Home Prices in Sarasota, FL for March 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 March as activity continues to accelerate. Pending sales (an indicator of future closings) also increased while the number of homes on the market decreased slightly. In March 1201 homes closed in Sarasota County, 789 single family homes and 412 condos.
"These are fantastic sales numbers, and certainly welcome news and evidence that the market remains on a good roll," said Realtor Association President Staffford Starcher. "The Sarasota County total was very near the all-time one month high sales figure of 1,228 that we saw in April 2004, and we are now well ahead of the record pace of sales experienced in 2014."
The median sales price for a single family home was $207,500, up from February of 2015 when the median price was $196,000. The median sales price for a condo was $180,475 down from February 2015 when the median sales price was $187,500.
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 March to 17.4 percent. In February 20.2% of all sales were either bank-owned or short sales.
Cash sales continue to dominate the market with over 55% 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 1,126 sales indicating strong closings in the coming months. The strongest season for home sales in the Sarasota Real Estate Market typically ends after the Easter Holiday, but a strong selling season appears to be continuing.
Inventory levels decreased slightly to 4,418 available properties. This represents a 4.5 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 March 2015 for single family homes in Sarasota was $207,500. The median sales price in March 2014 was $189,472.
The median days on the market for listings in March 2015 was 43. The median days on the market in March 2014 was 56.
The average sale price in March 2015 for single family homes was $303,270. The average sales price in March 2014 was $276,754.
The average percentage of list price received in March 2015 was 94.1%. The average percentage of list price received in March 2014 was 92.9%.
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