May Real Estate

Real Estate


Realtor® Association of Sarasota and Manatee

Inventory and Median Sales Price Remain High
SARASOTA, Fla. (June 22, 2016) – The housing data for May reveals that inventory numbers are rising
along with the mercury for the Sarasota and Manatee two-county area, likely the result of sellers taking
advantage of rising prices. For single family homes in Sarasota County, inventory is up 15.3 percent
from May last year, and up 20.2 percent in Manatee County. Condo inventory is also on the rise in
Sarasota County, up 33 percent, while Manatee County experienced a 17.4 percent increase year-ove
SARASOTA, Fla. (June 22, 2016) – The housing data for May reveals that inventory numbers are rising
along with the mercury for the Sarasota and Manatee two-county area, likely the result of sellers taking
advantage of rising prices. For single family homes in Sarasota County, inventory is up 15.3 percent
from May last year, and up 20.2 percent in Manatee County. Condo inventory is also on the rise in
Sarasota County, up 33 percent, while Manatee County experienced a 17.4 percent increase year-overyear.
The continued decline in the number of distressed property sales (foreclosures and short sales) really
shows the recovery and health of our market. In May, only 5.1 percent of closed sales were distressed,
compared to 15.8 percent for the same month last year, fast approaching the historic average of about 2
percent. Distressed sales for single family homes in the two-county area represented only 5.9 percent,
and distressed condo sales were only 3.5 percent. At their peak a few years ago, 48 percent of all sales
were distressed.


“Home prices are rising, and we are seeing homeowners who were previously on the fence entering the
market. In fact, we have recently seen a 34.6 percent increase in inventory for listings between $250,000
and $600,000 compared to last May,” said Linda Formella, RASM President. “With the significant bump
in inventory, buyers have more options to choose from, but we are still seeing multiple offers below that
price,” Formella added

.
The median sale price rose year-over-year across the board for both counties. Single family median sales
prices are up 14.6 percent in Sarasota County to $263,000, while Manatee County experienced a 7.0
percent jump to $275,000. Condo prices are also on the rise. The Sarasota County condo median sale
price rose 4.3 percent to $218,975, and Manatee County likewise witnessed an increase of 4.2 percent in
condo sales price over last year, to $166,750.


Total single family closed sales in Sarasota County reached 753 for the month of May, up 2.7 percent
from last month and down just slightly, 3.7 percent, from last year. Manatee County single family homes
sales rose 13 percent from last month to 603 total sales, and down slightly, just .3 percent from May last
year. Sarasota County condo sales decreased 1.3 percent from last month, closing at 377 total sales, and
down 5.5 percent from last year’s figures at this time. Manatee County condo sales are down 18.3 percent
from last month, closing at 250 total sales for the month, and up 12.6 percent over last year.