October 2013 was a good month for the Sarasota market, as home sales and median prices continued to climb. Here are some highlights from the Sarasota Association of REALTORS® latest report:
- Median prices for a Sarasota single family home in October climbed 11.6 percent over the same time last year – $185,776 from $166,500 in 2012. There are fewer homes available below the $200,000 mark.
- Condo prices rose a startling 20.7 percent – $175,000 this year compared to only $145,000 last October.
- Pending sales up 9.33 percent from September – sitting at 820.
- Distressed sales were up slightly from September, but at 25.5 percent there were down drastically from October 2012 when sales stood at 31.7 percent of overall sales.
Single Family Homes vs Condos
One of the biggest changes in October was the shift from condo purchases to single family homes. October 2013 sales included 582 single family homes and 236 condos, compared to October 2012 which had 518 single family homes and 275 condos. The actual number of sales were very close, but there is a definite trend away from condominiums.
This category change is apparent in the overall inventory. Out of the 4,032 properties on the market, there are approximately 200 fewer condos and 200 more single family homes compared to October 2012.
Give Credit to Our Visitors
According to SAR President Roger Piro, he believes some of these high sales numbers can be credited to our strong tourism market. Folks are so taken with this great city, they just don’t want to leave. When making plans for a future home, Sarasota is high on their list of possibilities.
If you have any questions, or would like to get more information about energy saving features to watch for when buying a Sarasota home, please don’t hesitate to Contact us at 941.284.4474 or Toll free 941.404.4737. One of our qualified agents will gladly get back to you.