The results show that our area is poised for another potential record-breaking year in 2015 for real estate sales. Even with a severe inventory shortage, sales didn’t waiver in June as closed transactions pushed into near-record territory with median sale prices rising in both counties.
Year-over-Year Comparisons
Inventory Shortages
Sarasota County – down 16%
Manatee County – down 6%
Residential Sales in June 2015
Sarasota and Manatee Counties – 2,000+ 12.9% increase
Single Family Median Sale Prices
Sarasota County – up 17.9%
Manatee County – up 3.6%
Condominium Median Sale Price
Sarasota County – up 7.7%
Manatee County – up 4.9%
Median days on Market
June 2015: 43 and 57 days
June 2014: 55 to 66 days
Supply of inventory remains well below the 6-month level that defines a market in equilibrium between buyers or sellers. This means sellers remain firmly in command, based upon that market statistic, which is also reflected in the rising median sale prices and lower average days to closings.
Pending sale numbers indicate that our market will continue to experience high sales volume as well as median sale price increases, however the inventory shortage will remain a key concern for this fall.
If you are considering selling, now might be a good time to discuss your options and know your home’s value in today’s ever-changing market.
