Sarasota Real Estate Market Report For July 2012

Sarasota Real Estate Market Report For July 2012.  Sarasota home sales have remained healthy in the dog days of summer.  

Sarasota home sales are historically very seasonal with the summer months being the among the slowest of the year.  While they have cooled off from the heated pace earlier this year, they have continued to remain robust this summer.

The Sarasota Real Estate Market Report For July 2012 shows that there were 699 closed sales.  Of those, 523 were single family homes and 176 were condos.  At the same time pending sales increased to 919.

"The Sarasota real estate market remains a bright spot in Florida and the nation," said Sarasota Association of Realtors (SAR) President Laura Benson.  "We couldn't have asked for a better second quarter, and of course the amazing numbers were not expected to continue indefinitely. But the fact we haven't seen any big drop off in sales, and we are significantly ahead of last year's pace, is great news for our members."

The median sales price from the Sarasota real estate market report for single family homes in July 2012 was $178,000 and the median sales price for condos was $176,000.  Year over year the median prices have increased significantly.  Last year in July the median sales price for single family homes was $156,000 and the median sales price for condos was $162,250.

The increase in median prices is due partly to the decline in percentage of distressed properties on the market.  In July 2012 distressed sales (bank-owned or short sales) accounted for 32.4 percent of all sales, among the lowest levels in the last three years.

Another positive trend is the decreasing number of homes for sale on the market.  Currently there are 3,644 properties for sale in the Sarasota real estate market.  That translates to a 4.5 month inventory of single family homes and a 7.5 month inventory of condos for sale.

"Competition for the available properties is high, and that can lead to bidding wars and price escalation," explained Benson.  "This is a dynamic market, and the trend lines point to increases in asking prices going forward."