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
Home sales in Sarasota continued on a downward trend in October. Compared to the same month last year combined sales were down 6.9 percent. The median sales price for a single family home in Sarasota County was $236,125 in October. Sarasota County condos median price increased to $205,000.
Current inventory of single family homes stands at 4.3 months supply, and current inventory of condos is at a 5.2 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 as inventory continues to increase in advance of the coming selling season.
Pending sales of single family homes in October increased 24 percent from September of this year. Condo pending sales in Sarasota increased 24.5 percent. "We saw more properties listed in October, especially condos, an indication that sellers are preparing for our seasonal sales season," said 2016 RASM President, Linda Formella.
"Not only did we see an increase n the number of contracts written in October compared to last year," said Formella, "but this is a reversal of the trend for most of the year, when contracts written were lower than the previous year. This should lead to more closed sales in the next sixty days."
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 October 2016 for single family homes in Sarasota was $236,125. The median sales price in October 2015 was $228,750.
The median days on the market for listings in October 2016 was 39. The median days on the market in October 2015 was 30.
The average sale price in October 2016 for single family homes was $318,818. The average sales price in October 2015 was $319,371.
The median percentage of list price received in October 2016 was 95.9%. The median percentage of list price received in SOctober 2015 was 96.%.
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