Blog

Jul
24
Strong Sarasota Real Estate Market In June

With the first six months of the year out of the way, the Sarasota real estate market is definitely on target in 2014, for a record year. The SAR has released its June stats and they reveal that sales for this year are ahead of 2013 figures, which itself was the second best year in SAR's 91 years. Closed sales in June were up 5% over last year, at 1048. This is the 4th month in a row that sales have been over 1000. June's figures were just slightly off the number achieved in May, when sales in 1100.

Distressed Sales Continue To Fall

The news on distressed and short sales continues to be good as well, numbers are far lower than they were four years ago, when the crisis was at its worst. This is a good sign for the health of the market. Foreclosures and short sales were down 3% compared to June of last year, with the figure just around 20%. This number represents a slight increase from May of this year, which saw distressed sales represent 19% of the market.

Median Prices For Sarasota Condos And Homes Are Equal

Median sales prices in Sarasota continue to climb and for condos in particular, the gains have been fairly significant. In June prices for condos were up 11.4% over May. The median condo price in May was $175,000 while in June it was $195,000. Increases over June of last year are even more substantial—18%, the median price back then was $30,000 lower, at $165,000. Median single-family homes prices have also seen a jump; they are up 2% over May and 8% for the same period in 2013. This is the first time since 2013 that condo prices have been equal to or great than single-family homes prices. When you look at the median price for single-family homes over the 12 month period ending in June, the figure is even better, single-family home prices are up by 15%. Meanwhile, the 12-month moderated median for condos is up by 8.8%.

Inventory Levels Lower Than Last Month

The trend for declining inventory continued in the month of June, with a 7% drop over the month before, from 4513 to 4196. While this is something of a concern, the figures are still far better than they were this time last year, when inventory levels dipped down to 3758. The housing inventory reached its lowest level in recent months in July of last year, when it hit 3747. Currently, the Sarasota real estate market has a 4.6 month supply of single-family homes and a 4.2 month supply of condos. The single-family home figure is slightly down from last month but up from last year, while the condos figure is slightly down over both periods.

Pending Figures Predict Good Sales In July

The number of pending sales continues to be strong. The pending figure in June were slightly less than May of this year—901 vs. 1042—but on target with last year, when the number was 899. All in all, things are looking good for the July numbers!

Team Coffey and Company will be happy to provide you with advice on the Sarasota real estate market! Call us today on 877.308.6311 or get in touch online.


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

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