Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Home Prices in Sarasota, FL Market Report for September 2016
Compared to the same month last year sales were down 3 percent for single family homes, but up 3.3 percent for condos. Year over year, the median sales price for a single family home in Sarasota County is $249,000, and 11.3 percent increase over last year at this time. Sarasota County condos median price remained the same as this time last year at $192,450.
Distressed sales, short sales and bank-owned properties, have been in decline for quite some time in the Sarasota Market. As of September, distressed sales accounted for only 5.8 percent of the total market compared to 12.4 percent last September. This may account for some of the increase in median sales price since distressed sales are typically priced below market.
Inventory for single family homes in September of 2016 is up 19.2 percent from September of 2015 in Sarasota County. Condo inventory is also up 39.4 percent in September of 2016 over September of 2015. Current inventory of single family homes stands at 4.2 months supply, and current inventory of condos is at a 5 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 in September declined 11 percent from September of last year. This is a seasonal trend and lower than last year, a record year for Sarasota County. This is a more typical slowdown with the distractions of a new school year, storm warnings and the upcoming Presidential election on top of it all.
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 September 2016 for single family homes in Sarasota was $249,000. The median sales price in September 2015 was $223,750.
The median days on the market for listings in September 2016 was 32. The median days on the market in September 2015 was 31.
The average sale price in September 2016 for single family homes was $340,938. The average sales price in September 2015 was $341,659.
The median percentage of list price received in September 2016 was 96%. The median percentage of list price received in September 2015 was 96.1%.
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