Sarasota Market Update

Home Prices In Sarasota, FL Market Report For November 2017

Home Prices In Sarasota, FL Market Report For October 2017

 

The Sarasota Real Estate Market continues to build on October's strength as we move into full season here in the next couple of months.  Expect a slight lull during the holidays, but in January the momentum will really begin to build!

 

Sales of single family homes increased by 3.3 percent for the same month last year while condo sales increased by 16 percent.  Pending sales increased by 4.5 percent and condo sales increased 21.4 percent year over year.

 

"Historically, home sales will slow down around this time and will start to pick up again in February or March when season is in full swing," said Xena Vallone, 2017 RASM President.

 

Inventory levels continue to be far below the six month benchmark for a balanced market between buyers and sellers.  Single family home inventory in Sarasota County decreased by 5.3 percent, and condos increased by 4 percent year over year.  Inventory levels still remain well below the 6 month supply considered a balanced market between buyers and sellers.  We continue to be in a seller's market.

 

Pending sales have been on the upswing with single family homes increasing by 4.5 percent, and condo  increasing by 21.4 percent.

 

Cash sales...

Home Prices In Sarasota, FL Market Report For October 2017

Real estate market data for Sarasota, FL provided by Keith Kropp of  Better Homes and Gardens Real Estate - Atchley Properties

 

Home Prices In Sarasota, FL Market Report For October 2017

 

October was definitely a month of recovery for the local real estate market from the effects of Hurricane Irma in September.  The market has come back, seasonal residents are returning and with them more listings and sales.

 

Sales of single family homes increased by 2.7 percent for the same month last year while condo sales decreased by 10.4 percent.  This is typical for this time of year as sellers prepare to list properties for the coming season.

 

"Compared to Irma;s impact in September, we saw a combined 75 percent increase in new listings from last month to this month,"  said Xena Vallone, 2017 President of the REALTOR Association of Sarasota an Manatee.  "Sellers are playing catch-up and listing their properties for the upcoming season."

 

Inventory levels continue to be far below the six month benchmark for a balanced market between buyers and sellers.  Single family home inventory in Sarasota County is at a 3.9 month supply, and condos are at a 4.9 month supply.  Inventory levels still remain well below the 6 month supply considered a balanced...

Sarasota Real Estate Market Slows Down In September 2017

Real estate market data for Sarasota, FL provided by Keith Kropp of  Better Homes and Gardens Real Estate - Atchley Properties

 

 Sarasota Real Estate Market Shuts Down In September 2017

 

Damage to the Sarasota Area from Hurricane Irma was mostly confined to some downed trees and scattered power outages.  Within a week the area was up and running as though nothing had happened.  However, with office closures, home re-inspections and time to get up and running again,  the effect on real estate sales was significant.   Sales were down 16.8 percent!

 

"With Labor Day and office closures, there were 20% fewer business days in September to complete a sale,"  said 2017 RASM President, Xena Vallone.  "When a storm like Irma come around, our focus shifts from day-to-day business to the safety of our homes and loved ones."

 

Inventory increased  for single family homes increased 1.9 percent and condo inventory increased 2.9 percent from the same time a year ago.  Inventory levels still remain well below the 6 month supply considered a balanced market between buyers and sellers.  We continue to be in a seller's market.

 

With fewer shopping days to look for a new home, pending sales suffered...

Home Prices in Sarasota, FL Market Report for August 2017

Home Prices in Sarasota, FL Market Report for August 2017

 

In August 2017 closed sales in Sarasota County increased 6.9 percent compared to the August 2016.  The median sales price for a single family home in Sarasota County was $258,000, an increase of 1.5 percent from August of 2016.  The median sales price for condos in Sarasota County was $213,500, a decrease of 2.0 percent year over year.

 

"We've seen some fluctuation in closed sales for 2017," says Xena Vallone, 2017 President of the Realtor Association of Sarasota Manatee.  "The first eight months of this year show more sales than the first eight months in 2016, thanks to a strong month of sales in March, May and now August."

 

Inventory levels reached a level in March that was almost at a balanced market level,  but have declined since then.  In August Sarasota single family inventory was at a 3.8 month supply.  Sarasota condos were at a 4.3 month supply.   These levels are well below the 6 month supply considered a balanced market between buyers and sellers.  We remain in a seller's market.

 

While the home ownership rate in July (per the US Census) was 63.7 percent nationwide, the Sarasota Real Estate Market stands at 73 percent.  Sarasota currently ranks as one of the highest in home ownership for the 75 largest metropolitan...