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 August 2017
In August 2017 closed sales in Sarasota County increased 6.9 percent compared to the August 2016. The median sales price for a single family home in Sarasota County was $258,000, an increase of 1.5 percent from August of 2016. The median sales price for condos in Sarasota County was $213,500, a decrease of 2.0 percent year over year.
"We've seen some fluctuation in closed sales for 2017," says Xena Vallone, 2017 President of the Realtor Association of Sarasota Manatee. "The first eight months of this year show more sales than the first eight months in 2016, thanks to a strong month of sales in March, May and now August."
Inventory levels reached a level in March that was almost at a balanced market level, but have declined since then. In August Sarasota single family inventory was at a 3.8 month supply. Sarasota condos were at a 4.3 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 the home ownership rate in July (per the US Census) was 63.7 percent nationwide, the Sarasota Real Estate Market stands at 73 percent. Sarasota currently ranks as one of 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 August 2017 for single family homes in Sarasota was $258,000. The median sales price in August 2016 was $254,250.
The median days on the market for listings in August 2017 was 50. The median days on the market in August 2016 was 41.
The average sale price in August 2017 for single family homes was $363,729. The average sales price in August 2016 was $361,550.
The median percentage of list price received in August 2017 was 94.7%. The median percentage of list price received in August 2016 was 95.3%.
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