Longboat Key, Florida | March 13th, 2018 – Here are some good news if you’re planning to sell your house. Recent industry data show that our Sarasota‒Manatee area remains a sellers’ territory, meaning that you enjoy an edge on pricing of your property once you engage the market.
In January, the estimated duration it will take to deplete current inventory of residences for sale was estimated at a 4.1-month supply in Sarasota and at a 4.2-month supply in Manatee.
For a balanced market (favoring neither seller nor buyer in pricing), the industry benchmark is 5.5 months of inventory. Any level lower is a sellers’ market and, conversely, any level higher is a buyers’ market.
Sellers Moving in Manatee
In Manatee, many prospective sellers are gearing up to explore their advantage, as new sales listings of single family residences in the county in January rose 11 percent to 830 newly listed houses.
There was a 3.7 percent drop though in Sarasota’s January new sales listings, which was registered at 9,854 newly available residences. Nonetheless, the two-county area had a 7.3 percent combined increase in the number of residential properties available on the market in January.
But even with this overall gain in new sales listings in January, sellers engaging the market still could draw significant buying interest, because of a continuing drop of total housing inventory in Sarasota and Manatee. For all of 2017, the combined inventory for the two-county area dropped by 2.5 percent from 2016 and another overall decline of 3.8 percent was posted in January.
Price Gains Sustained
A continuing regime of rising prices should also help sellers to get off the fence and engage the local market. In January, the median price of single-family residences in Manatee rose by 7.6 percent to $300,145, while Sarasota had a 10.4 percent spike to $275,900. These increases follow 2017 overall median price gains of 7.2 percent to $295,000 in Manatee’s single family dwellings and 7.6 percent to $269,000 for similar housing types in Sarasota.
Some inspiration for sellers could likewise be gleaned from a recent study of the website realtor.com which ranked the North Port‒Sarasota‒Bradenton metropolitan area No. 8 in the top 10 hot housing markets to watch this year.
This listing weighed the top market locations which have high housing demand as a result of their relatively affordable prices, sufficient number of residences available for sale, and robust employment prospects. It noted that the most of the demand for the Sarasota‒Manatee area, where the median listing price was estimated at $350,000, is emanating from New York with a median listing price that has reached $474,000.
Online Presence Counts
Significantly, this ranking was also determined based on the highest ratio of inbound online searches on realtor.com compared to outbound searches in the same portal. This buyers’ internet-based exercise in the early buying cycle not only serves as an indicator of eventual sale activity. It also underscores the importance of sellers engaging the market through a realtor with strong online presence.
With this in mind, let our Judy Kepecz-Hays team be your partner in selling your residence. Our wide-ranging network employing both online and traditional marketing media could help you draw the best offers for your property. Call or e-mail us, so we can start the ball rolling for a fruitful sale!