Sarasota Home & Condo Sales Remain Strong through September

Posted by on Wednesday, October 29th, 2014 at 2:18pm.

Sarasota luxury real estateThe Sarasota real estate market remained on pace in September to achieve near record levels in 2014.  In September alone, there were 934 closed transactions (688 single-family homes and 246 condos), a level 14%  higher than September of 2013 when 817 properties were sold.

Sales for the first 9 months of 2014 stand at 8,784, about 200 sales above  last year's pace which wound up being the second highest sales year in the history of Sarasota Association of Realtors records.   A strong closing quarter (sales of 900 or more in each of the last 3 months) could push the final 2014 figure near the historic year of 2004, when 11,482 sales were recorded.

Sarasota Association of Realtors® President Peter Crowley reported that “the first three quarters of 2014 remain on an near-historic, positive pace … Sarasota is a unique, incredible place to live, work and play, and the world has obviously discovered that fact!"

Pending sales also remained strong in September with  840 transactions, about the same as August's rate of 832, but well above last September's figure of 750.  These pending sales will translate into closed sales in coming months.

The inventory of homes and condos on the market at the end of September stood at 3,666, down about 2% from the August figure of 3,745 and 8% below the level a year ago.  The months-supply-of-inventory statistics for single-family homes stood at just a 4.0 month supply.  For condos, the figure was only a 3.8 month supply. Both numbers suggest that the Sarasota real estate is moving into what is called a “seller’s market” since a 6 month supply is the level at which the interests of buyers and sellers are in balance.  In a seller’s market like the one we’re seeing here in Sarasota, property prices have a tendency to rise.

Median sale price statistics are also trending in a positive direction.  When viewing median sale price stats, it’s best to view the 12 month rolling average as this tends to smooth out month-to-month fluctuations providing more useful trend data. The 12-month median sale price for single -family homes now stands at  $196,000, 10% above the 2013 level at this point.  For condos, the 12 month rolling average was $180,000, up about 12.5% above this time a year ago.

"I remain confident and encouraged with the numbers we are witnessing," said President Crowley.  "It is a reflection of the incredibly attractive community that we live in."

If you’ve been thinking about coming to Sarasota this season and considering whether this is the year to invest in a Sarasota home or condo, I would recommend that you seriously consider making that investment this year as Sarasota County home and condo prices are unlikely to go any lower any time soon and are much more likely to continue to rise.  

Give me the opportunity to help you find that Sarasota luxury home or condo on the waterfront, in-town or in a golf community that has everything you want, while there’s still inventory available and prices are still reasonable.  Call me today at 941-232-4053.  As a Certified Luxury Homes Specialist, I’d be delighted to assist you.

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