Home > Blogs > The Keith Kropp and Wayne Rogers Team > Keith Kropp's Sarasota

Home Prices in Sarasota, FL for July 2014

By The Keith Kropp and Wayne Rogers Team

Real Estate Agent with Michael Saunders & Company BK3189271

September 26, 2014 04:51 AM

Home Prices in Sarasota, FL for July 2014

Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty

Sarasota Area Home Prices and Statistics

The Sarasota Real Estate Market continues to zip along almost topping 1,000 sales for the fifth straight month with 928 sales in July. The total sales includes 643 single family homes and 285 condos. Sales for the first seven months of the year are still ahead of 2013's record sales pace when we had the second highest number of sales in the Sarasota Association of Realtors 91 year history!

The median sales price for a single family home was $201,000, about 6% higher than a year ago. The median sales price for a condo $205,000, which was 29% higher than the same month a year ago.

"For the past several years, we've seen reductions in July sales numbers, so this is not a surprise," said Sarasota Association of Realtors President Peter Crowley. "What is surprising is that July was the first month in six years that we've seen both property categories - single family homes and condos - top the $200,000 median sale price level. The last time that occurred was in August 2008. We may have reached new balanced, sustainable price points in the market."

While home prices continue to increase, the 20% plus 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 continues to decline. In July 19.5% of all sales were either bank-owned or short sales compared to 24.9% a year ago.

Cash sales continue to dominate the market with about 60% of all sales being cash. This is being attributed to the influx of retirees and empty nesters who have been flocking to the area. With the baby boomer generation retiring in record numbers to the area this may not change any time soon.

Pending sales remain strong with 834 sales on track to close in the coming months. The strongest season for home sales in the Sarasota Real Estate Market are about to begin as the season gets under way in the next couple of months.

Inventory levels are dropping again with only 3,912 available properties. This represents a 4.4 month supply of single family homes and a 3.8 month supply of condos. A 6 month supply is considered a balance market between buyers and sellers. We continue to be in a seller's market.

With a good Realtor to help you through the buying process, there are good homes to be found and good lenders to help buyers obtain mortgages.

Single Family July Sales