Home Prices in Sarasota, FL for May 2015
Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Sarasota Home Prices
Sales activity declined slightly in the Sarasota Real Estate Market in May, but are still near record levels. Pending sales (an indicator of future closings) also decreased while the number of homes on the market also decreased. In May 1,182 homes closed in Sarasota County, 783 single family homes and 399 condos.
"Perhaps the best news in all of these positive numbers is the overall economy and what is fueling this real estate market," explained Association President Stafford Starcher. "Many reports from experts across the nation point to the growth in employment as the leading fundamental behind this surge. Jonathan Smoke, the chief economists at the web site realtor.com, recently reported that there is no evidence of a housing bubble, and he noted more than three million jobs were created in the last year. He said we could experience the highest national sales since 2006"
The median sales price for a single family home was $230,000, up from April of 2015 when the median price was $221,900. The median sales price for a condo was $210,000 up from April of 2015 when the median sales price was $191,400.
Home prices have increased significantly in the past few years, and they are continuing to increase. Especially in the $300,000 and under range. Many 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 rose slightly in May to 15.9 percent. In April 15.6% 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 decreased to 949 in May versus 1,127 in April indicating slower sales figures in the coming months. This is very typical for this time of year. The strongest season for home sales in the Sarasota Real Estate Market typically ends after the Easter Holiday, but a strong year for sales appears to be continuing.
Inventory levels available properties decreased. They currently represent a 3.8 and 4.3 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 May 2015 for single family homes in Sarasota was $230,000. The median sales price in May 2014 was $191,500.
The median days on the market for listings in May 2015 was 48. The median days on the market in May 2014 was 58.
The average sale price in May 2015 for single family homes was $345,956. The average sales price in May 2014 was $298,664.
The average percentage of list price received in May 2015 was 94.1%. The average percentage of list price received in May 2014 was 92.0%.
Find Homes for Sale in Sarasota, FL
Visit my website to search for homes in Sarasota or to be notified when Sarasota homes come on the market.
To find out what you home is worth in the current market email me at email@example.com or call941-587-8376.