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...
High-Value, High-Impact Remodeling Projects to Help You Sell Your Home
Focus on remodeling projects that will make a statement and pay off when it comes time to sell your home.
When you’re trying to sell your home, you have to choose carefully. Is it worth it to redo your kitchen counters for the sale, or will the new owners simply replace them with their own picks? Should you bother repainting? These projects, ranging in price from $500 to $10,000, are sure to impress potential buyers, ultimately padding your pocketbook when it comes down to the final asking price.
Cozy up a fireplace
Fireplaces are natural gathering areas even when a fire isn’t lit. Turn yours into a crowd-pleasing focal point with a decorative surround and/or an updated mantel furnished with attractive accessories. If your fireplace is brick, you can also paint or whitewash the bricks for an instant update.
Back in 2011 Stephen "Dr. Beach" Leatherman put Siesta Key Beach as Number 1 on his annual list of the world's top 10 beaches. Since that time beach lovers have flocked to Sarasota; discovered the many riches of Sarasota life and moved to the area. Tourism has skyrocketed, and Sarasota is certainly on many people's radar.
Last year, Siesta Key Beach was named the Number 2 beach in the world. This marked a change in Leatherman's criteria of eliminating beaches previously named as Number 1 from his annual list which has been likened to the "Environmental Oscars" of beaches.
In an unprecedented move this year "Dr. Beach" has named Siesta Key Beach Number 1 for the second time! In announcing his list Leatherman pointed out the $21 million dollar renovation to the beach pavillion, parking amenities, bus service and the "no smoking" policy.
Siesta Key Beach has also been named Number 1 by TripAdvisor in 2015 and 2017.
"It is an honor for Siesta Beach to receive this recognition for a second time," said Virginia J. Haley, president of Visit Sarasota County, the community's tourism promotion agency.
Dr. Beach's favorite feature of Siesta Key Beach is the powdery white sand. "It's almost like a sin to walk out there with your shoes on. If you can't feel that cushy sand under your feet, you're missing a lot of the experience."
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...