Blog

Sep
25
Closed Sales On The Upswing Again In the Sarasota Real Estate Market

While it's impossible to complain that the Sarasota real estate market has been slow in the past couple of months, closed sales had been on a slight downward trend since the near record breaking numbers reached in April. That month closed sales hit 1195. They had only previously gone above that figure back in April of 2004, when they reached 1223. It looks now, however, that the trend is beginning to reverse.

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Three Month High For Homes Sales In Sarasota

It's unsurprising, really that after April's high, the numbers cooled off, if only slightly and closed sales decreased in the months of May, June and July. August though, has seen a reversal and the market has taken a bit of an upswing as closed sales hit 975. That was a 5% increase over July's figure. In total, 698 single-family homes and 277 condos were sold in the county in the last month.

Dip In Median Sale Price For Condos This Month

In terms of median prices, after being almost at par last month with single-family homes, condo prices have slipped slightly. In July the median figure was $201,000, while this month it was only $177,000. This is a 16% month to month drop, though still represents a 10% increase over August of last year. While 16% does seem like a relatively significant decline, these sorts of fluctuations in condo prices have not been unusual in recent years and there is really no reason to suppose that prices will not recover. For single-family homes, August's median was $195,750, down about 3% from July but almost on par with the figure from August of last year. The median sale price for single-family homes in the 12-month period ending in August was $192,500, while the 12-month median for condos was $178,500.

Sarasota Housing Inventory Remains Steady

In general, the numbers all look good for the market. Housing inventory remains around the 4 month mark, which is considered the sign of a stable market. Specifically, for single-family homes, the inventory is 4.1, while for condos, it's 3.8. Distressed sales are also well below the crisis figures experienced 4 years ago and have been holding steady around the 20% mark. So what can we expect for September? Well pending sales in August were almost identical to the figures for July, which means we should expect a similar amount of closed sales this month.

A Record Breaking Year For The Sarasota Real Estate Market?

Peter Crowley, President of the Sarasota Association of Realtors®, indicates that every sign points to a banner year for the Sarasota real estate market, "if we remain at this peak activity", he says, "we could see another historic year in 2014". In speaking with agents, he has found that there has been no slowdown in open houses and that it remains the norm for sellers to receive multiple offers on their homes. This has certainly been our experience as well.

Have questions about the Sarasota real estate market? Get in touch with one of our team Coffey & Co agents, we are always happy to share our knowledge and experience. Call (877) 308-6311


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