November Prices Up 23 Percent Over Last Year In Sarasota Market! While the number of sales in the Sarasota Real Estate Market have moderated as the year comes to a close prices have definitely been on the increase. In fact, year over year, median prices for single family homes between November 2012 and November 2013 have increased a whopping 23 percent. The median price this November was $181,700 compared to $147,000 in November of 2012. The same comparison for condos was not as upbeat, but still very positive at 10.9 percent.
Total sales in the Sarasota Real Estate Market for November 2013 were 760 (531 for single family homes and 229 for condos.). This is down significantly from October's sales figure of 818 for single family homes and condos. It is too early to tell if this is a trend or just the normal seasonal adjustment.
"The November 2013 statistics indicate that the local market has leveled off at a high sales rate," said SAR President Roger Piro. "Word of mouth continues to indicate strong attendance at open houses, and we seem to be experiencing the traditional increase in seasonal residents and visitors. Judging from past trends, we should anticipate a busy market in the mid-winter and early spring months."
Inventory finally appears to be increasing. The total number of listings in the Sarasota Real Estate Market increased to 4,288 in November compared to the 4,032 the previous month. Pending sales declined in November to 758, they stood at 820 in October. Pending sales are properties under contract yet to close and are a good indicator of future sales.
The months of inventory for single family homes is 5.4 and for condos 6.1. A six month inventory is considered a balanced market between buyers and sellers. Months of inventory represents the number of months it would take for the current inventory to completely sell out if no new listings came on the market.
The number of distressed sales (short sales and foreclosures) in November was 567 or 13.2 percent of all inventory. This number continues to decline and stood at 15.7 percent a year ago. Some experts continue to be cautionary about a "shadow" inventory of foreclosures to come on the market, but this has yet to occur. There are just under 300,000 foreclosure cases in the Florida courts. Florida continues to rank as the number one state in the country for new foreclosures.
Other factors that have or could affect sales in the Sarasota Real Estate Market in the coming months are uncertainty about flood insurance rates as well as increasing interest rates. All in all most factors indicate that the Sarasota Real Estate Market continues to be strong and will remain so for the next year or beyond.
And why shouldn't it, when you have headlines like this: November Prices Up 23 Percent Over Last Year In Sarasota Market!