(Reported by Sarasota Association Of Realtors)
The numbers for August 2014 were recently released, so here is the market update. Sales are still cranking along in Sarasota with 7850 sales year to date, which is 100 sales higher than the same period last year. Inventory is rather low currently at 3745 available listings, almost mirroring the lowest levels of July 2012 with 3644 listings.
Sarasota Single Family Home Sales
Median prices remained almost exactly the same stats of 2013, which is currently at $195,000. There is a wide price range for available real estate in Sarasota however, so looking at overall stats can be deceiving.
Sarasota Condo Sales
The condo median price is currently 10% higher than the same period in 2013. As always, the condo market is a little more volatile and price changes are quicker realized in the condo market vs. the single family home market.
Sarasota Distressed Sale Market
22% of all transactions in August were distressed sales including Sarasota foreclosures or Sarasota short sales. This is a much lower number than it was in the middle of the correction in 2010. As we always remind our clients, although many people want to seek out a “great deal” in a foreclosure, many times, greater deals are found in non-distressed sale listings. It’s important to act quickly though on a highly desired listing, and that’s where we come in!
Overall, the market is strong, home values are climbing substantially over the lows of only a few years ago, and inventory is rather low. We are seeing and hearing more and more buyers (and agents) talk about the challenges of finding quality homes and condos to sell. How times have changed …again!