Great Real Estate News for Manatee and Sarasota Counties!
2016 is a great year for real estate in Sarasota and Manatee Counties
Sarasota and Manatee counties are known for their friendly natives, stunning natural beauty, and sunny weather; well, in 2016 we’re going to be known for perfect real estate conditions, too. The statistics are out, and it is great news for both buyers and sellers down here in Florida. Not only are we on our way towards equilibrium in the market, there is great news regarding the market’s health and the safety of homeowners. It doesn’t get much better than this!
Available properties are on the rise
Both counties have seen a marked rise in available properties, which shows great promise for buyers looking to find the perfect place to settle down. Here’s a look at some of the numbers:
- Single family home inventory in Sarasota County is up 5.6%
- Single family home inventory in Manatee County is up 5%
- Condo inventory is up 22.1% in Sarasota County
- Condo inventory is up 21.5% in Manatee County
Manatee and Sarasota County real estate is almost balanced
The industry likes to measure the inventory of available properties in terms of the months it would take to sell. When the available inventory would take 6 months to sell, the market is considered balanced between buyers and sellers. The month’s supply in the counties has hovered in the range of 5, which is an improvement over last year. While it is still a seller’s market, we are much closer to being balanced than in recent years.
The market is healthy
One benchmark that is used to determine the health of the market, and really the economy in general, is the rate of home sales. Both counties have seen a rise in single family home sales over last month. Not only is that encouraging because of more sales, but the price that the homes sold at is also encouraging. The average price in both counties experienced increases in average home sale price. So more homes are being bought and for more money!
Fewer distressed sales
When someone is in distress like foreclosure, they are often forced to sell their home. It’s not pleasant to think about, but it is a reality. The distressed sale rate in both counties was nearly halved over last year’s rate. Great news for our neighbors and great news for the market in general.
In terms of real estate, this year has proven to be a better year overall in both counties. The market is nearing equilibrium, it is getting healthier, and more people are keeping their home. That’s great news for real estate in Manatee and Sarasota Counties. There is no better time to get in on the action then now.