The number of homes and condos available for purchase in Sarasota and Manatee County continued to increase during October. The number of properties for sale in October was up by 3.1% over September and up 17.5% over last year at this time when the market strongly favored sellers because there were relatively few properties for sale. With more properties on the market, the selection of properties available to prospective buyers gets wider and prices have a tendency to stabilize. This is a good omen.
In Sarasota County the single-family home inventory increased by 15.7% to 2,787 while in Manatee County the inventory increased by 11.3% to 2,119. The inventory of condominiums and townhomes increased by 35.8% to 1,528 in Sarasota County and by 11.4% to 869 in Manatee County.
The number of closed sales remained about the same in October as in October, 2015 in Sarasota County with a total of 868 closings. Closed sales actually dropped by 16.5% in Manatee County. The growing inventory of available properties along with the decrease in closed sales has been moving the local market closer and closer to a balanced state when factors favoring buyers and sellers are essentially equal.
But, don't be lulled into believing that just because there are more properties for sale now, there's no need to get going. As more snowbirds arrive, Sarasota real estate volumes are starting to pick up. “While October "closed" sales were about the same or down, the number of "pending" sales contracts (those which will close in upcoming months) actually increased, reversing the trend we had seen for most of this year,” said Linda Formella, President of the Realtor Association of Sarasota & Manatee. To put it succinctly, on the sales side, things are definitely beginning to perk up after quiet spring and summer seasons and that increased inventory of available homes won't last forever.
So, now would be a great time to contact me or visit my Sarasota Real estate website. I would be delighted to listen carefully to your requirements and then work diligently to help you find the single-family home, condo or townhome in the Sarasota area that meets your particular needs and wishes. Call me today at 941-266-2512 and let's work together to get you exactly the home or condo you're looking for in the price range you prefer in a location you'll love.