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Sarasota Real Estate Market Continued To Roar In July, Sarasota, FL

By
Real Estate Agent with Michael Saunders & Company BK3189271

Sarasota Real Estate Market

Sarasota Real Estate Market Continued To Roar In July, Sarasota, FL.  Home sales continued their "hot" streak in the Sarasota Real Estate Market for the month of July with a total of 911 properties sold.  This represents a 30.3 percent increase over July 2012 and a 3.2 percent increase over June 2013.  At the current pace this year still looks to be one of the biggest years in real estate in the 90 year history of the Sarasota Association of Realtors.

Median prices continue to climb and have increased 16 percent over the same time last year.  If this trend continues we will see the biggest year-to-year increase in the median sales price in over four years in the Sarasota Real Estate Market.

"With sales up dramatically and prices also trending upward, the popularity and strength of the Sarasota market is unquestionable," said SAR President Roger Piro.  "The quality of the properties on the market,  plus our overall attraction to both domestic and foreign buyers, has made this one of the best years on record to this point."

The condo market has not been as robust.  The median price for condos has increased a modest 2 percent year-to-year in the Sarasota Real Estate Market.  Much of this has to do with the price mix of condos that close month to month.  In July there was an increase in the number of condos that closed under $100,000 and a drop in the sale of condos over  $1 million.

Inventory rose slightly in July to 3,152, a mere 1 percent increase over inventory in June (the lowest level in more than a decade).  This represents a 3.1 month inventory for single family homes and a 4.6 month inventory for condos.  The tight inventory in the Sarasota Real Estate Market continues to be a challenge for buyers and is contributing to the increase in sales prices.  A six month figure is considered a balanced market between buyers and sellers. 

Distressed properties, either bank-owned or short sales, continue to dwindle as a percentage of sales, but still accounted for 11.5 percent of July sales in the Sarasota Real Estate Market.  However, a substantial backlog of foreclosures (several hundred thousand statewide) continue to clog the court system.  The foreclosure crisis is far from over.

"The fact that we saw sales 30 percent higher this July than last July seems to be the biggest news this summer in local real estate," said Piro.  "Most agents are clearly not taking the summer off and vacationing, because the buyers are here and they are anxious to buy in this area.  This is a positive, historic time, and the moderate rise in single family home prices coupled with the fluctuating condo market prices indicate we are not seeing a new bubble.  This is just a genuinely popular place to live and invest in real estate."

 

Comments (2)

Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Keith,  always like to hear information on other locations.  Thanks for sharing with us.

Aug 21, 2013 05:38 AM
The Keith Kropp and Wayne Rogers Team
Michael Saunders & Company - Sarasota, FL
Nowhere But Here

Thank you, Ronald.  Always good to know that someone is reading my blog.  Hope your business is doing well, too!

Aug 21, 2013 06:08 AM