Sales Increase as Season Winds Down

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1 FOR IMMEDIATE RELEASE Realtor Association of Sarasota and Manatee Contact: Kathy Roberts (941) Sales Increase as Season Winds Down SARASOTA, Fla. (April 21, 217) According to the recent numbers compiled by Florida REALTORS from My Florida Regional MLS, March 216 proved to show strength in both Sarasota and Manatee County. The combined closed sales for condos and single family in the two-county area increased by 6.2 percent from March of 216. Sarasota condo sales increased by 13.5 percent from last year, while single family homes increased by 2.6 percent. Manatee single family home sales increased by 11.7 percent, while condos were down by 4.4 percent from 216. It s common to see an increase in sales when we near the end of our season, explains Xena Vallone, 217 President of the Realtor Association of Sarasota and Manatee. And the bump in pending sales in March will likely lead to more closed sales in April and May. Pending sales are the number of listings that went under contract and can be an indicator of future closed sales. In the two-county area, pending sales increased by 6.1 percent over last March, unlike the slight drop that occurred in February. Pending sales for Sarasota condos increased by 21.8 percent, while single family homes increased by 7.6 percent. However, Manatee condos experienced a 6.4 percent decrease, while single family homes increased by.3 percent. The inventory of active listings continues to improve over levels last March, up 12.2 percent in the twocounty area. Inventory increased across both counties in March, with single family homes increasing by 13 percent in Sarasota and by 1.5 percent in Manatee. Condo inventory increased by 18 percent in Sarasota and by 4.1 percent in Manatee. Median sales prices also continue to rise in both counties. Median prices for Sarasota single family homes increased to $262,621, up 7.6 percent from 216, while Manatee single family increased to $29,, an increase of 7.4 percent. Condo median sales prices increased by 17.3 percent to $23, in Sarasota, and by 9.4 percent to $175,5 in Manatee County. Typically, there are more homes available above the respective median price point for each county. With a lower supply of single family homes listed under $3,, we see that the median time to contract is shorter for these homes than it is for the homes listed in the higher ranges, explains Vallone. Buyers are quicker to jump on a sale when they know their supply is limited.

2 When breaking down the current listings, there are more single family homes for sale in the $, - $299,999 price range in Sarasota with 739 homes. While in Manatee, there are more homes listed in the $3, $399,999 range with 579 listings. As for condos, we see the more listings in the $1, - $199,999 range in both counties with 467 properties in Sarasota and 265 properties in Manatee. With the exception of the Manatee condo market taking a slight dip from last month, the months supply of inventory continues to gradually push toward a balanced market. In Sarasota County, the month s supply of condos is at 6, indicating a buyer s market, while single family homes remain at a 5.1-month supply. Manatee County is at a 4.8-month supply for condos and a 4.7-month supply for single family. Editor s Note: For comprehensive statistics dating back to 5, visit ### About Realtor Association of Sarasota and Manatee The Realtor Association of Sarasota and Manatee (RASM) was formed on January 1, 215 with the merger of the Sarasota Association of Realtors and the Manatee Association of Realtors, two long-standing real estate trade associations with a century of histories in the region. The organization exists to serve its members, business partners and advocates for real estate efforts in the community. Realtors subscribe to a strict code of ethics and have access to numerous services and programs to enhance their professionalism. Educational programs and seminars help members gain new skills and professional designations as well as providing opportunities for networking and making a difference in the world of real estate.

3 Inventory Monthly Market Summary - March 217 Single Family Homes Sarasota County Paid in Cash Average Sale Price Dollar Volume Med. Pct. of Orig. List Price Received Median Time to Contract Median Time to Sale New Pending Sales New Listings Pending Inventory Inventory (Active Listings) % % $262,621 $244, 7.6% $35,55 $356, % $274.4 Million $272.6 Million.7% 95.% 95.4% -.4% 53 Days 32 Days 65.6% 98 Days 1,268 1,27 5.1% 3,32 2, Days 18.1% % 1, % 13.% Months Supply of Inventory % 1, $3K $25K $K $15K $1K $5K $K 3,5 3, 2,5 2, 1,5 1, 5 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.

4 Inventory Monthly Market Summary - March 217 Single Family Homes Manatee County Paid in Cash Average Sale Price Dollar Volume Med. Pct. of Orig. List Price Received Median Time to Contract Median Time to Sale New Pending Sales New Listings Pending Inventory Inventory (Active Listings) % % $29, $27, 7.4% $338,86 $344,33-1.5% $196.9 Million $178.9 Million 1.1% 95.6% 95.6%.% 47 Days 47 Days.% 97 Days % 2,375 2, Days 1.% % % 1.5% Months Supply of Inventory % $35K $3K $25K $K $15K $1K $5K $K 2,5 2, 1,5 1, 5 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.

5 Inventory Monthly Market Summary - March 217 Townhouses and Condos Sarasota County Paid in Cash Average Sale Price Dollar Volume Med. Pct. of Orig. List Price Received Median Time to Contract Median Time to Sale New Pending Sales New Listings Pending Inventory Inventory (Active Listings) % % $23, $196, 17.3% $341,458 $32, % $141. Million $11.2 Million 28.% 94.5% 95.4% -.9% 53 Days 31 Days 71.% 99 Days % 1,845 1, Days 28.6% % % 18.% Months Supply of Inventory % $3K $25K $K $15K $1K $5K $K 2, 1,8 1,6 1,4 1, 1, Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.

6 Inventory Monthly Market Summary - March 217 Townhouses and Condos Manatee County Paid in Cash Average Sale Price Dollar Volume Med. Pct. of Orig. List Price Received Median Time to Contract Median Time to Sale New Pending Sales New Listings Pending Inventory Inventory (Active Listings) % % $175, $16, 9.4% $212,192 $21, % $55. Million $54.5 Million.8% 95.5% 95.1%.4% 37 Days 31 Days 19.4% 81 Days % 1,42 1,1 76 Days 6.6% % % 4.1% Months Supply of Inventory % $K $15K $1K $5K $K 1, 1, Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.

7 Expanded Statistical Report Sarasota and Manatee Counties March 217 For more detailed reports, visit Sarasota/Manatee Realtor Magazine

8 Monthly Distressed Market - March 217 Single Family Homes Sarasota County Traditional % $27, $252,5 6.9% Foreclosure/REO % $176,152 $15, 17.4% Short Sale % $151, $145, 4.1% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45K Traditional Foreclosure/REO Short Sale $4K $35K $3K $25K $K $15K $1K $5K $K Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.

9 Monthly Distressed Market - March 217 Single Family Homes Manatee County Traditional % $298,75 $277, 7.9% Foreclosure/REO % $142,375 $163, % Short Sale % $183,5 $164, 11.9% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35K Traditional Foreclosure/REO Short Sale $3K $25K $K $15K $1K $5K $K Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.

10 Monthly Distressed Market - March 217 Townhouses and Condos Sarasota County Traditional % $235, $, 17.5% Foreclosure/REO % $93,2 $125,5-25.9% Short Sale % $144,5 $143,5.7% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45K Traditional Foreclosure/REO Short Sale $4K $35K $3K $25K $K $15K $1K $5K $K Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.

11 Monthly Distressed Market - March 217 Townhouses and Condos Manatee County Traditional % $178, $162,5 9.5% Foreclosure/REO % $72,25 $19, % Short Sale % $9, $143, -37.1% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35K Traditional Foreclosure/REO Short Sale $3K $25K $K $15K $1K $5K $K Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.