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April 2018 Sarasota Real Estate Market Update

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The Sarasota Single Family Home Market Update for April 2018

In Sarasota County, FL, the median sold price for Single family home & Villa properties for April was $275,000, representing an increase of 3% compared to last month and an increase of 5.6% from Apr 2017. The average days on market for units sold in April was 62 days, 8% below the 5-year April average of 67 days. There was an 11.1% month over month decrease in new contract activity with 1,059 New Pendings; a 3.4% MoM decrease in All Pendings (new contracts + contracts carried over from March) to 1,447; and a 4.6% decrease in supply to 3,223 active units.

This activity resulted in a Contract Ratio of 0.45 pendings per active listing, up from 0.44 in March and no change from April 2017.

The Contract Ratio is 13% lower than the 5-year April average of 0.51. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

The Sarasota Condo Market Update for April 2018

In Sarasota County, FL, the median sold price for Condo/Co-op/Townhome properties for April was $240,000, representing a decrease of 5.9% compared to last month and an increase of 2.3% from Apr 2017. The average days on market for units sold in April was 92 days, 4% above the 5-year April average of 89 days.  There was a 0.9% month over month increase in new contract activity with 437 New Pendings; a 6.2% MoM increase in All Pendings (new contracts + contracts carried over from March) to 614; and a 9% decrease in supply to 1,315 active units.

This activity resulted in a Contract Ratio of 0.47 pendings per active listing, up from 0.40 in March and an increase from 0.39 in April 2017.  The Contract Ratio is 8% higher than the 5-year April average of 0.44. As stated above, a higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

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Bill McCue,  Licensed Broker Associate

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