FOR IMMEDIATE RELEASE

Realtor Association of Sarasota and Manatee

Contact: Kathy Roberts
(941) 952-3403
kathy@MyRASM.com

Inventory on the Rise

SARASOTA, Fla. (April 20, 2016) Inventory of available properties is on the rise in both counties. For
single family homes in Sarasota County, inventory is up 5.6 percent from March last year, and up 5.0
percent in Manatee County. Condo inventory is likewise up in both counties, with Sarasota County up
22.1 percent, while Manatee County saw an increase of 21.5 percent year-over-year.
The months supply of inventory in the two-county area remains in the range from 4.7 to 5.4 months
inventory this year, compared to 4.5 to 4.8 months last year. This statistic reflects the time it would take
to sell all the active listings on the market at the current months rate of sales. Six months is the
benchmark for a balanced market; anything higher is traditionally a buyers market and anything lower is
a sellers market. So while it is still a sellers market, the return to balance is on the horizon.
The moderate inventory increase is encouraging as it translates to more options for potential buyers,
said Linda Formella, RASM President. In the broad picture, we are seeing a return to normalization,
however in price points under $400,000, inventory is tight, selling quickly, and resulting in multiple
offers.
The median sale price rose year-over-year across the board for both counties. Single family median sales
prices are up 17.4 percent in Sarasota County to $244,000, while increasing only slightly in Manatee
County, up 1.8 percent to $269,735. Sarasota County condo median price rose 8.4 percent to $196,000,
while Manatee County experienced a 2.2 percent increase in condo sales price over last year, to $160,000.
2016 is proving to be a normalizing year in home sales. Figures have been fluctuating since the beginning
of the year. Total single family home sales in Sarasota County were up 33.9 percent from last month, at
765 total sales, and down slightly, 2.9 percent, from this time last year. Manatee County single family
homes sales also rose from last month to 522 total sales, up 26.8 percent, but down slightly, 5.4 percent,
from March, 2015.
Condo sales for both counties fluctuated. Condo sales in Sarasota County for the month of March saw a
24.4 percent increase from last month, reaching 364 total sales, but down 11.7 percent from last years
figures at this time. Manatee condo sales are also up, 28.2 percent, closing at 273 this month, and up 11
percent from last year.

The drop in the percentage of distressed sales (foreclosures and short sales) signals a sign of health in the
market. Distressed sales for single family homes in the two-county area represented only 10.3 percent of
all closed sales for the month, compared to 20 percent last year. Similarly, distressed condo sales came in
at 4.4 percent of closed sales, compared to 8.66 percent last year. At their peak a few years ago, 48
percent of all sales were distressed.
Editors Note: For comprehensive statistics dating back to 2005, visit www.MyRASM.com/statistics
###

About Realtor Association of Sarasota and Manatee

The Realtor Association of Sarasota and Manatee (RASM) was formed on January 1, 2015 with the
merger of the Sarasota Association of Realtors and the Manatee Association of Realtors, two longstanding 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.

Monthly Market Summary - March 2016

Single Family Homes
Sarasota County
March 2016

March 2015

Percent Change
Year-over-Year

765

788

-2.9%

364

388

-6.2%

Median Sale Price

$244,000

$207,750

17.4%

Average Sale Price

$356,303

$303,514

17.4%

$272.6 Million

$239.2 Million

14.0%

95.4%

95.4%

0.0%

Median Time to Contract

32 Days

44 Days

-27.3%

Median Time to Sale

83 Days

89 Days

-6.7%

New Pending Sales

590

719

-17.9%

New Listings

962

937

2.7%

Pending Inventory

922

1,083

-14.9%

Inventory (Active Listings)

3,208

3,037

5.6%

Months Supply of Inventory

4.7

4.5

4.4%

Closed Sales
Paid in Cash

Dollar Volume
Med. Pct. of Orig. List Price Received

2012

2013

2014

2015

1,000

Closed Sales

800
600
400
200
0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Median Sale Price

$300K
$250K
$200K
$150K
$100K
$50K
$0K

Inventory

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2012

2013

2014

2015

Produced by Florida REALTORS with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, April 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15,2016. Next data release is Friday, May 20, 2016.

Monthly Market Summary - March 2016

Single Family Homes
Manatee County
March 2016

March 2015

Percent Change
Year-over-Year

522

552

-5.4%

182

204

-10.8%

Median Sale Price

$269,735

$265,000

1.8%

Average Sale Price

$342,722

$330,948

3.6%

$178.9 Million

$182.7 Million

-2.1%

95.6%

95.1%

0.5%

Median Time to Contract

47 Days

57 Days

-17.5%

Median Time to Sale

96 Days

100 Days

-4.0%

New Pending Sales

444

529

-16.1%

New Listings

706

710

-0.6%

Pending Inventory

730

760

-3.9%

Inventory (Active Listings)

2,386

2,272

5.0%

Months Supply of Inventory

4.8

4.6

4.3%

Closed Sales
Paid in Cash

Dollar Volume
Med. Pct. of Orig. List Price Received

2012

2013

2014

2015

700

Closed Sales

600
500
400
300
200
100
0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Median Sale Price

$300K
$250K
$200K
$150K
$100K
$50K
$0K
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Inventory

3,000
2,500
2,000
1,500
1,000
500
0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2012

2013

2014

2015

Produced by Florida REALTORS with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, April 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15,2016. Next data release is Friday, May 20, 2016.

Monthly Market Summary - March 2016

Townhouses and Condos
Sarasota County
March 2016

March 2015

Percent Change
Year-over-Year

364

412

-11.7%

245

285

-14.0%

Median Sale Price

$196,000

$180,745

8.4%

Average Sale Price

$302,692

$258,921

16.9%

$110.2 Million

$106.7 Million

3.3%

95.4%

94.4%

1.1%

Median Time to Contract

31 Days

43 Days

-27.9%

Median Time to Sale

77 Days

76 Days

1.3%

New Pending Sales

314

408

-23.0%

New Listings

494

488

1.2%

Pending Inventory

518

604

-14.2%

Inventory (Active Listings)

1,676

1,373

22.1%

Months Supply of Inventory

5.4

4.6

17.4%

Closed Sales
Paid in Cash

Dollar Volume
Med. Pct. of Orig. List Price Received

2012

2013

2014

2015

500

Closed Sales

400
300
200
100
0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Median Sale Price

$250K
$200K
$150K
$100K
$50K
$0K
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Inventory

2,500
2,000
1,500
1,000
500
0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2012

2013

2014

2015

Produced by Florida REALTORS with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, April 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15,2016. Next data release is Friday, May 20, 2016.

Monthly Market Summary - March 2016

Townhouses and Condos
Manatee County
March 2016

March 2015

Percent Change
Year-over-Year

273

246

11.0%

174

164

6.1%

Median Sale Price

$160,000

$156,500

2.2%

Average Sale Price

$199,816

$205,960

-3.0%

$54.5 Million

$50.7 Million

7.7%

95.1%

94.7%

0.4%

Median Time to Contract

31 Days

45 Days

-31.1%

Median Time to Sale

76 Days

86 Days

-11.6%

New Pending Sales

242

252

-4.0%

New Listings

318

281

13.2%

Pending Inventory

340

327

4.0%

Inventory (Active Listings)

1,086

894

21.5%

Months Supply of Inventory

5.2

4.8

8.3%

Closed Sales
Paid in Cash

Dollar Volume
Med. Pct. of Orig. List Price Received

2012

2013

2014

2015

300

Closed Sales

250
200
150
100
50
0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

Median Sale Price

$200K
$150K
$100K
$50K
$0K

Inventory

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M
1,600
1,400
1,200
1,000
800
600
400
200
0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2012

2013

2014

2015

Produced by Florida REALTORS with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, April 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15,2016. Next data release is Friday, May 20, 2016.

Monthly Distressed Market - March 2016

Single Family Homes
Sarasota County

Closed Sales

March 2016

March 2015

Percent Change
Year-over-Year

680

615

10.6%

$252,350

$238,000

6.0%

71

148

-52.0%

$150,000

$129,950

15.4%

14

25

-44.0%

$145,000

$127,200

14.0%

Traditional
Median Sale Price
Closed Sales
Foreclosure/REO
Median Sale Price
Closed Sales
Short Sale
Median Sale Price

2012

2013

Traditional

2014

Foreclosure/REO

2015

Short Sale

100%
90%

Closed Sales

80%
70%
60%
50%
40%
30%
20%
10%
0%
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M
$300K

Median Sale Price

$250K

$200K

$150K

$100K

$50K

$0K
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2012

2013

2014

2015

Produced by Florida REALTORS with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, April 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15,2016. Next data release is Friday, May 20, 2016.

Monthly Distressed Market - March 2016

Single Family Homes
Manatee County

Closed Sales

March 2016

March 2015

Percent Change
Year-over-Year

474

456

3.9%

$275,000

$280,000

-1.8%

40

87

-54.0%

$163,750

$155,000

5.6%

-11.1%

$164,000

$183,000

-10.4%

Traditional
Median Sale Price
Closed Sales
Foreclosure/REO
Median Sale Price
Closed Sales
Short Sale
Median Sale Price

2012

2013

Traditional

2014

Foreclosure/REO

2015

Short Sale

100%
90%

Closed Sales

80%
70%
60%
50%
40%
30%
20%
10%
0%
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M
$350K
$300K

Median Sale Price

$250K
$200K
$150K
$100K
$50K
$0K
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2012

2013

2014

2015

Produced by Florida REALTORS with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, April 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15,2016. Next data release is Friday, May 20, 2016.

Monthly Distressed Market - March 2016

Townhouses and Condos
Sarasota County

Closed Sales

March 2016

March 2015

Percent Change
Year-over-Year

348

377

-7.7%

$200,000

$186,000

7.5%

12

26

-53.8%

$125,500

$100,950

24.3%

-55.6%

$143,500

$245,000

-41.4%

Traditional
Median Sale Price
Closed Sales
Foreclosure/REO
Median Sale Price
Closed Sales
Short Sale
Median Sale Price

2012

2013

Traditional

2014

Foreclosure/REO

2015

Short Sale

100%
90%

Closed Sales

80%
70%
60%
50%
40%
30%
20%
10%
0%
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M
$450K
$400K

Median Sale Price

$350K
$300K
$250K
$200K
$150K
$100K
$50K
$0K
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2012

2013

2014

2015

Produced by Florida REALTORS with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, April 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15,2016. Next data release is Friday, May 20, 2016.

Monthly Distressed Market - March 2016

Townhouses and Condos
Manatee County

Closed Sales

March 2016

March 2015

Percent Change
Year-over-Year

261

224

16.5%

$161,900

$160,000

1.2%

10

20

-50.0%

$109,950

$89,750

22.5%

0.0%

$143,000

$284,000

-49.6%

Traditional
Median Sale Price
Closed Sales
Foreclosure/REO
Median Sale Price
Closed Sales
Short Sale
Median Sale Price

2012

2013

Traditional

2014

Foreclosure/REO

2015

Short Sale

100%
90%

Closed Sales

80%
70%
60%
50%
40%
30%
20%
10%
0%
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M
$300K

Median Sale Price

$250K

$200K

$150K

$100K

$50K

$0K
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M

2012

2013

2014

2015

Produced by Florida REALTORS with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.
Data released on Wednesday, April 20, 2016. Historical data revised on Friday, February 26, 2016. Dollar Volume revised on April 15,2016. Next data release is Friday, May 20, 2016.