Home Prices in Sarasota, FL for November 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 experienced a decline in November, but we continue to be on track for another record year. Sales for November dropped below 800 for the first time in eight months. Sales for the first eleven 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 $193,000, down from October of 2014 when the median price was $195,000. The median sales price for a condo $175,000 is the same as the previous month.
"Lower inventory could be one reason for the decline in existing home sales in November," said Association President Peter Crowley. "Another might be the fact that the new construction segment of the market is enjoying a resurgence, and some of those sales are not reflected in our MLS system. Local builders have been reporting an excellent sales year, and that could the the difference in the sales numbers in the past few weeks."
While home prices continue to increase, the 20% plus rise seen last year appears to have moderated. Most experts currently seem to agree that a 4% to 5% increase is more likely this year. The number of distressed sales declined in November. In November 21.2% 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 725 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 right after the holidays.
Inventory levels inched down slightly with only 3,720 available properties. This represents a 4.1 month supply of single family homes and a 4.1 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 Home Sales
Sarasota Zip Codes Real Estate Report Summary
The median list price in October for single family homes in Sarasota is $355,900. The median list price increased $1,000 from the previous month.
The price per square foot for listings in this area is $166.
The median sale price in October for single family homes is $215,000. The median sale price stayed the same as 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.