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Dec. 22, 2020

November 2020 Real Estate Trends

Strong Sales Growth Continues Through November

Sales of Condo/Townhouse Properties in Manatee County grew by almost 60% while Months Supply of Single Family Homes fell by 50%.

Sales of Single Family Homes in both counties continued to grow at a rapid pace in November.  Manatee County saw 717 units sold representing an increase of 40.3% over the same period last year.  Sarasota County was not far behind with 850 units closed during the month, exceeding last year's sales by 36.7%.

But the positions were reversed as in regards to pricing.  In Sarasota County reported the reported Median Sale Price skyrocketed to $349,695, an increase of 19.0% over 2019 and bringing Single Family Homes prices on par with Manatee County.  Prices in Manatee County did increase by 7.2% over November 2019 to $350,500.  

Discounting decreased in both counties as well.  The Median Percentage of Original List Price Paid was 98.4% and 98.1% in Manatee and Sarasota Counties respectively.  We have not seen this level of nearly absent discounting for quite some time in these markets.

Sales Velocity continued to grow as well.  Homes were listed in Manatee County for just 19 days in the aggregate and 15 days in Sarasota County.  

Inventory remains grim however.  While the number of New Listings increased by 4.2% in Manatee County, New Listings fell by 6.5% in Sarasota County during this period.  The number of Active Listings at the end of the month saw this value decrease to a startling 46.2% in Manatee County and 46.8% in Sarasota County.  These results have played havoc with the Months Supply of Inventory as this key measure fell by 51.5% and 50.0% in Manatee and Sarasota Counties respectively, keeping the market in both counties in a Sold Out condition.

You can review the full reports by clicking on the appropriate graphic.

Dramatic Increase in Condo/Townhouse Sales

The market for Townhouses and Condos enjoyed phenomenal growth in both counties during November.  Manatee County saw 332 units close for a startling increase of 58.9% over the same period last year.  While not as dramatic, Sarasota County reported  442 units closed a increase of 34.8% over November of 2019.

Manatee County also saw nearly 50% of these sales paid for in cash, an increase of 77.4% over the same period last year.  While 204 units were Paid in Cash on Sarasota County during the period, this represented only a 12.7% increase over November of 2019.

Price increases were moderate in both Counties with the Median Sale Price in Manatee County reported at $237,250 (an annual increase of 10.3%) and $271,999 in Sarasota County, up 13.3% from last year.  Sales velocity was flat however in both Counties compared to November 2019.

New Listings fell moderately in both Counties with decreases of 14.3% and 13.2% in Manatee and Sarasota Counties respectively.  And the total of Active Listings fell by 35.4% in Manatee County and 31.5% in Sarasota County during this period.

As expected, the Months Supply of Inventory continued a downward spiral during November.  This keay measure now stands at only 2.3 months and 2.9 months supply in Manatee and Sarasota Counties respectively reinforcing that both of these are strong sellers' markets.

Remember you can review the full reports by clicking on the appropriate graphic.

Enjoy the Holidays!

We see these trends continuing during December.  Next month we will provide the final results of 2020 with an outlook for the year ahead.  But in the meantime, we wish you, your family and friends a Happy Holiday, a very Merry Christmas and best wishes for a Happy New Year!

 

 

 

Nov. 24, 2020

October 2020 Real Estate Trends

Manatee County Single Family Home Sales post gains of nearly 50% during October.  Inventory fell by over 40% during the same period.  

Single Family Homes were selling between 18-21 days.

Single Family Home Sales grew dramatically in both Manatee and Sarasota County with healthy gains in Condo/Townhouse as well.  But inventory continues to dwindle which puts upward pressure on prices.

Manatee County leads the way!

766 Single Family Homes were closed in Manatee County during October representing an increase of 48.4% over the same period last year.  While Sarasota County recorded more closings (929 during October), the increase over October 2019 was only 30.1%, still a very healthy rate of growth.

Prices grew strongly during the pmonth as well.  The Median Sale Price of Single Family Homes in Manatee County was $360,000, up from $326,000 last year for an increase of 10.4%.   Price increases were even more dramatic in Sarasota County during October with the Median Sale Price coming in at $345,000, an increase of 20.2% over October 2019.  

Discounting was reduced dramatically.  The Median Percentage of Original List Price Received was 98.2% and 97.8%,  in Manatee and Sarasota Counties respectively.  These are the highest percentages seen this year and indicates upward pricing pressure.

Single Family Homes were also selling at a record pace during October.  The Median Time to Contract in Manatee County was just 18 days!  That's a decrease of 58.1% over October 2019.  Single Family Homes sold nearly as quickly in Sarasota County during this time, with the Median Time to Contract reported as only 21 days...a decrease of 44.7% over the same period last year.

But as one would expect with these great sales results, inventory continued to fall during October.  In Manatee County the number of Active Listings fell by 42.4% to just 1,063 units.  Similar results were seen in Sarasota County during this period with just 1,496 Active Listings, a decrease of 40.0% over October 2019.

The Months Supply of Inventory in both counties continue to point towards a sold-out condition.  Manatee County reports a 2.0 Months Supply on hand, a decrease of 42.9% over October 2019.  Sarasota County posted a 2.0 Month Supply of Inventory for a 42.9% decrease over last year.

You may review the full reports by clicking on the appropriate graphic.

Condo/Townhouse Properties enjoyed an early start to their selling season.

Sales of Condos and Townhouses were strong across both counties during October, signaling an early start to the traditional selling season for these property types.

292 Condo/Townhouse properties closed in Manatee County during the month, an increase of 39.0% over October 2019.  Sarasota County saw 423 of these properties close during October for an increase of 29.0% over the same period last year.

Prices grew dramatically in Manatee County.  The Median Sale Price of Condos and Townhouses was $255,000, a healthy 34.2% over prices paid last October.  While not as dramatic, Sarasota County also posted nice gains of 18.7% over prices paid last year. 

Sales velocity was a bit slower than Single Family Homes however.  The Median Time to Contract was 41 days in Manatee County which represents an 8.9% decrease over the same period last year.  This same statistic in Sarasota County was 45 days, a dramatic decrease of 28.6% over October 2019.

Inventory fell significantly in both counties during the month.  The Number of Active Condo/Townhouse Listings in Manatee County was only 650 units, down 27.1% from October 2019.  Sarasota County had similar results with only 1,184 Active Listings representing a decrease of 22.8% over the same period last year.

Translating these results into Months Supply paints a rather grim picture.  As of the end of October, there exists only a 2.6 month supply on hand in Manatee County.  Sarasota is little better with only a 3.2 month supply on hand of these property types.  So like the Single Family Home market, these markets are also very constrained.

Here again, you can view the full reports by clicking on the appropriate graphics.

Happy Thanksgiving!

Markets are dynamic and require close scrutiny in order to maximize returns.  But this week, we should turn our attention to those closest to us and give thanks for our many blessings.  Enjoy your Thanksgiving Holiday.

Oct. 28, 2020

September 2020 Real Estate Trends

Manatee and Sarasota Counties post strong sales across all property types during September.

Sales of Single Family Homes grew dramatically in both counties during September.  But the increase in Condo/Townhouse properties far exceeded this growth.

Single Family Home Sales Velocity dramatically increased while Inventory continued to tighten

Sales of Single Family Homes in Manatee County grew by 31.4% over the same period last year.  707 units were sold during the month but was surpassed by the 880 units posted in Sarasota Country during this time.  This represented a 27.7% over September 2019.  Median Sale Prices grew in both counties with increases of 11.1% and 6.9% reported in Manatee and Sarasota Counties respectively.  The Median Sale Price in Manatee County was $350,000, up from $315,000 reported in September 2019.  In Sarasota County the Median Sale Price came in at $318,500 versus $298,000 from last September.

Discounting was curtailed in concert with higher Median Sale Prices.  The Median Percentage of Original List Price Received for Single Family Homes in Manatee County was 97.6%, an increase of 1.1% over last year. Sarasota County posted similar behavior with Single Family Homes selling for 97.3% of asking price, an improvement of 2% over September 2019.

But it was in Sales Velocity where the most dramatic results were realized.  The Median Time To Contract in Manatee County fell from 43 days last year to just 23 days last month, that's a drop of 46.5%!  Sarasota County had similar results with the Median Time to Contract plummeting from 49 days in 2019 to just 24 days during September 2020, a whopping decrease of 51%.

Inventory continued to tighten during the month.  Both counties posted strong increases to New Listings with Manatee County adding 695 new properties (an increase of 18.4%) and Sarasota County added 940 New Listings for an increase of 25.3% over September of last year.  However, these increases were easily absorbed by the strong demand currently driving the market.  Consequently, despite these healthy increases in new listings, inventory dramatically fell in both counties.  The number of Active Listings fell by 40.3% in Manatee County and by 36.2% in Sarasota County during September.  The effect of these decreases can best be illustrated by the change in Months Supply of Inventory.  As of the end of September, there is only a 1.9 and 2.1 Months Supply of Inventory on hand in Manatee and Sarasota Counties respectively.  This puts the inventory condition in both counties as nearly sold out!

You may view the full reports by clicking on the appropriate graphic. 

The Condo/Townhouse Market kicks into high gear!

Wow!  Sales of Townhouse/Condo properties in Manatee County nearly doubled during September where 314 units were sold marking a 73.5% increase over the same period last year.  These results are so dramatic that there is a possibility that they may be due to reporting errors.  But Sarasota County wasn't far behind as 426 units were sold during September of an increase of 35.2% over September 2019.  Pricing increased moderately in both counties.  The Median Sale Price for these property types in Manatee County was $220,000 (an increase of 10.6%) and in Sarasota County was $252,240, an increase of 8.7%.

Sales Velocity was strong in this market was well.   The Median Time to Contract for these property types in Manatee County was 44 days, down from 72 days reported in September of 2019 for a decrease of 44.4%.  Sarasota County was not as dramatic where the Median Time to Contract was reported as 43 days, a decrease of 20.4% over the same period last year. 

New Listings increased moderately in both counties during September.  There were 303 New Listings in Manatee County during September an increase of 13.5% over the same period last year.   Sarasota County added 455 listings of Condo/Townhouse properties in September for an increase of 15.5% over September of last year. 

The effect of these new listings had a negligible effect on Inventory however.  The total number of Active Listings in Manatee County was down 14.8% from September 2019 and Sarasota County saw a decrease of 13.7% in this key measure.  

The Months Supply of Inventory fell moderately in both counties during the month.  Manatee County reported only a 2.9 Months Supply of Condos and Townhouses during the month while Sarasota County reported only a 3.5 Months Supply.  These results characterize the markets for these property types in both counties as a strong Sellers Market.

Remember, you can view the full reports by clicking on the appropriate graphics.

Benefitting from today's market

Increasing Sales Velocity and tightening inventory puts a lot of pressure on buyers.  This is offset however by the extremely attractive mortgage rates currently being offered.  We have seen rates well below 3.0% on 30 year fixe rate mortgages, massively increasing buying power.  And sellers can clearly benefit from the increasing home values.

So if you are interested in learning how you can best take advantage of today's market, give us a ring today at (941) 799-1234.  We will be happy to work on a real estate plan that achieves your goals.

Sept. 29, 2020

August 2020 Real Estate Trends

Townhouse/Condo sales experience explosive growth in August.  Single Family Home inventory levels approach new lows.

Sales of Single Family Homes in Manatee and Sarasota Counties lag Townhouse/Condo sales.

Moderate Growth in Single Family Home Sales

Sales of Single Family Homes grew moderately in Manatee County during August where 713 units were sold, up from 654 units the previous year representing a 9.0% increase.  Results in Sarasota County were slightly higher with 867 units sold during the month, posting a 12.7% increase over August 2019 when only 769 units were sold.  Prices grew moderately with the Median Sale Price in Manatee County increasing a healthy 13.6% to $360,000.  Sarasota County wasn't far behind with the Median Price Paid during August was reported as $330,000, an impressive 17.9% increase over last year.

Discounting was less prevalent as well in both counties with the Median Percentage of Original List Price Received reported as 97.4% and 97.6% in Manatee and Sarasota Counties respectively.

But the big news was seen in the sales velocity.  The Median Time to Contract for Single Family Homes in Manatee County last month was only 30 days, down from 42 days during the same period last year for a decrease of 28.6%.  The increase in velocity was even more dramatic in Sarasota County where Single Family Homes sold 41.2% faster in August of 2020 than during August of 2019.

Perhaps in response to these recent strong sales results, and bolstered by historically low mortgage rates, new listings increased dramatically in both counties during August.  Manatee County saw 725 New Listings in August, a 9.2% increase over August 2019.  Sarasota County had an increase of 15.3% over last year with 960 new units coming onto the market last month.

But supply continues to lag demand.  The total number of Single Family Home Active Listings in Manatee County dropped by 34.9% during August to only 1,183 units.  Sarasota County experienced similar results with the number of Active Listings falling by 33.3% over August 2019 to only 1,577 units.  The corresponding Months Supply of Inventory fell to new lows as well to only 2.1 and 2.2 months supply on had in Manatee and Sarasota Counties respectively.  The results put the market for Single Family Homes in both counties in a near sold out position and an exceptionally strong sellers market.

You can view the full reports by clicking on the appropriate graphic.

Sales of Condo/Townhouse properties in Manatee County grew by more than 50%

Wow!  After languishing behind Sarasota County for months on end, Manatee County experienced a dramatic 54.2% growth in Townhouse and Condos sales during August, more than doubling the rate of increase in Sarasota County.  But Condo/Townhouse property sales did increase in Sarasota County by a healthy 20.6% over the same period last year.

Prices remained firm in both counties during this period.  The Median Sale Price of Condo/Townhouse Properties in Manatee County was $233,000, an increase of 8.8% over August 2019.  The Median Sale Price paid in Sarasota County for these property types was $249,495 an 8.0% increase over the same period last year.  But discounting increased slightly in Manatee County where the Median Percentage of Original Price Received fell by .2% to 95.6%.  The opposite result was seen in Sarasota County during this time where the Median Percentage of List Price Received increased by 1.7% to 95.8%.

Another discrepancy was seen in sales velocity.  The Median Time to Contract of these property types decreased by 8.0% in Manatee County to 46 days.  But this result was even more dramatic in Sarasota County for the period with this statistic falling by a whopping 42.0% to 47 days.  This may have been a result of issues seen in Sarasota County during August of last year however. 

New Listings did increase in both counties during this period.  There were 334 (an increase of 38.6% over last August) and 422 (an increase of 21.3%) in Manatee and Sarasota Counties respectively.  But even with this increase, the inventory level of Condo/Townhouse properties decreased slightly (5.2% in Manatee County and 8.0% in Sarasota County).

Overall however, inventory remains constrained.  During August the Months Supply of Inventory in Manatee County was 3.3 months, a decrease of 8.3% over last year.  Constrained inventory was even more evident in Sarasota County with a decrease of 15.9% over August of 2019 to a 3.7 Months Supply of Inventory.

Here again you can view the full reports by clicking on the appropriate graphic.

It's worth repeating:  "Sell High, Buy Higher!"

With the rates for 30-year fixed rate mortgages now hovering below 3.0% it is a terrific time to "trade up".  With these new low rates, and historic price increase on existing home sales, most buyers could conceivably sell their current home and buy a bigger one and still save on the monthly mortgage payment!  So if you are considering a change, we urge you to give us a ring today at (941) 840-2265.

Aug. 28, 2020

Summertime Treat for Local Car Enthusiasts

Golf Lakes - a great collection of Classic Cars

Earlier this year we had the pleasure of attending the Classic Car Parade and Show at Golf Lakes in Bradenton.  We met some of the nicest folks we had ever encountered at a car show.  And the food was terrific!  But the onset of the Covid-19 pandemic totally disrupted our plans to publish the many photos we captured at this wonderful event.  Our vendors' operations were adversely affected by the subsequent shutdown so we were never able to get them printed. 

With the majority of car shows being cancelled due to the pandemic, we thought we would share these photos to brighten your day and to take your mind off the heat!  To view the pictures, simply click this link.  

We do hope you enjoy the photos.  And please be sure to share this link with your fellow Classic Car enthusiasts!

Posted in Events
Aug. 25, 2020

July 2020 Real Estate Trends

Real Estate Markets in Manatee and Sarasota Counties in Full Recovery Mode during July

Sales of all property types in both Manatee and Sarasota Counties rose significantly last month.  Prices increased modestly while Discounting decreasing slightly.  Sales velocity generally picked up in both counties during this period.  But most significantly, Inventory levels have fallen to drastically new low levels during this same period.

Single Family Home Sales Post Healthy Gains

Sales of Single Family Homes in Manatee County grew by 26.7% over July of 2019 posting sales of 774 units.  Sarasota County was not far behind with a handsome increase of 21.9% with 978 units being sold.  Pricing grew as well with the Median Sale Price of Single Family homes reported as $358,963, a 10.5% increase over last year.  Sarasota County saw price gains as well with the Median Sale Price coming in at $327,250, an increase of 12.8% over the same period last year.

Discounting moderated in both counties with the Median Percentage of Original List Price Received increasing by a mere .9% in Manatee County to 96.8% and only .8% in Sarasota County where prices paid were 96.3% of Original List Price.

Sales Velocity increased dramatically in both counties during July.  The Median Time to Contract in Manatee County was just 37 days, down from 53 days last July representing a decrease of 30.2%.  Similar results were seen in Sarasota County with properties remaining on the market on 41 days, down from 58 days in July of 2019, a decrease of 29.3%.

But it is inventory that continues to hold sway over the markets.  The number of Active Listings dropped precipitously in Manatee (30.2% decrease) and Sarasota (34.0% decrease) Counties.  But the decrease in inventory can only be fully appreciated by translating these results into Months Supply of Inventory.  Doing so reveals that the number of Single Family Homes currently listed represents only a 2.3 month supply in Manatee County and a 2.4 month supply in Sarasota county.  This means that the supply of existing Single Family Homes in both counties is nearing a Sold Out position.

You can review the full reports by clicking on the appropriate graphics.

Sales of Condos and Townhouses Post Strong Results

Surprisingly, Sales of Condo/Townhouse properties in Sarasota County outstripped the pace of Single Family Homes during July.  Sarasota County recorded 398 units sold during the period, an increase of 30.5% over last July.  Manatee County saw far less activity with only 276 units sold, but this still accounted for a healthy 16.5% increase over July of 2019.

Prices increased modestly during July as the Median Sale Price for these property types was $220,000 in Manatee County, an increase of 15.2% over last year.  The Median Sale Price in Sarasota County was $240,000 and represented an increase of 7.1% over last year.  Discounting also moderated here with the Median Percentage of Original List Price Received rising by.7% and .6% in Manatee and Sarasota Counties respectively.

But Sales Velocity was a mixed picture for these property types during July.  The Median Time to Contract rose in Manatee County to 64 days, up from 57 days last year, a 12.3% increase.  But the pace was faster in Sarasota County with the Median Time to Contract decrease by 6.3% over July of 2019 to 74 days.

Decreases in available inventory was also prevalent for the Condo/Townhouse properties during July.  Active Listings fell by 4.0% in Manatee County to just 799 properties while Sarasota County reported a drop of 11.5% of these property types.  While not as dramatic as Single Family Homes, the Months Supply of Inventory dropped to new lows with Sarasota County posting only a 4 month supply (a decrease of 18.4%) and Manatee County reporting a mere 3.6 months supply.

Remember, you may view the full reports by clicking on the appropriate graphic.

Sell High, Buy Higher

Two factors continue to dominate the market.  Inventory is reaching low levels not seen in our area  for sometime.  And 30-year fixed rate mortgages are now hovering around 3.0%. With home prices increasing, current homeowners can enjoy higher prices for their current home, but new home purchases can be made at lower rates of financing putting larger and more upgraded properties within reach.

We would be happy to discuss how these current market conditions can affect your your real estate plans.  So give us a call today at (941) 799-1234.

July 22, 2020

June 2020 Real Estate Trends

Manatee County Real Estate Market Recovers in June

Sarasota County reports sales weakness but inventory turns extremely tight in both counties

Sales of Single Family Homes in Manatee County last month rebounded with an increase of 7.2% over June of last year.  668 units were sold during the month in contrast to 768 units in Sarasota County, reflecting a decrease of 6.5% over the same period last year.  But the Median Sale Price of Single Family Homes in Sarasota County rose to $305,000 an increase of 5.2%.  Home prices increased in Manatee County as well during the period with the Median Sale Price of Single Family Homes rising to $325,000, a modest increase of 3.2% over last year.

Price discounting was also higher in Sarasota County in June with the Median Percentage of Original Price Received reported at 95.7% of list, an increase of 1.1% over June of 2019.  Discounting was far less prevalent in Manatee County however, as the prices paid were 96.6% of list, a slim increase of .6% over June of last year.  But Sales Velocity exhibited a rather peculiar dynamic.  The Median Time to Contract in Manatee County had a dramatic increase over 2019 to 56 days.  And one would think with a sales decrease, Sarasota County would have a similar increase.  But in this case, this key statistic fell to 58 days in June, a decrease of 9.4% over June of 2019.

Inventory tightened dramatically in Sarasota County in June.  This was due to a 1.8% decrease in New Listings which saw the Inventory of Active Listings plummet to only 1,859 listings, a decrease of 33.7% over the same period last year.  New Listings actually increased by 11% in Manatee County, but the total of Active Listings still dropped by a significant 28.6%.  When translating these results into Months Supply of Inventory a pretty grim picture emerges.  As you recall, the market is considered to be at equilibrium with a 5 Months Supply of Inventory.  But Manatee County Inventory can sustain only 2.6 months of sales (a decrease of 27.8% over 2019) while Sarasota County had a 2.7 Months Supply of Inventory, a dramatic decrease of 35.7% over the same period last year.  This indicates that the markets for Single Family Homes in these two counties are approaching a "Sold Out" condition.

You may view the full reports by clicking on the appropriate graphic.

Similar Results seen in the Condo/Townhouse Market

Manatee CondosSales of Condo and Townhouse properties during June mirrored the results seen for Single Family Homes.  Sales of these properties increased in Manatee County to 250 units, a meager increase of 2.5% over last year.  However, sales of these property types fell in Sarasota County during the period to 334 units, a decrease of 2.9%.  But the good news for Condo/Townhouse owners is that the Median Sale Price increased in both counties during June.  The Median Sale Price of a Condo/Townhouse is Manatee County was $214,230 an increase of 7.7%.  Sarasota County recorded $249,990 in this statistic representing an increase of 6.8% over 2019.  

The Velocity of Sales of these property types exhibited similar results to those of Single Family Homes.  The Median Time to Contract in Sarasota County fell to 74 days, a decrease of 6.3% over June of last year.  But the Velocity became rather sluggish in Manatee increasing by 15.5% to 67 days.  Discounting was negligible in both counties decreasing by .3% and .1% in Manatee and Sarasota County respectively.

Sarasota CondosIt is on the supply side that the results for Condo/Townhouse properties diverted from the dynamics at play with Single Family Homes.  New Listings exploded in Sarasota County to 454 listings an increase of 51.8% over June 2019.  The increase in New listings in Manatee County were not as dramatic but remained a healthy 19.3% over the same period last year to a total of 260 listings.  Yet despite these increases in New Listings, the Inventory of Active Listings still fell with decreases of 9.4% and 14.2% recorded in Manatee and Sarasota Counties respectively.  And while not as dire as the results for Single Family Homes, the Months Supply of Inventory did fall to 3.8 months supply in Manatee County and 4.3 months supply in Sarasota County.

Remember, you review the complete reports by clicking on the appropriate graphic.

We are moving into markets characterized by inventory constraints

The market for Single Family Homes is problematic due to the widespread lack of inventory.  Prices are showing only moderate increases but that may change if the current trend of declining inventory persists.  This does not mean that all properties will sell.  Buyers are still being driven by value.  And armed with historically low interest rates, Buyers will select the most attractive properties even if they need to pay more.  So Buyers should be prepared to compete in multiple offer situations at least in the short term.  And sellers should do what they must in order to project the best value for their listing.  Both Buyers and Sellers are well advised to track market dynamics down to the neighborhood level and be prepared to move quickly in response to market demands. 

So if you are in the market and are looking for assistance, give us a ring today at (941) 840-2265.  We would be glad to help.

June 24, 2020

May 2020 Real Estate Trends

Sales Are Down But Inventory Continues to Dwindle

Sales of all property types declined across both Manatee and Sarasota Counties during May.  But the decrease in the Inventory level of existing Single Family Homes in Manatee and Sarasota Counties and Condo/Townhouse properties in Sarasota County conspired to keep prices firm.

No Surprises for Single Family Homes

As expected, May was another down month for sales of Single Family Homes in Manatee and Sarasota Counties.  Only 445 properties closed during May representing a 38.7% decline over May 2019 when 726 properties closed.  Sarasota County reported even worse results with 562 properties closing against a total of 959 properties closing a year ago.  This represents a whopping 41.4% decrease over the same period last year.

Curiously however, Sales Velocity actually decreased.  On average, Single Family Homes in Manatee County went under contract within 39 days of being listed, that's a 22% decrease over May 2019.  Sarasota County saw even more dramatic results with properties being updated to pending status within 32 days after listing, a drop of 42.9% over the same period last year.  

Pricing during this period remained relatively stable with the Median Sale Price of Single Family Homes inching up 1.6% to $325,000.  Sarasota County experienced a slight decrease in price during this time with the Median Sale Price dropping by 2.4% to $297,995.  Discounting edged up slightly by 1.0% and 1.6% in Manatee and Sarasota Counties respectively.

But the big news continues to be on the supply side.  The current health crisis has generally discouraged sellers from listing their properties at the same rate as last year.  New Listings for Single Family Homes in Manatee County dropped by 11.7% in May while Sarasota experienced a decrease of 6.6%.  The Inventory of Actively Listed properties dropped by a dramatic 20.8% in Manatee County and Sarasota County saw their inventory of Single Family Homes for sale drop by 25.1%.  This had a corresponding effect on Months Supply of Inventory.  This measure fell by 21.1% to a mere 3.0 month supply in Manatee County and a 28.9% decline to 3.2 months supply in Sarasota County.  

You may view the full reports by clicking on the appropriate graphic.

Seasonality Continues to Affect Condo/Townhouse Sales

Sales of Condo/Townhouse properties precipitously declined in both Manatee and Sarasota Counties due in large measure to a combination of Seasonality and the current pandemic.  Only 150 Townhouse and Condos were sold in Manatee County during May, representing a catastrophic 49.2% decrease over May of 2019. Things weren't much better in Sarasota County where Closed Sales decreased by 47.0% over last year to a total of only 242 units.

Yet prices remained relatively firm in the face of these declines.  The Median Sale Price of these property types actually inched up 1.6% to $241,750 in Sarasota County, but increased by a healthy 9.5% in Manatee County to $229,950.

Sales Velocity was another bright spot in the overall picture of the market in May.  The Median Time to Contract fell over Last year's results by 35.9% and 33.8% in Manatee and Sarasota Counties respectively during May.  

The supply side was a bit of a mixed bag however.  In Manatee County, the number of New Listings increased over the levels seen in 2019 by 7.8%, increasing the number of Condo/Townhouse properties by a slight .6% increase.  But this did increase the Number Months Supply of Inventory in Manatee County by 4.8% to level off at a 4.4 months supply.

The opposite dynamic was seen in Sarasota County where the number of New Listing during May fell by 15% over May of 2019.  This drop had a corresponding decrease in the Months Supply of Inventory to only a 4.5 months supply, a decrease of 21.1% over the same period last year.

Here again you can view the entire reports by clicking on the appropriate graphic.

What Does This All Mean? 

Despite the gloom and doom messaging in the media, properties are continuing to sell during this period.  With few exceptions, Sales Velocity and Inventory are decreasing at a moderate rate, not the sort of results you would expect during a period of crisis.  The reasons for this are many.  Housing, like food, is a basic human need and will continue to be sought after despite periods of uncertainty.  Interest rates are decreasing rapidly with some annual rates for 30 year fixed mortgages dipping below 3.0% recently. 

So if you are in the market, or only thinking about it, give us a ring today at (941) 840-2265.  We would be happy to navigate these times to help you achieve your real estate goals.

Stay safe.  And have a happy and healthy 4th of July! 

May 29, 2020

April 2020 Real Estate Trends

Despite The COVID-19 Pandemic, Manatee and Sarasota County Home Prices Remain Surprisingly Firm

April is the first month where the full impact of the current COVID-19 health crisis was felt on the housing marketing in Manatee and Sarasota Counties and indeed across the nation.

Sales of Single Family Homes Were Down While Median Sale Prices Increased

As expected, due to the country-wide lockdown, sales of Single Family Homes were down 21.2% in Manatee County and 20.3% in Sarasota County compared to April of last year.  Sales were stronger in Sarasota County with 632 units sold with only 499 units sold during the month in Manatee County.  The corresponding Dollar Volume of Sales was also higher in Sarasota County coming in at $275.3 million versus $202.9 million recorded in Manatee County.  But the good news for sellers is that the Median Sale Price of these homes actually increased by a healthy 7.9% in Manatee County and 8.0% in Sarasota County.  The Median Sale Price of Single Family Homes sold during April in Sarasota County was $313,250 up from $290,000 during the same period last year.  Manatee County saw a Median Sale Price of $340,000 versus $315,000 during April 2019.  Also rather surprisingly, Sales Velocity actually increased during this time.  The Median Time to Contract was 26 days in Manatee County, down a whopping 45.8% over April 2019.  The increased velocity was also evident in Sarasota County, but to a lesser degree, with properties going under contract in 33 days, a decrease of 40% over last year.  Discounting also dropped during April with the Median Percentage of Original Price Received increased by 1.3% in Manatee County while this measure increased by 2.2% in Sarasota County.

On the supply side, the number of Active Listings fell dramatically in April with decreases of 15.6% and 23.6% reported respectively in Manatee and Sarasota Counties.  This had a significant impact on the Months Supply of Inventory.  Despite sales being down, fewer new listings appeared during April which in turn drove down the number of Months Supply of Inventory.  These decreases were incredible, with Manatee Inventory level dropping to only a 3.3 Month Supply (a decrease of 17.5% over April 2019) and 3.5 Month Supply in Sarasota County, a 30% decrease over last year! 

A you can view the full report by clicking on the appropriate graphic.

Sales of Condo and Townhouse Properties Fell in Tandem with Single Family Homes Sales

Decreases in Sales of Townhouses and Condos were also seen throughout Manatee and Sarasota Counties during April.  Closed Sales for this property type fell by 30.9% over April 2019 in Manatee County, while during the same period these sales fell by 29.3% in Sarasota County.  But whereas the Median Sale Price increased by 7.9% in Manatee County, prices were virtually flat in Sarasota County recording a 0.4% decrease during April.  Sales velocity increased across both Manatee and Sarasota Counties but with the latter enjoying a much faster rate.  The Median Time to Contract fell by 4.7% to 41 Days in Manatee County, but this same statistic declined to only 38 days in Sarasota County, a dramatic decrease of 34.5%.

Supply was similarly affected during April for these property types.  The number of New Listings fell by a dramatic 44.1% in Manatee County.  New Listings also decreased in Sarasota County with only 282 new Condo/Townhouse properties being listed during April, a decrease of 33.8%.  This scarcity of New Listings drove down the number of Active Listings by 4.7% and 19.0% in Manatee and Sarasota County respectively.  The result was a decrease in Months Supply of Inventory of 6.4% in Manatee County (4.4 Months Supply) and an eye-popping 25.8% in Sarasota County, which now stands at 4.6 Months Supply.

Remember, you can view the entire reports for each county by clicking on the appropriate graphic.

Remember: There Are Two Sides To The Equation

When considering a decision to buy and/or sell real estate, both Demand and Supply need to be considered.  These two variables are inversely proportional, meaning that they tend to move in opposite directions.  When Supply goes down, demand rises.  While sales were notably down during April, as you can see from the data, there was also a decrease in the number of New Listings with a corresponding decrease in overall Supply.  So we submit that the strength of the market in Manatee and Sarasota Counties is concealed by this temporary decrease in demand.  Price discounting is decreasing and Sales Velocity is increasing despite price increases due in part to a lack of inventory (i.e., Supply).  And with the rate of 30-year fixed mortgages reaching 3.19% this week, we actually believe this is a terrific time to buy or sell!

We would be delighted to discuss your real estate plans and assist you in navigating these unprecedented times.  So give us a call today at (941) 840-2265. 

 

May 6, 2020

COVID-19 Impact on Real Estate

Home Prices Remain Surprisingly Stable During This Time of Crisis

We have been actively reporting on the monthly real estate markets in Manatee and Sarasota Counties for some time now.  But the COVID-19 pandemic has had a major impact on markets across the state and indeed across the country.  So this month, we thought it appropriate to share the following video by Dr. Brad O'Connor, Chief Economist for the Florida Association of Realtors (FAR).  In it, Dr. O'Connor provides insights into the results for February and March and suggests that forecasts for the market during the coming months remains murky.

We remind you that our team remains committed to assisting buyers and sellers during this challenging period.  Should you wish to discuss specifically how the current environment may impact your real estate plans, don't hesitate to give us a call at (941) 840-2265.  We are here to help.