FOR IMMEDIATE RELEASE - JULY 24, 2017
Realtor® Association of Sarasota and Manatee
Market Continues to Fluctuate
SARASOTA, Fla. (July 24, 2017) - Market statistics for June 2017 show an increase in inventory, median sales prices and the median time to contract. Compiled each month from My Florida Regional Multiple Listing Service, the data also indicates an increase in pending sales and a decrease in closed sales, as compared to last year, for the combined two county area.
Single family home sales are down by 0.4 percent, while condos made a slight increase of 1.5 percent, mostly in Sarasota. Pending sales can be a good indicator of future closed sales. Pending sales increased by 7.9 percent for condos and single-family homes in the two counties combined.
Among a decrease in closed sales and new listings, the Sarasota condo market stands out with a significant 36.2 percent increase in pending sales and a jump in new listings, but a decrease in median price.
Inventory has also shown an increase year over year. When compared to last month, however, inventory showed a decrease. Condos decreased by 6.2 percent from last month and single family homes dropped by 3.6 percent.
"With most sellers aware of the market being a sellers' market, they are testing the waters with higher listing prices," says Xena Vallone, 2017 RASM President. "And now we've been seeing a longer period of time between the listing and the contract."
New listings showed improvement between April and May, but didn't continue in June. This month, condos decreased in new listings by 5.8 percent and single family homes decreased by 3.4 percent.
The time between the listing date and the contract date has been increasing for the last three months. Sarasota condos spent 67 days, while Manatee spent 54 days on the market. For single family homes, Sarasota is at 61 days on the market and Manatee at 47 days.
Median prices also continue to rise. Single family homes in Sarasota are at a median price of $275,000, an increase of 10.9 percent from last year. Manatee single family home prices increased by 4.5 percent to $297,750. Condo prices are up 4.9 percent to $182,500 in Manatee County, but showed a 2 percent decrease for Sarasota County at $215,000.
"An increase in median prices isn't always favorable for a seller," says Vallone. "While they are able to sell their home at a higher price, the challenge is finding a replacement home and at the right price."