Home Prices in Sarasota, FL for June 2015

Home Prices in Sarasota, FL for June 2015

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

Sarasota Home Prices

Sales activity continued at a near record pace in the Sarasota Real Estate Market in June, even with a decreasing inventory.  Pending sales (an indicator of future closings) were up about 1 percent over the previous June..   In June 1,183 homes closed in Sarasota County, only one more than May.

"There hasn't been a string of four consecutive months with sales this high in the history of this region," noted Association President Stafford Starcher.  "The closest we've seen to these numbers was in the spring of 2004 - over a decade ago."

"The existing inventory remains low in both counties, and that fundamental tends to push price appreciation in a desirable market like ours,"  explained Starcher.  "We are seeing inventory levels down by double digit percentages this June compared to last year at this time."

The median sales price for a single family home was $230,000, up 17.9 percent from June of 2014. The median sales price for a condo was $210,000.

Home prices have increased significantly in the past few years, and they are continuing to increase.  Especially in the $300,000 and under range.  In the Sarasota Real Estate Market home prices have increased 11.4 percent year over year.

While home ownership rates have declined to 63.4 percent nationwide, the lowest in half a century, the Sarasota Real Estate Market has risen to 75.6 percent.  Sarasota currently ranks the highest in home ownership for the 75 largest metropolitan areas in the country.

Cash sales continue to dominate the market with over 55% of all sales being cash.  This is being attributed to the influx of retirees and second home buyers 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 were up about 1 percent over last June, and  indicating slower sales figures in the coming months.  This is very typical for this time of year.  The strongest season for home sales in the Sarasota Real Estate Market typically ends after the Easter Holiday, but a strong year for sales appears to be continuing.

Inventory levels available properties decreased.  They currently represent a 3.5 and 4.0 month supply of single family homes and condos respectively.  A 6 month supply is considered a balance market between buyers and sellers.  Our current market definitely favors sellers.

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 Home Sales

Condo/Townhome Sales

Sarasota County Real Estate Report Summary

The median sales price in June 2015 for single family homes in Sarasota was $230,000. The median sales price in June 2014 was $195,000.

The median days on the market for listings in June 2015 was 45.  The median days on the market in June 2014 was 66.

The average sale price in June 2015 for single family homes was $326,134.  The average sales price in June 2014 was $310,929.

The average percentage of list price received in June 2015 was 94.5%.  The average percentage of list price received in June 2014 was 91.9%.

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 call941-587-8376.