only 4.2 percent from last month and down 7.3 percent from last year. Manatee County single family homes sales rose 2.3 percent from last month to 534 total sales, but down slightly, just under 1 percent, from April last year. Condo sales fluctuated, with Manatee County up 12.1 percent from both last month and also last year. Sarasota County increased 4.9 percent increase from last month, but was down 11.8 percent from last year’s figures at this time.

The total number of closed distressed property sales (foreclosures and short sales) in April this year was 63.7 percent lower than last April. That significant drop is a great sign of a healthy market. Distressed sales for single family homes in the two-county area represented only 7.58 percent of all closed sales for the month, compared to 19.7 percent last year. Similarly, distressed condo sales represented 2.62 percent of closed sales, compared to 7.37 percent last year. At their peak a few years ago, 48 percent of all sales were distressed.

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