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 October 2017
October was definitely a month of recovery for the local real estate market from the effects of Hurricane Irma in September. The market has come back, seasonal residents are returning and with them more listings and sales.
Sales of single family homes increased by 2.7 percent for the same month last year while condo sales decreased by 10.4 percent. This is typical for this time of year as sellers prepare to list properties for the coming season.
"Compared to Irma;s impact in September, we saw a combined 75 percent increase in new listings from last month to this month," said Xena Vallone, 2017 President of the REALTOR Association of Sarasota an Manatee. "Sellers are playing catch-up and listing their properties for the upcoming season."
Inventory levels continue to be far below the six month benchmark for a balanced market between buyers and sellers. Single family home inventory in Sarasota County is at a 3.9 month supply, and condos are at a 4.9 month supply. Inventory levels still remain well below the 6 month supply considered a balanced market between buyers and sellers. We continue to be in a seller's market.
Pending sales have been on the upswing with single family homes pendings increasing by 8.4 percent, and condo pendings increasing by 15.3 percent.
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 October 2017 for single family homes in Sarasota was $279,000. The median sales price in October 2016 was $236,313.
The median days on the market for listings in October 2017 was 47. The median days on the market in October 2016 was 39.
The average sale price in October 2017 for single family homes was $381,268. The average sales price in October 2016 was $319,350.
The median percentage of list price received in October 2017 was 94.5%. The median percentage of list price received in October 2016 was 95.9%.
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