How is the real estate market in Sarasota and Manatee County? Well, in the words of Tony the Tiger…”They’re Grrreat!”
Just take a look at the latest statistics for both counties and you’ll quickly see why. As always the categories I focus on most are: Average Sold Price, Average Days on the Market, Average Sold Price to List Price Ratio, and the Number of Active Listings. In both Manatee and Sarasota County the numbers show improvements in nearly all areas…well that is if you’re a seller…if you’re a buyer it is a completely different story.
Let’s take a closer look at each county:
Average Sold Price – From November 2012 to November 2013 the average sold price of Sarasota real estate increased by 6.61%. As you’ll see, not quite as high as Manatee County, but still a very strong improvement from last year.
Average Days on the Market – The biggest change from last year is the decrease in days a house remains on the market. In November 2012 the average days on the market was 104. By November 2013 that number dropped to 87 for a decrease of 16.35%.
Average SP to LP Ratio – Another area of improvement for sellers and buyers to note is that the average Sold Price to List Price Ratio increased to 95.7%. In other words, the days of low-ball offers is over.
Number of Active Listings – The one area where buyers may see things improving for them, at least in Sarasota County, is the number of active listings. While inventory may seem low, the fact is there has actually been in an increase in the number of active listings from November 2012 to November 2013 of 7.21%.
Average Sold Price – This is the area that Manatee County saw a huge increase in from November of last year as the average sold price increased a whopping 11.04%
Average Days on the Market – Likewise, houses just are not staying on the market very long at all. The average number of days on the market in Manatee County in November of 2013 was 85 for a decrease of 18.27%…however, keep in mind that the good deals may been gone in less than a week. I can think of several occasions recently in which homes had multiple offers within the first couple of days on the market.
Average SP to LP Ratio – The average Sold Price to List Price Ratio for Manatee County is now up to 96.4%. In other words, buyers need to be willing to pay very close to asking price. In some cases they need to be willing to go above asking price.
Number of Active Listings – While Sarasota County may have seen in increase in the Active Number of Listings, the opposite was true for Manatee County. Manatee County saw a slight decrease of .35% as inventory remains extremely low.
Clearly, the numbers for both Manatee and Sarasota real estate look quite impressive. With many people now holding off until after the holidays it is safe to say that the real estate market in 2014 is going to be RED HOT!