Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Home Prices in Sarasota, FL Market Report for December 2016
Although single family home sales are down by 6.1 percent over last year in Sarasota, condo sales have increased 12.5 percent year over year. The median sales price for a single family home in Sarasota County rose to $264,500 in December 2016 compared to a year ago. On the other hand, Sarasota County condos median price decreased to $217,000 year over year.
Current inventory of single family homes stands at 4.5 months supply, and current inventory of condos is at a 5.5 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 as inventory continues to increase in with the Sarasota selling season upon us.
"With increased inventory in the condo market, it appears our sellers started early in anticipation of northern visitors wanting to escape the harsh winters," says Xena Vallone, 2017 RASM President. "This is the time of year they wait for, it is truly when the largest pool of buyers are in the market to purchase their product."
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 63.1 percent of condo sales and 34.1 percent of single family homes being cash sales, 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 December 2016 for single family homes in Sarasota was $264,500. The median sales price in December 2015 was $239,900.
The median days on the market for listings in December 2016 was 39. The median days on the market in December 2015 was 25.
The average sale price in December 2016 for single family homes was $350,103. The average sales price in December 2015 was $355,939.
The median percentage of list price received in December 2016 was 95.7%. The median percentage of list price received in December 2015 was 96%.
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