Home Prices in Sarasota, FL for October 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 home sales continue to climb hitting 1.011 sales for the month of October. The total sales includes 723 single family homes and 288 condos. Sales for the first ten 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 $195,000, up from September of 2014 when the median price was $189,000. The median sales price for a condo $175,000, which was 11.4% lower than September.
"The season is only just beginning, and no one is reporting a holiday slowdown in market activity at this point," said Sarasota Association of Realtors President Peter Crowley. "In the past few years, we haven't observed a major drop off in sales in November and December. With the national economy picking up steam, and unemployment still dropping, I'm optimistic we'll continue to see these strong numbers."
While home prices continue to increase, the 20% plus rise seen last year appears to have moderated. Most experts seem to agree that a 5% to 9% increase is more likely this year. The number of distressed sales remained the same in October. In October 24% of all sales were either bank-owned or short sales.
Cash sales continue to dominate the market with about 55% 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 773 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 inched up slightly with only 3,791 available properties. This represents a 4.0 month supply of single family homes and a 3.9 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.
Sarasota Zip Codes Real Estate Report Summary
The median list price in September for single family homes in Sarasota is $354,900. The median list price increased $55,900 from the previous month.
The price per square foot for listings in this area is $179.
The median sale price in September for single family homes is $215,000. The median sale price decreased 5% from the previous month.
The price per square foot for sales in this area is $133.
Find Homes for Sale in Sarasota, FL
To find out what you home is worth in the current market email me at Keith@KeithKropp.com or call 941-587-8376.
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