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 July 2017
In July 2017 closed sales in Sarasota County increased 7.2 percent compared to the July 2016. The median sales price for a single family home in Sarasota County was $260,000, an increase of 7.2 percent from July of 2016. The median sales price for condos in Sarasota County was $214,175, an increase of 4.5 percent year over year.
"Median prices have been rising, but it is driven by supply and demand, not artificial factors as seen in 2005 and 2006," says Xena Vallone, 2017 RASM President. "The increase began in 2011 and has continued at a gradual, sustainable rate."
Inventory levels reached a level in March that was almost at a balanced market level, but have declined since then. In July Sarasota single family inventory was at a 4.1 month supply. Sarasota condos were at a 4.6 month supply. These levels are well below the 6 month supply considered a balanced market between buyers and sellers. We remain in a seller's market.
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 with some underwriting guidelines loosening. 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 cash in hand. 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 July 2017 for single family homes in Sarasota was $260,000. The median sales price in July 2016 was $242,500.
The median days on the market for listings in July 2017 was 55. The median days on the market in July 2016 was 45.
The average sale price in July 2017 for single family homes was $373,959. The average sales price in July 2016 was $335,617.
The median percentage of list price received in July 2017 was 95.2%. The median percentage of list price received in July 2016 was 95.2%.
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