The Sarasota real estate market is on course for a better year than 2013, and that’s saying something, because last year was outstanding. In fact, since the Sarasota Association of Realtors began keeping track, only back in 2004 did the market perform better. This month closed transactions were up 14% over last September, with 934 properties sold over last year’s 817 and pending sales are also indicating a strong October on the way, as they are up significantly over last year.
Condo Prices In Sarasota Continue To Rise
The market for condos continues to be strong in the county, with the median price pushing up 10% over last month and reaching $195,000. This is also an 18% increase over last year in September, when the median price was $165,000. When looking the median price for condos over the last 12 months we also see a fair-sized increase, with the average price for the 12 month period ending in August up by 12%, rising from $160,000 to $180,000 over the previous year. The actual number of condos sold this month was down slightly from August, 246 as opposed to 277.
A Stable Sarasota Real Estate Market For Single-Family Homes
In the single-family home market on the other hand, things were more stable. The median sale price was very slightly down from last month at $189,000 to August’s $195,750 and little changed from last year’s September median, $189,902. The number of units sold in September was 688, just ten fewer than in the month of August. In terms of the 12-month median, that was $196,000 for the period ending in August. This stability is a sign of a healthy market, and is something we are all very happy to see.
Inventory Of Sarasota Condos Remains Steady
Another sign of market health is the housing inventory. Between 4 and 6 months of inventory is considered a balanced market. The supply of single-family homes stands at exactly four months, slightly down from 4.1 in August. In terms of Sarasota condos, the number is just under that mark at 3.8, exactly the same as the month before. The recovery of the condominium market has been quite spectacular, when you think that seven years ago, at the height of the crisis, the inventory stood at 53 months! The overall inventory, which is currently at 3666, is approaching the recent low point recorded in July of 2012, when it stood at 3,644.
Distressed Sales Up Slightly
Short sales and foreclosure sales represented 24% of the market in the month of September. This was an increase of 2% over the month before and 2%over last September, as well. These kind of fluctuations are quite normal in the market and the number is still less than half of what is was 4 years ago. Overall, distressed listings only account for 10.3% of the total number of properties for sale and that figure is on par with the numbers for distressed sales over the last year.
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