Category Archives: Stats for Manatee County Communities

Pending Report as of August 12, 2017

Pending sale volume was mostly up last week compared to the same week last year with every area showing increased activity except condos on Longboat and single family homes in west Bradenton.

The past 4 weeks were mostly flat with last year with single family home sales in west Bradenton being the only significant exception. The problem here is lack of inventory. The level of unsold single family homes in west Bradenton dropped below 200 for only the 3rd time 3 years.

For the past 13 weeks every area showed increased activity other than the aforementioned west Bradenton market. Even areas with large amounts of new construction are having strong existing home sales growth. In downtown Sarasota, existing home sales were up 19% over last year while Lakewood Ranch was up 16%

Pending sales report for Sarasota, Bradenton, Lonboat Key

Pending sales as of 08/12/2017
Click image to enlarge. Click Here to download as pdf

 

Pending Report as of June 24, 2017

A strong May and June is making for a huge second quarter.

The West Bradenton condo market was down for the week and only up 1% for the past 13 weeks largely due to the lack of inventory. May ended with just 257 condominiums on the market, not world record but low none the less. Worse, however was the lack of new listings during May. Only 51 condos were listed during May in West Bradenton, the least amount in any month over the past 10 years.

The big quarter in Downtown Sarasota is being powered by resales. While new construction pendings were up big (10 this year vs only 1 LY), existing home sales were up 35% with huge increases in the over $1M price points.

Click here to download pdf of report.

PENDING REPORT JUNE 10, 2017

Pending sales (new contracts executed) are the best indication of current demand. The pending report provides a current week, 4-week, and 13-week view of this important statistic across 6 markets by price point range. The biggest difference between pendings and actual sales is timing. The contract or pending date is the date the contract was executed. The contract is not considered a “Sale” until it closes, on average, about 30 days after the contract date. Another difference is that not all pending sales close.

 

Pendings for the week ended June 10, 2017

Pendings (New Contracts) for Lonboat Key, Downtown Sarasota, Lakewood Ranch, and West Bradenton ~ June 10, 2017

Pendings (New Contracts) for Lonboat Key, Downtown Sarasota, Lakewood Ranch, and West Bradenton ~ June 10, 2017

This was another solid week, compared to last year, in nearly every area followed. Bad weather must have sent people shopping, rather than beaching.

The “over a million” price point in downtown continues to grow. For the past 13 weeks, pendings with prices over a million dollars amounted to 20% of the total. Last year, they accounted for only 16% of all pendings. For the past 4 weeks, the top of the market listings has accounted for 27% of all pendings Downtown, compared with only 8% last year.

Next Quarter

If you have your home on the market or are thinking about putting it on the market, it’s always interesting to look ahead at what the next few weeks may bring.  The consensus is that the third quarter is slow, but that’s not the case everywhere.

 

The chart shows last year’s percentage of pending sales by quarter.  There is surprisingly little seasonality in any of the markets, other than Longboat Key.  Even the Longboat Key condo market is not horrible. Last year, 66 condos went to contract in the 3rd quarter, compared to 91 in the 2nd quarter. That works out to about 22 per month in the third quarter, compared to 30 per month in the second quarter.  Next quarter should provide plenty of opportunity for a well- priced listing to find a buyer.

 

May 2017 Market Snapshots for Downtown Sarasota, Longboat Key, Lakewood Ranch and West Bradenton

Downtown Sarasota Condominium Market

Downtown Sarasota Condominium Market Stats ~ May 2017

Downtown Sarasota Condominium Market Stats ~ May 2017

Sales are up about 15% year-to-date with inventory down about 7%. Still, using the average monthly sales so far this year, there are almost 8 months of inventory on hand which would generally be considered a buyer’s market.

It has taken longer to sell a condo downtown this year with the median marketing time coming in at 73 days compared to 53 during this period last year. While there are not stats available on the median age of an active listing this time last year, the 134 day median age this year seems old, especially compared to the 73 day median marketing time.

As I mention every time I discuss the Downtown market, the new construction market is disguising the strength of the downtown market. New construction projects are taking contracts and reservations on new condominiums that will not close (nor considered a sale) until later this year and into 2018 and 2019.

Longboat Key Single Condominium Market

Longboat Key Condominium Market Stats ~May 2017

Longboat Key Condominium Market Stats ~May 2017

During May, condo sales on Longboat surpassed last year for the first time this year.  On paper, sales for the year are still down 21%. However if you remove the 16 new construction sales last year (as most were contracted during 2015), sales on existing homes are down about 14% year-to-date.

The good sales month along with lower amounts of new listings, large numbers of withdrawn and expired listings coming off the market improved inventory dramatically over last month.  At the end of May the market had about 7.7 months of supply.

LONGBOAT SINGLE FAMILY HOME MARKET

Longboat Key Single Family Home Market Stats ~May 2017

Longboat Key Single Family Home Market Stats ~May 2017

While sales here are up 20% year-to-date and inventory down about 12%, there is still a large amount of unsold inventory for the current rate of sales. Additionally median days to contract has ballooned from 89 days last year to 128 this year. The median marketing time for an unsold listing is currently 183 days.

Lakewood Ranch Single Family Homes

Lakewood Ranch Single Family Home Market Stats ~May 2017

Lakewood Ranch Single Family Home Market Stats ~May 2017

The first neighborhoods in the new Waterside Village are now taking lot reservations. Waterside is going to be huge with over 5000 homes. The property is about 5,500 acres with 80% left as open areas or lakes (mostly lakes). It is going to be hugely popular.  Initial home builders will include Arthur Rutenberg, Lee Wetherington, Homes by Towne, and Pulte.

 

West Bradenton Single Family Homes

West Bradenton Single Family Home Market Stats ~May 2017

West Bradenton Single Family Home Market Stats ~May 2017

One big month and everything looks rosy. May this year beat last year by almost 50%. Year-to-date sales are up by 7%. Unsold inventory dropped to just 216 listings or only about a 4 months supply.

 

West Bradenton Condominiums

West Bradenton Condominium Market Stats ~May 2017

West Bradenton Condominium Market Stats ~May 2017

Sales here are down about 12% from last year but mostly do to the lack of inventory, which now represents just over a 3 month supply. The median selling price of 158k is still a great value for winter visitors or small families.

 

Market Snapshots – Longboat Key, Downtown Sarasota, Lakewood Ranch, and West Bradenton

Downtown Sarasota Condominium Market

 

downtown sarasota condiminium sales

Median prices are expressed in thousands of dollars

Sales are up about 14% year-to-date with inventory only up about 4%. Still, using the average monthly sales so far this year, there are almost 9 months of inventory on hand which would generally be considered a buyer’s market.

It has taken longer to sell a condo downtown this year with the median marketing time coming in at 73 days compared to 47 during this period last year. While there are not stats available on the median age of an active listing this time last year, the 114 day median age this year seems old, especially compared to the 73 day median marketing time.

Longboat Key Single Condominium Market

Longboat Key Condominium Sales

Median prices are expressed in thousands of dollars

The sales slump continues with a 42% fall off this month compared to April 2016. However, sales last April included the closings on 16 new construction residences. Sales on existing homes fell 24%. Year-to-date, sales are off a third compared to last-year.

With only a slight drop in new listings, expired listings have tripled this year, although on small numbers. Ending April unsold inventory (Active listings) was up 26%.  Using the 26 average monthly sales over the past 4 months, there is almost a year’s supply of unsold condo inventory on the market, twice the 6 months of supply this time last year.

LONGBOAT SINGLE FAMILY HOME MARKET

Longboat Key Single Family Home Sales

Median prices are expressed in thousands of dollars

Completely unaffected by whatever bug has infected the condo market on Longboat, single family homes sales are on their way to a record high year. Sales are up a third over last year while the end-of-season active listing inventory is down 8%. However, the relationship between sales in unsold inventory is still high with just over 11 months of unsold inventory on the market.

Lakewood Ranch Single Family Homes

Lakewood Ranch Single Family Home Sales

Median prices are expressed in thousands of dollars

Sales are up about 7% over last year in Lakewood Ranch. MLS unsold listings are up about 5%. I say MLS here because new construction sales will likely he higher than resales and there is no way to evaluate the amount of new construction product on the market. When there is about a 100% chance that anyone and everyone that wants to build a home in Lakewood Ranch could be accommodated, how to count inventory?

One thing to watch, especially if you are or about to be selling a home in Lakewood Ranch in the near future, will be the effect of the new Waterside Village on sales, specifically the effect on resales and new construction in the other villages. Waterside has lots of water and has been receiving loads of hype. It is also the first LWR village in Sarasota County.

West Bradenton Single Family Homes

West Bradenton Single Family Home Sales

Median prices are expressed in thousands of dollars

Sales are down about 5% with unsold inventory down about 10%. This represents about 8 months of supply, a slight advantage to buyers.

The a $300k median sales price and large lot sizes that are just a couple of miles from the beach make west Bradenton a great value. The development of 75th street south of Cortez Road could give prices in the rest of the area a boost as little to none of the new construction will be priced below $300k.

West Bradenton Condominiums

West Bradenton Condominium Sales

Median prices are expressed in thousands of dollars

Low prices/great values make west Bradenton condos about some of the fastest moving properties in the area. While sales have fallen 10% from last year on about the same about of inventory, there is still only slightly more than a 4 month supply of unsold inventory. The median time on market is just 35 days.