Blog

Sep
26
Sarasota Real Estate Leaning Towards a Seller's Market

It just keeps getting better and better for the Sarasota real estate market. In August, the decline in available inventory, increase in median price, and increase in sales pointed to a recovering seller's market.

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Property Sales Increase:

Still on the rise, property sales: 601 - up from 567 just one year earlier in 2010.

• Total Single Family Homes Sold: 445 (same time last year: 408)
• Condos Sold: 156 (same time last year: 159)

Decline in Available Inventory:

Due to increased consumer demand, the available inventory in Sarasota continues to decrease - now sitting at 4,408. However, this is one number, we like to see go down. This, in turn, has boosted the median price of single family homes and condos to $165,000. Just last February, that price was a disappointing $137,500.

Sarasota Available Inventory for August 2011:

• Single Family Homes: 2817
• Condos: 1,591

Remember back in March of 2007 when this number was a harrowing 17,102 available properties.

August # of Months of Inventory:

• 6.3 months for single family homes (compared to 6.4 last month)
• Condos: 10.2 months (down from 10.7 in July)

Put this in perspective when you consider the record highs experienced for single family homes occurred in early 2009 at: 25.3 months and 41.7 months for condos in late 2008.

All This Good News Points to a Seller's Market

Most price ranges, especially those under 400,000 point to a recovering market. For instance, in August, with homes under $200,000: there were 350 combined homes and condos sold, and 1653 still available. These numbers are representative of a typical seller's market - something we want to see!


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Contact Us

 Keller Williams Island Life Real Estate         The Coffey Group Fine Homes International                   Longboat Key Island Office               Coffey & Divald Property Management

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