Real estate experts predict that more existing homes will sell in Manatee and Sarasota counties in 2015 than during any other year in history.
And that is in a market with low inventory levels!
On a pace that the president of the Realtor Association of Sarasota and Manatee calls “historic,” Sarasota County is expected to exceed an all-time high of 11,550 home sales by year-end. In Manatee County, sales need only average 360 per month in November and December to break an 8,004-sales record set in 2013. Nearly twice that number sold in October.
By the end of October, the pace of sales had dropped only modestly during the autumn selling season, which is historically viewed as being “slow.” At the same time, median prices are near a five-year peak and homes are typically staying on the market a little over a month before selling.
Excerpted from article published November 30, 2015. Written by Matt Johnson, Bradenton Herald business reporter.
Strong demand is pushing prices up substantially. That trajectory may slow as more sellers put their homes on the market, but with the number of homes for sale at or near a half-decade low, some buyers are jumping in while properties are still available where they want them at the prices they want to pay.
Housing inventory has been well below the six-month level of supply that defines equilibrium between buyers or sellers.
In October, the supply was between 3.5 and 3.9 months across the single family and condo markets in the two counties.
Higher prices, low inventory and rising interest rates may temper the sales pace next year, but all indications are the all time sales record will be broken this year.