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 are declining in the market in Sarasota County hovering around 50% or below, but financed transactions are on the rise with some underwriting guidelines loosening. The solid volume of cash transactions is attributed to the influx of retirees and second home buyers who have been flocking to the area with cash in hand. With the baby boomer generation retiring in record numbers to the area this may not change any time soon.
With a good Realtor to help you through the buying process, there are good homes to be found and good lenders to help buyers obtain mortgages.
Single Family Home Sales
Sarasota County Real Estate Report Summary
The median sales price in November 2017 for single family homes in Sarasota was $285,000. The median sales price in November 2016 was $265,000.
The median days on the market for listings in November 2017 was 52. The median days on the market in November 2016 was 35.
The average sale price in November 2017 for single family homes was $414,368. The average sales price in November 2016 was $327,105.
The median percentage of list price received in November 2017 was 95.3%. The median percentage of list price received in November 2016 was 95.8%.