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 significantly indicating another slow month for closings in October. On the positive side, the median sales price increased indicating that the market was simply stalled by Irma, not coming to a standstill.
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 areas in the country.
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 September 2017 for single family homes in Sarasota was $269,900. The median sales price in September 2016 was $254,250.
The median days on the market for listings in September 2017 was 43. The median days on the market in September 2016 was 32.
The average sale price in September 2017 for single family homes was $353,869. The average sales price in September 2016 was $340,938.
The median percentage of list price received in August 2017 was 95.7%. The median percentage of list price received in August 2016 was 96.0%.
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