Real estate market data for Sarasota, FL provided by Keith Kropp of Better Homes and Gardens Real Estate - Atchley Properties
Home Prices in Sarasota, FL Market Report for February 2017
In February 2017 closed sales of single family homes increased 2.5 percent from last year, and sales of condos slightly increased by 0.4 percent from last year. The median sales price for a single family home in Sarasota County increased to $257,500 in February 2017. On the other hand, Sarasota County condos median price increased to $219,245 over February of last year.
Current inventory of single family homes stands at 5.5 months supply, and current inventory of condos is at a 6.2 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 for single family homes, but it is a buyers market for condos in Sarasota County.
"With more active listings on the market, buyers are able to take time to view and compare more properties, and are not under pressure to jump on the first property they see, said 2017 RASM President Xena Vallone. "We are seeing this translate into longer time on the market, making it even more important for sellers to price their properties appropriately."
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 are declining in the market in Sarasota County hovering around 50% or below, but financed transactions are on the rise. The solid 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 February 2017 for single family homes in Sarasota was $257,500. The median sales price in February 2016 was $252,250.
The median days on the market for listings in February 2017 was 49. The median days on the market in February 2016 was 40.
The average sale price in February 2017 for single family homes was $389,011. The average sales price in February 2016 was $376,318.
The median percentage of list price received in February 2017 was 95.0%. The median percentage of list price received in February 2016 was 95.4%.
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