Home Prices in Sarasota, FL for January 2015
Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Sarasota Home Prices
The Sarasota Real Estate experienced a decline in sales for the month of January as expected, but pending sales rose drastically as well as the number of homes on the market. In January 743 homes closed in Sarasota County, 514 single family homes and 229 condos.
"In real estate, there are trends, peaks and valleys, and over the years we've seen a dip in closed sales in January," said Association President Stafford Starcher. "In recent years, we've also seen a resurgence in sales in February and through the spring and early summer. Judging from the pending sales levels in both counties, I wouldn't be surprised if 2015 continues in this same pattern."
The median sales price for a single family home was $190,000, up from December of 2014 when the median price was $195,500. The median sales price for a condo $185,000 was up from December when the median sales price was $177,500.
While home prices continue to increase, they have definitely moderated. Most experts currently seem to agree that a 3% to 5% increase is more likely this year. A 3% to 5% increase is a return to a more stable market for the long term. The number of distressed sales declined in December. In December 21.8% of all sales were either bank-owned or short sales.
Cash sales continue to dominate the market with close to 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 increased substantially to 995 sales indicating strong closings in the coming months. The strongest season for home sales in the Sarasota Real Estate Market is currently underway and should continue throughout the Easter Holiday.
Inventory levels also increased greatly to 4,385 available properties. This represents almost a 6 month supply of single family homes and condos. A 6 month supply is considered a balance market between buyers and sellers.
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 County Real Estate Report Summary
The median list price in January for single family homes in Sarasota was $355,000. The median list price in December was $369,000.
The price per square foot for listings in this area is $164.
The median sale price in January for single family homes was $190,000. The median sale in December was $195,000.
The price per square foot for sales in this area is $121.
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