SARASOTA, FLORIDA, December 22, 2017 – Home sellers in our region have begun preparing for the upcoming 2018 selling season, as seen in the spike of new listings of Manatee and Sarasota homes for sale for the month of October.
Newly listed Sarasota condos for sale increased by 8.8 percent for the month, while October listings of single family homes in the county was up 4.3 percent compared to a year earlier. In Manatee, single family homes listed in October rose 4.4 percent and a 1.8 percent rise was notched for newly available condo units.
The month’s new listings, as could be expected, contributed to gains in home inventories. Manatee’s single family home inventory rose on a year-to-year basis by 3.3 percent, while a 0.7 percent increase was recorded for available condos in the county. October inventory of Sarasota condos for sale rose 2.9 percent, but total stock for single family homes slipped 4.4 percent.
In spite of the spike in new listings and inventories, the Sarasota and Manatee real estate markets remain in sellers’ territory and below the 5.5 months supply of inventory (MSI) indicating a market balanced for selling and buying. Sarasota’s October MSI for condos stood at 4.9 months and 3.9 months for single family homes. Manatee condos’ MSI was estimated at 4.1 months while 4.2 months was recorded for single family homes.
The uptrend in median sales prices in both counties continued in October. Compared with figures a year earlier, Sarasota’s median price of single family homes for the month registered an 18.1 percent increase to $279,000, while an 8 percent gain was notched for condos at $224,000. In Manatee, the median price for single family homes rose 1.5 percent to $285,995 and an 11.4 percent rise to $195,000 was posted for condos.
Total sales for single family homes in the two counties advanced by 2.7 percent from October of 2016, while condo sales dropped by 10.4 percent from last year’s. Sales gains on all residential types could be expected moving onwards to 2018 as Sarasota’s pending sales as of October rose by 8.4 percent for single family homes and by 15.3 percent for condos. In Manatee, the respective pending sales increases noted were reported at 17.7 percent and 5.3 percent.
Significantly, prospective buyers eying mid-priced homes will have plenty of choices, as one of the highest number of new listings coming in go under the $200s‒$300s price bracket. As an added sales push, newly constructed homes in new residential developments count amongst these new mid-priced listings onwards from October.
For a sampling of these choices, one new housing project to go to is the Rapalo development in Venice. Two new listings in this community were recently added to the MLS of Venice homes for sale and priced at the upper $200s. Rapalo’s home choices have floor areas ranging from 1,500 up to 1,830 square feet designed with three to four bedrooms and two baths.
Another promising Venice destination is the IslandWalk at the West Villages, Here, a two-bedroom, two-bath residence also priced in the high $200s and with a floor area of about 1,400 square was listed early this December. There are new listings in the $300s and the $400s price points too in this community, underscoring the vibrant mood of our region’s real estate market moving forward the 2018 selling season.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>