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Pending Sales Up!


I enjoy staying on top of the real estate markets we service and writing articles in hopes of keeping buyers and sellers in Sarasota and Manatee counties informed. Watching market statistics like inventory levels, pending sales, closed sales, absorption rates, days on market, months of inventory and other metrics help us better serve our clients. Here are two relevant posts I wrote regarding market conditions in Sarasota and Manatee counties for December and January:

 

Why Track Real Estate Inventories and Sales?

Occasionally, I am criticized by other agents/brokers for being too honest and possibly scaring buyers and sellers. I feel like I am just the messenger, regardless if the news is good or bad. This reminds me of a conversation I had about 10 years ago with Sarasota Herald Tribune reporter Michael Braga. He was calling me frequently for comments about the Sarasota real estate market. I asked him why he likes to get my opinions and he said, "because you are honest and don't sugar coat the bad news." ;-)

I am proud to say that I got a few sellers out of the market back in 2005/2006 when the number of homes and condos for sale ultimately quadrupled in Sarasota and prices plummeted. At the time, they felt like they were selling below market value but in hindsight they sold at a very high price. Hiring informed Realtors has it's benefits. 


Sarasota County Homes and Condos in 2005 & 2006




Sarasota County Real Estate Market Update - February 2017 

February 2017 Sarasota Real Estate Market Update

Buyers have even more to choose from in February 2017.  The number of for sale listings was up 19.6% from one year earlier and up 2.5% from the previous month. The number of sold listings increased 1.5% year over year and increased 9.5% month over month. The number of under contract listings was up 11.1% compared to the previous month and up 9.1% compared to the previous year. The Months of Inventory based on Closed Sales is 6.3, up 18.7% from the previous year.

The Average Sold Price per Square Footage was down 5.1% compared to the previous month and the same compared to last year. The Median Sold Price decreased by 2.1% from last month. The Average Sold Price also decreased by 7.2% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a upward trend, an increase of 16.7% compared to the previous year. The ratio of Sold Price vs. Original List Price is 92%, a decrease of 1.1% compared to the previous year.

Property Sales (Sold)

February property sales were 832, up 1.5% from 820 in February of 2016 and 9.5% higher than the 760 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month is higher by 859 units of 19.6%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 2.5% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 11.1% in the pended properties in February, with 1250 properties versus 1125 last month. This month's pended property sales were 9.1% higher than at this time last year.

 

Manatee County Real Estate Market Update - February 2017 

February 2017 Manatee County Real Estate Statistics

February 2017 shows a more neutral market for Manatee county. The number of for sale listings was up 5.1% from one year earlier and up 0.1% from the previous month. The number of sold listings increased 6.8% year over year and increased 14.3% month over month. The number of under contract listings was up 13.6% compared to the previous month and up 3.9% compared to the previous year. The Months of Inventory based on Closed Sales is 5.3, down 1.9% from the previous year.

The Average Sold Price per Square Footage was down 1.8% compared to the previous month and up 5.8% compared to last year. The Median Sold Price decreased by 0.8% from last month. The Average Sold Price also decreased by 2.7% from last month. Based on the 6 month trend, the Average Sold Price trend is "Neutral" and the Median Sold Price trend is "Neutral".

The Average Days on Market showed a upward trend, an increase of 15.2% compared to the previous year. The ratio of Sold Price vs. Original List Price is 93%, a decrease of 1.1% compared to the previous year.

Property Sales (Sold)

February property sales were 631, up 6.8% from 591 in February of 2016 and 14.3% higher than the 552 sales last month.

Current Inventory (For Sale)

Versus last year, the total number of properties available this month is higher by 162 units of 5.1%. This year's bigger inventory means that buyers who waited to buy may have bigger selection to choose from. The number of current inventory is up 0.1% compared to the previous month.

Property Under Contract (Pended)

There was an increase of 13.6% in the pended properties in February, with 883 properties versus 777 last month. This month's pended property sales were 3.9% higher than at this time last year.


Stay tuned for my next blog which will be a market update for the Sarasota luxury real estate market.

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