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.
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!
