October, 2017 October proves to be a month of recovery from Irma’s impact on the Sarasota and Manatee real estate market. As the market bounces back, sellers prepare for the season, bringing more new listings and pending sales in October 2017.
Closed sales for single-family homes increased by 2.7 percent in the two counties from October of 2016, while condo sales decreased by 10.4 percent from this time last year. According to Chief Economist Lawrence Yun, National Association of REALTORS®, Florida’s strong job, and population growth should guide sales back to pre-storm pace fairly quickly.
Xena Vallone, 2017 President of the REALTOR® Association of Sarasota and Manatee, explains that sales in the area will typically slow around this time, particularly in the condo market, as sellers get their properties ready to list for seasonal buyers.
“A sort of ‘calm before the storm’,” said Vallone. “It’s likely that some, if not most, of October’s sales, are from September’s delayed sales. But, this month’s increase in pending sales indicates that we’re back in business.”
Pending sales are a good indicator of future closed sales. The number of single-family homes that went under contract during the month increased by 17.7 percent in Manatee county and by 8.4 percent in Sarasota County. Condo pending sales also show improvement with a 15.3 percent increase in Sarasota and a 5.3 percent increase in Manatee.
The number of properties put onto the market during the month improved in both counties. New listings for condos increased by 8.8 percent in Sarasota and 1.8 percent in Manatee. Single-family homes put on the market this month also improved with a 4.3 percent increase in Sarasota and a 4.4 percent jump in Manatee.
“Compared to Irma’s impact in September, we saw a combined 75 percent increase in new listings from last month to this month,” said Xena Vallone. “Sellers are playing catch-up and listing their properties for the upcoming season.”
Inventory for single family homes in Manatee County increased by 3.3 percent from last year, while Sarasota decreased by 4.4 percent. Condo inventory improved with a 2.9 percent increase in Sarasota and 0.7 percent increase in Manatee.
The month’s supply of inventory is indicated by the number of months it will take to deplete the current inventory, given the recent sales rates. For Sarasota County, condos are at a 4.9 months single-family homes are at a 3.9 months supply. In Manatee County, condos are a 4.1 month supply, while single-family homes sit at 4.2 months.
Median sales prices continue to show an upward trend, year-over-year. The median price of single-family homes in Sarasota County increased by 18.1 percent to $279,000 while Manatee County increased by 1.5 percent to $285,995. Sarasota condos increased by 8 percent to $224,000. Condo prices for Manatee increased by 11.4 percent to $195,000.
Monthly reports are provided by Florida REALTORS® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
About Realtor® Association of Sarasota and Manatee
The REALTOR® Association of Sarasota and Manatee (RASM) is the largest real estate trade association in Sarasota and Manatee counties, serving over 6,500 members. RASM provides technology, training, networking and business support to members, and supports a healthy real estate market by upholding high professional and ethical standards through a Code of Ethics, ongoing education and certification programs. As the advocate for the real estate brokerage industry, RASM is the Voice for Real Estate® in the Sarasota/Manatee region. For more information, call (941) 952-3400 or visit www.myrasm.com.
September 2017 The Sarasota and Manatee area was mostly unscathed from Hurricane Irma but, real estate sales were hit the hardest. With office closures, reinspections and tight scheduling for new appraisals, September 2017 reports a decrease in closed sales, pending sales and new listings.
Compared to this time last year, combined closed sales for the two-county area decreased by 16.8 percent. September’s decline in sales isn’t an effect of the current housing supply and demand but is directly related to the business and school closures around the storm.
“With Labor Day and office closures, there were 20% fewer business days in September to complete a sale,” said 2017 RASM President, Xena Vallone. “When a storm like Irma comes around, our focus shifts from day-to-day business to the safety of our homes and loved ones.”
This limited business days this month also contributed to a decrease in the number of properties that were put on the market. New listings for single family homes in the two counties decreased by 31.8 percent. Condo new listings decreased by 20.9 percent in the two-county area.
“We typically start to see more listings in September as buyers prepare for season,” said Vallone. “But, when the storm started its path toward Florida, sellers weren’t preparing to list their house, they were preparing to keep it safe.”
While inventory may be slightly down from August, overall inventory does show slight improvement from this time lasSingle-familye family homes in the combined two counties improved by 1.9 percent, while condos increased by 2.9 percent. Inventory supply typically starts to grow in the fall, which brings good news for post-Irma market recovery.
Irma’s arrival also brought fewer shopping days for buyers to select their purchase. New pending sales, or the number of properties that went under contract in the month, decreased in both counties. Sarasota County experienced a 29.8 percent decrease in new pending sales, while Manatee County decreased by 26.2 percent.
Pending sales are a good indicator of future closed sales. With so few pending sales this month, Irma’s impact on closed sales will trickle into October.
Notably, median sales prices are up, an indicator that Florida’s housing market is experiencing a delay, rather than a crash. The median price of single family homes in Sarasota County increased by 8.4 percent to $269,900, while Manatee County increased by 9.3 percent to $295,000. Sarasota condos increased by 11.2 percent to $220,000. Condo prices for Manatee increased by 2 percent to $181,500.
Monthly reports are provided by Florida Realtors® with data compiled from My Florida Regional Multiple Listing Service. For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics.
By Gina White