Sarasota Home Sales For 2013 Reach Second Highest Total On Record. The year end totals are in, and the Sarasota Real Estate Market had the second highest number of sales in the history of the Sarasota Association of Realtors.
The total number of properties sold in December in the Sarasota Real Estate Market was 920. This total included 621 single family homes and 299 condominiums. Home values are on the increase as well with median sales prices increasing as much as 20 percent year over year for single family homes and 10.1 percent for condominiums.
"Overall, December 2013 was a great month for real estate in our market," said SAR President Peter Crowley. "Many of our winter residents and visitors seem to have turned their attention to buying and selling homes. This could be partially attributed to the recent news that predicts increases in mortgage interest rates in 2014. Also, as homeowners see their properties appreciating in value, many are no longer under water and are now able to put their homes on the market."
The current inventory of properties available in the Sarasota Real Estate Market is at a 10 month high with 4,417 properties for sale. Inventory had dropped as low as 3,747 in July so the choice for buyers has definitely increased. Currently there is a 4.8 month supply of single family homes and 4.7 months supply for condos. The months supply is the number of months it would take to deplete the current inventory if not other homes came on the market. Generally, a 6 month supply is considered a balanced market for buyers and sellers.
The number of distressed properties, either bank-owned or short sales, continues to decline with only 552 listings in December. However, distressed sales accounted for 22.5 percent of all sales in December.
The 2014 Sarasota Real Estate Market looks to be another very interesting year. Many experts predict continued appreciation, but at a slower pace. Locally builders are scrambling to find land for the booming market. Most have had record breaking sales of new homes. Florida continues to lead the nation in foreclosures, but at a much reduced rate. Other concerns are the new flood insurance rates, increasing interest rates and new mortgage regulations.
On the other hand, the increasing number of Baby Boomers, retirees and others flocking to the Sarasota Real Estate Market for the wonderful year round weather, beaches, cultural amenities and general beauty show promise of another banner year. Many of the same reasons that made Sarasota Home Sales For 2013 Reach Second Highest Total On Record.
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