Home Prices in Sarasota, FL for September 2015
Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Sarasota Home Prices
Sales activity experienced a slower pace in the Sarasota Real Estate Market in September after six continuous months of record setting sales. Pending sales (an indicator of future closings) were also down, but not enough to warrant any concern as this trend is typical for September. In September 927 homes closed in Sarasota County ending a six month run of sales over 1,000 plus per month.
"While the real estate market has taken a slight breather in September, which is traditionally a slower sales month, the overall numbers are still very strong," said Association President Stafford Starcher. "We continue to note the lack of available inventory, but we did have a small bump upwards from August. Last year and the previous year we saw the inventory rise through the winter months and peak in February. If that trend continues, local agents should expect a very busy season."
The median sales price for a single family home in Sarasota County was $223,500, up 18.3 percent from September of 2014. The median sales price for a condo was $195,000, down by 1.3 percent from September 2014.
While home ownership rates have declined to 63.7 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 for single family homes, but unchanged for condos over last September. 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 and 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 3.2 and 3.6 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.
"I remain very optimistic and enthusiastic about our local real estate market," noted Starcher. "We continue to see sales numbers at or near record levels, and the price rise in the single family market obviously has not scared away buyers. The affordability of local properties remains at a much better level now than during the boom years of 2004-2006, as interest rates remain very favorable for buyers."
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
Condo/Townhome Sales
Sarasota County Real Estate Report Summary
The median sales price in September 2015 for single family homes in Sarasota was $223,500. The median sales price in September 2014 was $189,000.
The median days on the market for listings in September 2015 was 35. The median days on the market in September 2014 was 46.
The average sale price in September 2015 for single family homes was $341,376. The average sales price in September 2014 was $299,289.
The average percentage of list price received in September 2015 was 95.6%. The average percentage of list price received in September 2014 was 93.5%.
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To find out what you home is worth in the current market email me at keith@keithkropp.com or call 941-587-8376.
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