Home Prices in Sarasota, FL for February 2015
Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Sarasota Home Prices
The Sarasota Real Estate Market sales increased in February as activity continues to accelerate. Pending sales (an indicator of future closings) also increased as well as the number of homes on the market. In February 837 homes closed in Sarasota County, 585 single family homes and 252 condos.
"Once the holidays have passed, home shoppers jumped off the fence and started signing contracts," said Association President Stafford Starcher. "We are now above the record pace of sales experienced in 2014, and the pending transactions would indicate the current pace isn't going to slow in the foreseeable future."
The median sales price for a single family home was $196,000, up from January of 2015 when the median price was $190,000. The median sales price for a condo was $187,500 up from January 2015 when the median sales price was $185,000.
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 February to 20.2 percent. In January 21.8% of all sales were either bank-owned or short sales.
Cash sales continue to dominate the market with over 60% of all sales being cash. This is being attributed to the influx of retirees and second home buyers 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 1,046 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 4,439 available properties. This represents a 4.6 month supply of single family homes and condos. A 6 month supply is considered a balance market between buyers and sellers. Our current market definitely favors 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 sales price in February 2015 for single family homes in Sarasota was $196,000. The median sales price in February 2014 was $185,000.
The median days on the market for listings in February 2015 was 49. The median days on the market in February 2014 was 58.
The average sale price in February 2015 for single family homes was $296,424. The average sales price in February 2014 was $288,575.
The average percentage of list price received in February 2015 was 93.3%. The average percentage of list price received in February 2014 was 92.3%.
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