Longboat Key, Florida | October 2nd, 2018 – Our Judy Kepecz‒Hays team has made it happen, again. Only four days after we’ve put after a Bradenton residence on the market this September, we’ve found a buyer. This property now already on the pending sales list is notably located in the historic Wares Creek just west of downtown Bradenton.
Our experience in this deal, of course, is not a rare case. Current market indicators suggest that many serious buyers are out there ready to engage sellers, which with professional help like ours, are ready to strike a deal quickly. Simply put, it’s now the best time to sell as buyers are moving fast on market opportunities.
Days on Market Trimmed
Recent statistics released by the Realtors Association of Sarasota and Manatee (RASM) showed that the median time to contract for residential sales listings has gone down across both counties as of August. Single family residences sold in Sarasota and Manatee during the month stayed a median of 44 days on the market (DOM), representing a 12 percent year-over-year decline in Sarasota and a 2.2 decrease in Manatee.
The same holds true for condos which are selling faster compared to last year. Sarasota condos’ DOM dropped by 1.3 percent to 76 days, while that for Manatee condos declined by 16.1 percent to 47 days.
Rising Prices Rev Up Deals
The sustained price spikes on the residential property market pressure buyers to promptly close a deal before prices rise any further, RASM data as of August also indicate. During the month, the median price for single family houses in Sarasota rose by 9.9 percent to $283,488, while condos increased by 9.1 percent to $232,950.
The Manatee median price gain, on the other hand, was at a more moderate at 3.2 percent to $296,000 for single family houses. On condos, the August median price in this county was at the same range, rising 3.8 percent to $190,000.
More Sellers Moving In
This continued price appreciation of residential properties has resulted in more sellers entering the local market. New listings added in Sarasota for single family houses totaled 770 in August, up 0.3 percent from a year earlier. Sarasota condos put on the market during the month amounted to 371 new listings, up by 11.4 percent.
In August, there were 691 new sales listing of single family houses in Manatee, up by 4.5 percent, while 251 condos available on the market were listed for the month, an increase of 8.2 percent. Moving forward, we can expect that more sellers of residential properties would be drawn into the market, with our area’s “snowbirds” or seasonal residents and visitors coming in toward year-end and onward the New Year.
Top Dollars for the Taking
Prospective sellers in Manatee, in particular, should be in a good position to bag top dollars for their properties, because the county’s housing market inventory remains low in spite of the recent increase in new listings. The August stock of available single family houses in Manatee dropped 2.7 percent, while that for condos went down by 1.5 percent.
The Manatee market in August remains firmly in sellers’ territory at 3.9 months’ supply for single family houses and 3.6 months for condos, down 4.9 percent and 7.7 percent respectively from a year earlier. The county’s months supply of inventory is notably well below the 5.5 months balanced market.
With more potential buyers expected in the months ahead amid this low supply, sale of a house or a condo in Manatee could be as quick as the recent deal we’ve arranged at Bradenton’s Wares Creek. Check with our team if you’re selling or buying a residential property either in Manatee or Sarasota—that deal you dream of could be just a few days away.