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Home Prices in Sarasota, FL for August 2015

By
Real Estate Agent with Michael Saunders & Company BK3189271

Home Prices in Sarasota, FL for August 2015


Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.

 


Sarasota Home Prices

 

Sales activity continued at a robust pace in the Sarasota Real Estate Market in August, even with a decreasing inventory.  Pending sales (an indicator of future closings) were down 5 percent from the previous August.   In August 1,048 homes closed in Sarasota County, which was up over last August which had 975 sales.

 

"The economic law of supply and demand has dramatically influenced our local market, as we are seeing big jumps in median sale prices year over year, said Association President Stafford Starcher.  "The lack of available inventory compared to the equilibrium levels, and particularly to our inventory peaks in 2006 when we were seeing over 15,000 properties on the market in both counties, is remarkable.  Yet, despite the low inventories, we are continuing to see historically high sales numbers.  Also, the lower days on market figures means fewer properties are languishing on the market.  A property in good condition and priced right is generally selling very quickly."

 

The median sales price for a single family home in Sarasota County was $237,000, up 21.1 percent from August of 2014. The median sales price for a condo was $220,00, up 24.3 percent from August 2014.

 

While home ownership rates have declined to 63.4 percent nationwide, the lowest in half a century, the Sarasota Real Estate Market has risen to 75.6 percent.  Sarasota currently ranks the highest in home ownership for the 75 largest metropolitan areas in the country.

 

Cash sales continue to dominate the market in Sarasota County with almost 55% of all sales being cash, but financed transactions are on the rise.  The high volume of cash transactions 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.

 

Again, pending sales were down about 5 percent over last August,  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 begins in the fall, but a strong year for sales appears to be continuing.  In fact, 2015 could be another record year in the Sarasota Real Estate Market.

 

Inventory levels of available properties continued to decrease.  They currently represent a 3.3 and 3.9 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.

 

"This remains a strong market, with potential for future growth," said Starcher.  "Our agents obviously hope to see an increase in the available inventory as prospective sellers realize the opportunity and get into this market.  If we see a turnaround soon in the inventory levels, combined with the traditional return of our winter visitors who often decide to move her permanently, I think we'll have a healthy real estate market in the foreseeable future."

 

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

 

August 2015 Single Family Home Sales

Condo/Townhome Sales

 

 

Condos Townhomes August 2015
Sarasota County Real Estate Report Summary

The median sales price in August 2015 for single family homes in Sarasota was $237,000. The median sales price in August 2014 was $195,750.

The median days on the market for listings in August 2015 was 39.  The median days on the market in August 2014 was 65.

The average sale price in August 2015 for single family homes was $331,011.  The average sales price in August 2014 was $290,804.

The average percentage of list price received in August 2015 was 95.0%.  The average percentage of list price received in August 2014 was 92.3%.

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 keith@keithkropp.com or call 941-587-8376.

Comments (2)

Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for taking the time to provide us with this in depth real estate market insight and report!  This really is excellent information for buyers and sellers alike!  Thanks so much Keith Kropp!

Oct 08, 2015 12:47 PM
The Keith Kropp and Wayne Rogers Team
Michael Saunders & Company - Sarasota, FL
Nowhere But Here

Thank you, Jim, for your comments.  Always appreciated!

Oct 09, 2015 01:20 AM