Sarasota Real Estate Update ~ April 2017
Released statistics by our Realtor association regarding April 2017 reflects an increase in single family closed sales, median sales prices and inventory in the two county area of Sarasota/Manatee, when compared to April of 2016. Here are the results of the housing market for April:
- Closed sales for single family homes in Sarasota increased by 8.3% while in Manatee, sales were up 1.5%. Condo sales however, decreased in the month of April as compared to last year, with Sarasota sales decreasing 0.3% and Manatee condo sales decreasing by 22%.
- Median prices for Sarasota's single family homes were up by 9% to $272,500 while condo prices showed a slight decrease by 1.4% to $215,000. In Manatee county, single family homes increased in median price by 5.4% to $295,000 while condos in Manatee increased by 2.1% to $170,000.
- The number of properties put on the market in April also decreased in both counties when compared to March, an indication of the end of our "seasonal" market.
- Inventory continues to be very tight and compressed in the lower price ranges, particularly under $300,000. There is some good news however ~ a 9.3% increase of active listings compared to April of 2016 will offer buyers more choices in their home search. In addition, a building boom in the two county area with both local builders and national builders busy building "inventory" or "spec" homes, so buyers should have even more selections to choose from. An example is Taylor-Morrison, a well-k,nown national builder, and building in several different areas currently, just opened their premier community of Esplanade ~ Legacy Estates, on popular Palmer Ranch, close to shopping, restaurants, A+ schools and only 8 miles to Siesta Key. This should be a home run for the company. Their "Esplanade" concept is focused on providing buyers a very active, resort lifestyle with a grand clubhouse, state-of-the-art fitness center, pools, sports courts for tennis, bocce ball and pickle ball, and an activities director.
[caption id="attachment_1470" align="alignnone" width="660"] Entrance to Esplanade ~ Legacy Estates, Sarasota[/caption]