Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Home Prices in Sarasota, FL Market Report for November 2016
Home sales in Sarasota are back on an upward trend as sales increased by 8.7 percent in November compared to October. The median sales price for a single family home in Sarasota County rose to $265,000 in November. On the other hand, Sarasota County condos median price decreased to $196,500.
Current inventory of single family homes stands at 4.4 months supply, and current inventory of condos is at a 5.4 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 November increased 24 percent from October of this year. Condo pending sales in Sarasota increased 39.8 percent. "Since September, we've seen an upward trend in inventory, reversing the downward trend that started in March of this year," said 2016 RASM President, Linda Formella. "This trend is typical for our market as homeowners start listing in preparation for season."
"As long as inventory remains at lower levels, median prices can be expected to increase," adds Formella. "Buyers facing rising prices and interest rates may look to enter the market, putting more pressure on already low inventory."
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 November 2016 for single family homes in Sarasota was $265,000. The median sales price in November 2015 was $228,750.
The median days on the market for listings in November 2016 was 35. The median days on the market in November 2015 was 29.
The average sale price in November 2016 for single family homes was $327,105. The average sales price in November 2015 was $327,954.
The median percentage of list price received in November 2016 was 95.8%. The median percentage of list price received in November 2015 was 96.1%.
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