Home Prices in Sarasota, FL for June 2014
Ral estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Sarasota Area Home Prices and Statistics
Sales in the sizzling Sarasota Real Estate Market have topped 1,000 for four consecutive months now puting this market in target for another banner year. There were 1,048 closed sales in June, 727 single family homes and 321 condos. The first half of this year is ahead of 2013 which was a record year in Sarasota, the second highest number of sales in the 91 year history of the Sarasota Association of Realtors.
"We are continuing to see heavy foot traffic at open houses and at brokerages across the county," said Sarasota Association of Realtors President Peter Crowley. "While we have seen a marginal slowdown in the road traffic as some residents head north for the summer, there seems to be unusually high visitor numbers this summer. People want to come to Sarasota, now more than ever!" The extreme cold of the recent winter seems to have many buyers rushing to the area with dreams of escaping next winter.
While home prices are continuing to increase, the rise seen last year appears to have moderated. Most experts seem to agree that a 14% increase is more likely this year. The number of distressed sales has gone down dramatically from four years ago to about 20% of all sales. Cash sales continue to be at an all time high at about 60% overall. This is attributed to the influx of retirees and empty nesters who have been able to sell their northern homes in the last couple of years and no longer want a mortgage. In many cases this is making it harder for first time buyers who need mortgages.
Inventory of homes has dropped further to 4.6 months for single family homes and 4.2 months for condos, making this a strong seller's market. Successfully obtaining a mortgage can be an additional drawback.
However, with a good Realtor to help you through the home buying process, there are good homes to be found and good lenders to help buyers obtain mortgages.
Sarasota Real Estate Report Summary
The Sarasota Area experienced 1,048 sales in June. Distressed properties (bank-owned or short sales) made up 20.1% of total sales and cash sales are at 50% of all sales in Sarasota. The highest price property sold last month was $4,000,000, the lowest price was $22,900, and the median price was $220,000. There are 4,196 active listings, and 901 pending contracts. The median sold price per square foot last month was $134. Although the 30 year fixed-rate mortgage is beginning to moderate and is currently at 4.12%, financing continues to be challenging due to the stricter underwriting guidelines.
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