Home Prices in Sarasota, Florida for August of 2013

By
Real Estate Agent with DWELL REAL ESTATE BK3105105

Home Prices in Sarasota, Florida for August 2013


Real estate market data for Sarasota, Florida  provided by Marnie Matarese  of 

DWELL Real Estate

 

This data has been provided by Sarasota Realtors Magazine, August 2013

Sales remain high in June, 2013

 

The inventory of available homes in the Sarasota market fell to only 3,114 in June 2013 – the lowest level in longer than a decade, and an 18 percent drop from last year at this time. Declining inventory generally results in greater

competition for available homes and condos and subsequent price escalation.

 

Members of the Sarasota Association of Realtors® sold 883 properties in June 2013, a drop from the May 2013 figure of 1,020 which represented an eight-year high, but up 2 percent over June of last year. The Sarasota real estate market

tallied 642 single family homes and 241 condominiums in June 2013, compared to June 2012 totals of 603 single family homes and 261 condos sold in June 2012.

 

For the first half of 2013, sales are up 13.8 percent over last year at this time. If the current trend continues, 2013 will go down as the second highest sales year in the 90-year history of SAR, surpassed only by 2004’s record figure of

11,267 closed transactions.

 

Pending sales stood at 1,024 in June 2013 – the sixth consecutive month that pendings have topped 1,000, an historic first for SAR. The previous record string was five – also accomplished this year. In May 2013 there were 1,157

pendings reported, and last June there were 911 pendings.

 

Pending sales have now topped 1,000 every month this year. This important statistic represents properties that went under contract during the month, and indicates sales in July and beyond could also be at near record high levels.

 

Median sales prices moderated in June 2013. The figure for single family homes was $200,000, down from the May figure of $220,000 but still 12 percent higher than last June’s figure of $178,500. For condos, the median was $192,500,

slightly below May’s figure of $194,250 and below last June’s figure of $195,000.

 

“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 than retirees or investors.”

 

The available inventory hit yet another new decade low in June, dropping to 3,114 from May’s figure of 3,297. The inventory is down almost 18 percent since June 2012, when it stood at 3,816.

 

The June 2013 months of inventory stood at 3.2 months for single family and 4.3 months for condos, with both property categories very near the lowest level in the past decade (achieved last month – 3.0 and 3.9, respectively).

 

Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last June there were 4.1 months of inventory for single family homes and 5.2 months of inventory for condos. At the

worst point of our market in November 2008, there were 24 months of inventory for single family homes and 41.7 months for condos.

 

Currently, 379 properties listed for sale in the MLS are short sales or foreclosures, up from last month’s figure of 333. This represents 12.2 percent of available properties, up from last month’s figure of 10.2 percent.

 

Sales of distressed properties represented about 23 percent of the overall sales in June 2013, almost identical to the May figure, but much lower than the 51 percent figure experienced in the fourth quarter of 2010.

 

“The Sarasota area is blessed with incredible natural beauty, great cultural assets and tremendous amenities that families enjoy year round,” said Roger Piro. “We have a tremendous real estate market, and more and more people are finding out about this area, across the nation and around the world.”

 

“For the past two summers, we have not experienced the typical

lull in sales we had been seeing for several years.”

- SAR President Roger Piro

 

 

 

 

 

 

 

What does this mean for you if you are a buyer?  It is time to get off the fence if you are serious about owning a home in Florida and purchasing while interest rates are still low.  The inventory has been greatly reduced and the prices are inching up. 

 

 

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 or call 941-809-8099.

Posted by

 Looking for a great real estate agent in the Sarasota area? 

 

Marnie Matarese |Broker Associate | GRI|RSPS|SRES | DWELL Real Estate 

MARNIE@CALLMARNIE.COM 

DIRECT:  941-809-8099 

 

www.callmarnie.com  

1947 Ringling Boulevard

Sarasota, Florida 34236

 

  

          

 

 

 

 

 

 

 

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Rainmaker
1,072,329
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

Marnie, what's not to like about this report?  Up where it should be, down in inventory to keep prices rising and a balanced absorption rate.  Thank you for the breakdown!

Aug 10, 2013 12:38 PM #1
Rainer
229,759
Jill Winchel
Royal Shell Real Estate - The Koffman Group - Cape Coral, FL
We make it easy. You make it home.

Great report for Sarasota area with tons of info. I was surprised to see median prices of sfh and condos so close. We have lower inventory than last year with prices inching up, as well.

Aug 11, 2013 12:11 AM #2
Rainmaker
892,465
Sussie Sutton
David Tracy Real Estate - Houston, TX
David Tracy Real Estate for Buyers & Sellers

Great marketing report for the area! Have a great remainder of the weekend.

Aug 11, 2013 02:38 AM #3
Rainmaker
420,493
Marnie Matarese
DWELL REAL ESTATE - Sarasota, FL
Showing you the best of Sarasota!

Kevin, I think Naples is also having a wonderful summer season.  Inventory is actually very low up and down both coasts.

Jill - last year I had to show up to 40 properties to buyers to get them to make a decision.  This year I am lucky to be able to find 8 or nine that match their needs.

Sussie- thanks for stopping by.  I had such a great time in Bandera, TX in June that I can't wait to come back.

Aug 11, 2013 11:11 AM #4
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2,091,013
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

Florida is everybody's destination and the future is bright! GREAT blog post!

Aug 11, 2013 09:45 PM #5
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Rainmaker
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Marnie Matarese

Showing you the best of Sarasota!
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