Real estate market data for Sarasota, FL provided by Keith Kropp of J Wood Realty.
Home Prices in Sarasota, FL Market Report for January 2017
In January 2017 closed sales increased 11.6 percent year over year for condos while closed sales for single family homes decreased 8.2 percent year over year. The median sales price for a single family home in Sarasota County decreased to $250,000 in January 2017. On the other hand, Sarasota County condos median price creased to $239,000 year over year.
Current inventory of single family homes stands at 5 months supply, and current inventory of condos is at a 5.9 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.
"The increased inventory is easing the supply and demand pressure and giving buyers more choices," says Xena Vallone, 2017 RASM President. "The increase in pending sales is a good indication of future closed sales."
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 hovering around 50%, 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 January 2017 for single family homes in Sarasota was $250,000. The median sales price in January 2016 was $230,500.
The median days on the market for listings in January 2017 was 41. The median days on the market in January 2016 was 35.
The average sale price in January 2017 for single family homes was $352,507. The average sales price in January 2016 was $341,6449.
The median percentage of list price received in January 2017 was 95.2%. The median percentage of list price received in January 2016 was 95.2%.
Find Homes for Sale in Sarasota, FL
Visit my website to Search for Homes in Sarasota or to be notified when Sarasota homes come on the market.
To find out what you home is worth in the current market email me at firstname.lastname@example.org or call 941-587-8376.