Home Prices in Sarasota, FL for April 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 activity exploded in April, exceeding the previous record set in April 2004 by just one sale. Pending sales (an indicator of future closings) also increased while the number of homes on the market decreased slightly. In April 1,224 homes closed in Sarasota County, 791 single family homes and 433 condos.
"The Sarasota-Manatee region is one of the hottest markets in the nation because we have tremendous weather, an amazing natural environment, great business climate, good schools, exceptional shopping, and unmatched cultural amenities," explained Association President Stafford Starcher. "The fact that people want to move here and buy property here is no surprise, and we are no longer a secret in the national and international marketplace."
The median sales price for a single family home was $221,990, up from March of 2015 when the median price was $207,500. The median sales price for a condo was $191,400 up from March 2015 when the median sales price was $180,475.
While home prices have increased significantly, 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 April to 15.6 percent. In March 17.4% 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 slightly to 1,127 almost the same as in March 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 available properties decreased. They currently represent a 4.2 and 4.5 month supply of single family homes and condos respectively. 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 April 2015 for single family homes in Sarasota was $221,990. The median sales price in April 2014 was $196,250.
The median days on the market for listings in April 2015 was 36. The median days on the market in April 2014 was 58.
The average sale price in April 2015 for single family homes was $320,842. The average sales price in April 2014 was $302,564.
The average percentage of list price received in April 2015 was 94.3%. The average percentage of list price received in April 2014 was 92.1%.
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