Sarasota Real Estate Market Shows Strong Summer Sales In June. Although not a record month, real estate sales in Sarasota remained high during the historically slower summer month of June with 883 total properties sold. Of those sales were 642 single family homes and 241 condos. Sales in the Sarasota Real Estate Market have increased 13.8 percent over last year. If this trend continues 2013 will be the second highest sales year in the 90-year history of the Sarasota Association of Realtors.
Pending sales in the Sarasota Real Estate Market at the end of June were 1,024, the sixth month in a row that pending sales have been over 1,000, another first for the area. The pending number represents properties that went under contract in June that will be closing in the coming months.
The median sales price for single family homes in the Sarasota Real Estate Market dropped to $200,000 in June versus $220,000 in May. The median sales price for condos declined slightly in June to $192,500 from May's $194,250. However, the single family home median price has increased 12 percent over last year.
"For the past two summers, we have not experienced the typical lull in sales we had been seeing for several years," said SAR President Roger Piro. "We are still seeing a strong surge in the spring, but there seems to be a second season for the buyers that typically relocate in the summer and prepare for school in the fall. These buyers tend to be more families, rather that retirees or investors."
The months of inventory continues to decline in the Sarasota Real Estate Market and continues to be a challenge for buyers, especially in the under $200,000 category. Ending in June, there were 3.2 months of inventory for single family homes and 4.3 months of inventory for condos. The months of inventory indicate how long it would take to deplete the inventory at the current sales rate if no new listings came on the market. Historically, a 6 month inventory of homes is considered a balanced market between buyers and sellers. We are definitely in a seller's market right now in the Sarasota Real Estate Market.
Distressed sales (foreclosures and short sales) accounted for 12.2 percent of all sales in the Sarasota Real Estate Market in June, still a significant number. Recent foreclosure filings have placed Florida back in the number one position for foreclosures in the country. Six of the top ten cities nationwide for foreclosure are in Florida.
Cash sales also continue at a record high with 60 percent of all sales closed for cash. Nationally only about 30 percent of all sales are cash sales. This trend accounts for investors and retirees flush with cash from home sales up north, savings or inheritances. However, this trend is hurting first time buyers who generally rely on financing. Sellers are more likely to accept a cash offer than a financed offer.
However, all signs still point to a continuing trend for a strong summer season of home sales in the Sarasota Real Estate Market!