Inventory Drops & Sales Prices Climb
August’s inventory of Manatee and Sarasota homes and condos for sale is about 40% lower than it was when the market reached equilibrium between buyers and sellers back in 2013. This reduced inventory has caused median sale prices to skyrocket in both counties, creating a strong seller’s market.
In Sarasota County, the median sale price of single-family homes increased by over 20% compared to August 2014, while condos increased in price by almost 25%. Manatee County experienced a similar trend, with median sale price increases of almost 19% and 27% for single-family homes and condos, respectively.
Reduced Days On Market & High Sales
In August 2014, the median days on market for Manatee and Sarasota County…