Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Sarasota Home Prices
Sales have leveled off in the past couple of months, but both inventory or homes coming on the market and median sales prices continue to rise. Inventory in April increased 8 percent over April 2015 in Sarasota County. Current inventory is at 4.5 months compared to 4.2 this time last year. This number represents the number of months it would take to sell all existing inventory if no new listings came on the market. Six months inventory is considered a balanced market between buyers and sellers. We are still in a sellers market.
"We continue to see an inventory increase in our area, which is great because there are more options for home buyers," said Linda Formella, RASM President. "Homes priced at $300,000 and under continue to sell at a quick pace, and this trend is likely continue. There is a high demand for quality, affordable housing. In the upper end of the market we are seeing an extended buying season in our two-county area, with 80 properties closed in April with prices of $1 million plus, significantly higher than last year."
Sarasota County had 733 sales in April, down only 4.2 percent from March. Median sales prices for single family homes in Sarasota continues to increase and was $250,000 in April, and condo median sales prices also increased in Sarasota to $218,000.
While home ownership rates have declined to 63.5 percent nationwide, the lowest in half a century, the Sarasota Real Estate Market has risen to 73.5 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 in Sarasota County with 50% or more of all sales being cash, but financed transactions are on the rise. The high volume of cash transactions is 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.
"2015 has been such and exciting and historic year for our two-county area," noted Formella. "We live and work in paradise and more and more people want to be a part of it. I am looking forward to a healthy year of steady growth in 2016."
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 April 2016 for single family homes in Sarasota was $250,000. The median sales price in April 2015 was $221,990.
The median days on the market for listings in April 2016 was 35. The median days on the market in Ajpril 2015 was 35.
The average sale price in April 2016 for single family homes was $332,692. The average sales price in April 2015 was $330,842.
The median percentage of list price received in April 2016 was 95.1%. The median percentage of list price received in April 2015 was 95.1%.
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.
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