Damn The Downturn! Sarasota Sales Fourth Highest In 90 Years! Sales of homes in the Sarasota real estate market in November rose 29 percent over last November. The Sarasota real estate market is currently on track to achieve the fourth highest level of sales in SAR's 90-year history (SAR stands for Sarasota Association of Realtors). So when people tell you the real estate market is down, not here in Sarasota.
Sales in the Sarasota real estate market in November totaled 764 transactions. This includes 556 single family homes and 208 condos. The Sarasota real estate market has remained very active through the summer and fall with the traditionally highest selling months still ahead of us. There are currently 905 pending sales in the Sarasota real estate market which is 14 percent higher than a year ago.
"We are truly experiencing a very fortunate time for the Sarasota real estate market," said SAR President Laura Benson. "Interest rates remain near all-time lows, quality properties are affordable, and the economy is recovering at an improved pace. We're in the middle of a great market, and the traditional buying season is only just getting started."
The available inventory of properties in the Sarasota real estate market remains near the decade low with only 3,543 properties available. Many properties are experiencing multiple offers and it can be difficult to find properties for buyers depending on the price range.
The months of inventory available remain near 10-year lows as well. Currently there are 4.1 months of single family home inventory and 6.1 months of condos. Months of inventory represent the months it would take to sell all of the current inventory at the current sales rate. A six month inventory is considered a balanced market for buyers and sellers.
The median price for single family homes was at $174,450 and $160,000 for condos. This represents an 8 percent increase for single family homes and a 28 percent increase for condos over last year. The Sarasota real estate market pricing appears to have hit the bottom and is moving up!
Another positive sign is the percentage of distressed sales (bank-owned and short sale properties) on the market. This type of sale represented 17 percent of the Sarasota real estate market at the beginning of the year and had declined to 13.2 percent in November.
Another bright spot comes from the U.S. Census Bureau. It was reported in December that more people are moving state to state now than in 2011. Florida is the number one beneficiary of this migration with the highest percentage of new residents coming from New York.
All in all, the sales forecast for the Sarasota real estate market is bright and sunny. Just like our weather. If you have been considering Sarasota, now is the time to make your move!
Damn the downturn . . full speed ahead!