Sarasota Real Estate Market Update - Sales Still Sizzle In August! Sarsota's hot real estate sales streak continued in August outpacing July's sensational numbers. 819 properties changed hands in August compared to 699 in July. The breakdown is 587 single family homes and 232 condos sold. The strong August showing was not expected, but local Realtors are smiling.
"The old adage says all real estate is local, and in Sarasota, we are experiencing a resurgent, vibrant, energized market - the best we've seen since the end of the boom years in 2006," said SAR (Sarasota Association of Realtors) President, Laura Benson. "SAR members have been reporting incredible sales numbers, and competition for available properties is high due to the very low inventory. My advice to buyers would be to get off the fence - you might miss out on your dream home."
Sales pending closing also increased in August to 953, a nice increase over July's pending sales number at 919. The median price for a single family home was down slightly from the previous month to $169,945. The median price for a single family home for the last 12 months was $169,000. Sales prices appear to have hit bottom which is a very encouraging sign for the coming year.
The median price for condos in August dropped significantly to $149,000 from $176,000 in July. The median price for condos seems to be more by the number of high end condos sold in a particular month. However, the median price for condos over the last 12 months was $163,950, the same as the previous 12 months before that.
The inventory of available properties in the Sarasota Real Estate Market has dropped to 3,504, the lowest level in 10 years! The represents a 3.8 month supply of single family homes and a 5.5 month supply of condos. A 6 month supply of available properties is considered a balanced market. We have definitely returned to a seller's market.
Another positive sign is the percentage of distressed sales, either bank-owned or short sales, is down to 16.3 percent.
All of these very exciting numbers and the big selling season in Sarasota hasn't even begun yet. This really is the time to sell or buy in the Sarasota Real Estate Market.
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