Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Home Prices in Sarasota, FL Market Report for August 2016
Distressed sales, short sales and bank-owned properties, have been in decline for quite some time in the Sarasota Market. As of August distressed sales have declined as much as 53.9 percent from the same time last year. Distressed sales in August accounted for only 5.8 percent of the total market compared to 12.8 percent last August.
"This is an important fact to note," says 2016 RASM President Linda Formella. "The sharp decrease in distressed sales has resulted in fewer sales, it is overall a much healthier market than last year because there are fewer distressed properties."
Inventory for single family homes in August of 2016 is up 17.6 percent from August of 2015 in Sarasota County. Condo inventory is also up 32.9 percent in August of 2016 over August of 2015. Current inventory of single family homes stands at 4.1 months supply, and Current inventory of condos is at a 5.1 months supply. This number represents the number of months it would take to sell all existing inventory if no new listings came on the market. Six months inventory is considered a balanced market between buyers and sellers. We are still in a sellers market, although it is slowing down.
Pending sales improved in August with an increase of 10 percent for single family homes while pending sales for condos decreased 3 percent.
"Pending sales are a good indicator of potential future closed sales," says Formella. "And while 2016 doesn't compare with the record breaking year in 2015, the increase, if continued through the end of the year, should bring more closed sales to both counties."
Year over year the median sales price for single family homes in Sarasota continues to increase and was $253,000 in August. Condo median sales prices decreased in Sarasota to $217,750.
While home ownership rates have declined to 63.5 percent nationwide, the lowest in half a century, the Sarasota Real Estate Market has risen to 73.5 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 50% or more of all sales being cash, but financed transactions are on the rise. The high volume of cash transactions is 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.
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 August 2016 for single family homes in Sarasota was $253,528. The median sales price in August 2015 was $237,000.
The median days on the market for listings in August 2016 was 41. The median days on the market in August 2015 was 35.
The average sale price in August 2016 for single family homes was $359,394. The average sales price in August 2015 was $331,011.
The median percentage of list price received in August 2016 was 95.3%. The median percentage of list price received in August 2015 was 95.7%.
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