Fewer Distressed Sales Indicate a Healthier Market

Market Trends

Fewer Distressed Sales Indicate a Healthier Market

Realtor® Association of Sarasota and Manatee

Fewer Distressed Sales Indicate a Healthier Market
SARASOTA, Fla. (September 22, 2016) – Sales of distressed properties in the two-county area continued
to decline in August, down 53.9 percent from the same month last year. Distressed sales in August
comprised only 5.8 percent of total sales compared to 12.8 percent last August.


Closed sales of single family homes and condos combined are up only slightly, 1.8 percent ahead of last
August. But a closer look at traditional sales (non-distressed properties) reveals a 9.9 percent increase
over the same month last year.


“This is an important fact to note,” says 2016 RASM President Linda Formella. “The sharp decrease in
distressed sales has resulted in fewer sales, it is overall a much healthier market than last year because
there are fewer distressed properties.”


Pending sales in Manatee and Sarasota showed an improvement from last month. For single family
homes, pending sales increased between July and August of this year, reversing the downward trend that
started in May in both counties. Ten percent more single family homes went under contract this month
compared to July in Sarasota County, and Manatee County experienced a 9.3 percent increase. Pending
condo sales, however, continued on a downward trend that started in April after seasonal residents left the
area, but were only just under 3 percent lower than July’s pending condo sales.


“Pending sales are a good indicator of potential future closed sales,” says Formella. “And while 2016
doesn’t compare with the record breaking year in 2015, the increase, if continued through the end of this
year, should bring more closed sales to both counties.”


The inventory of properties for sale is up significantly from last year at this time, about 22 percent.
Single family homes in both counties experienced a 17.6 percent increase in inventory, while condos
showed a 32.9 percent increase. Sarasota maintains a 5.1 months’ supply of condos, while Manatee
reflects a 3.8 months’ condo supply. As for single family homes, Sarasota has a 4.1 months’ supply and
Manatee is at a 4.2 months’ supply. A seller’s market is indicated by this figure remaining under the sixmonth
benchmark.


Median prices continue to rise from 2015 to 2016. The median price of single family homes in Sarasota
County shows a 7 percent increase from $237,000 last year to $253,000. Manatee had a 1.89 percent
increase from $265,000 to $270,000. However, the median prices for Sarasota County condos decreased
1 percent from $220,000 to $217,750. Manatee condo median price rose from $155,000 to $165,000, a
6.5 percent increase.
Editor’s Note: For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics
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About Realtor® Association of Sarasota and Manatee
The Realtor® Association of Sarasota and Manatee (RASM) was formed on January 1, 2015 with the
merger of the Sarasota Association of Realtors® and the Manatee Association of Realtors®, two longstanding
real estate trade associations with a century of histories in the region. The organization exists to
serve its members, business partners and advocates for real estate efforts in the community. Realtors®
subscribe to a strict code of ethics and have access to numerous services and programs to enhance their
professionalism. Educational programs and seminars help members gain new skills and professional
designations as well as providing opportunities for networking and making a difference in the world of

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