Special offer

Home Prices in Sarasota, FL for August 2014

By
Real Estate Agent with Michael Saunders & Company BK3189271

 

 

Home Prices in Sarasota, FL for August  2014

 

Real estate market data for  Sarasota, FL provided by  Keith Kropp of  J Wood Realty

 


Sarasota Area Home Prices and Statistics

 

The Sarasota Real Estate Market continues to hum hitting 975 sales for the month of August.  The total sales includes 698 single family homes and 277 condos.  Sales for the first eight months of the year are still ahead of 2013's record sales pace when we had the second highest number of sales in the Sarasota Association of Realtors 91 year history!

 

The median sales price for a single family home was $197,750 about the same as August of 2013 when the median price was $195,000. The median sales price for a condo $177,000, which was 16% higher than the same month a year ago.

 

"I continue to be impressed by the staying power of this market as we have now seen six months in a row with sales above or very near the 1,000 level, "said Sarasota Association of Realtors President Peter Crowley.  "if we remain at this peak activity, and I haven't seen any indications of slowing down, we could see another historic year in 2014.  Agents I have spoken to report no slow down at all for their open houses, and multiple offers on properties continue to be the norm as the available inventory continues to shrink."

 

While home prices continue to increase, the 20% plus rise seen last year appears to have moderated.  Most experts seem to agree that a 14% increase or less is more likely this year.  The number of distressed sales increased slightly.  In August 22% of all sales were either bank-owned or short sales compared to 21.5% a year ago.

 

Cash sales continue to dominate the market with about 60% of all sales being cash.  This is being attributed to the influx of retirees and empty nesters who have been flocking to the area.  With the baby boomer generation retiring in record numbers to the area this may not change any time soon.

 

Pending sales remain strong with 832 sales on track to close in the coming months.  The strongest season for home sales in the Sarasota Real Estate Market are about to begin as the season gets under way in the next couple of months.

 

Inventory levels are dropping again with only 3,745 available properties.  This represents a 4.1 month supply of single family homes and a 3.8 month supply of condos.  A 6 month supply is considered a balance market between buyers and sellers.  We continue to be in a seller's market.

 

With a good Realtor to help you through the buying process, there are good homes to be found and good lenders to help buyers obtain mortgages.

 

 Single Family August 2014

 

 Condo August 2014

 

 

 

Sarasota Zip Codes Real Estate Report Summary


The median list price in August for single family homes in Sarasota is $219,900. The list prices decreased $1,000  from the previous month.

The price per square foot for listings in this area is $166.

The median sale price in August for single family homes is $225,000. The sale prices decrease of 2% from the previous month.

The price per square foot for sales in this area is $133.


Find Homes for Sale in Sarasota, FL

Visit my website to search for homes in Sarasota  or to be notified when Sarasota homes come on the market.

To find out what you home is worth in the current market email me at Keith@KeithKropp.com  or call 941-587-8376.

 

 

Comments (2)

David Saks
Memphis, TN
Broker / Industry Analyst

Great post and always great information. Have a fantastic day ahead.

Oct 24, 2014 05:55 PM
The Keith Kropp and Wayne Rogers Team
Michael Saunders & Company - Sarasota, FL
Nowhere But Here

Thank you, David:)

Oct 25, 2014 04:08 AM