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 March 2017
In March 2017 closed sales of single family homes increased 2.6 percent from last year, and sales of condos increased by 13.5 percent from last year. The median sales price for a single family home in Sarasota County increased to $262,621, up 7.6 percent over March 2017. On the other hand, Sarasota County condos median price increased to $230,000, u[17.3 percent over March of last year.
Pending sales of single family homes increased 7.6 percent over last year at this time. Pending sales of condos increased by 21.8 percent over March of 2017.
Current inventory of single family homes stands at 5.1 months supply, and current inventory of condos is at a 6 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.
"It's common to see an increase in sales when we near the end of our season,: explains Xena Vallone, 2017 President of the Realtor Association of Sarasota and Manatee. "And the bump in pending sales in March will likely lead to more closed sales in April and May."
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 March 2017 for single family homes in Sarasota was $262,621. The median sales price in March 2016 was $244,000.
The median days on the market for listings in March 2017 was 53. The median days on the market in March 2016 was 32.
The average sale price in March 2017 for single family homes was $350.055. The average sales price in March 2016 was $356,767.
The median percentage of list price received in March 2017 was 95.0%. The median percentage of list price received in March 2016 was 95.4%.
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