Home Prices in Sarasota, FL for October 2015
Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Sarasota Home Prices
Sales activity continued at a slower pace in the Sarasota Real Estate Market in October 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 October. In October 880 homes closed in Sarasota County ending a six month run of sales over 1,000 plus per month that ended in September.
"This market has been on an historic roll in 2015, and we typically experience some degree of leveling off in overall sales as we enter the traditionally slower early fall month," said Stafford Starcher, president of the Realtor Association of Sarasota and Manatee. "However, the higher median sales prices, particularly compared to last October, indicate that our market remains popular and buyers have not been deterred by the price level rise we've witnessed."
The median sales price for a single family home in Sarasota County was $230,0000, up 3 percent from September. The median sales price for a condo was $185,000, down by 5 percent from September.
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 more than 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, but this is very typical for this time of year. The strongest season for home sales in the Sarasota Real Estate Market typically begins after the first of the year. 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 3.5 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.
"We are certainly living in historic times, based on the overall sales to this point in the year," noted Starcher. "The future is always unpredictable, but based upon the enthusiasm, professionalism and competence of our real estate agents, I see only bigger and better things ahead for our market."
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 October 2015 for single family homes in Sarasota was $230,000. The median sales price in October 2014 was $195,000.
The median days on the market for listings in October 2015 was 36. The median days on the market in October 2014 was 47.
The average sale price in October 2015 for single family homes was $319,377. The average sales price in October 2014 was $305,661.
The average percentage of list price received in October 2015 was 95.6%. The average percentage of list price received in October 2014 was 93.4%.
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