Sarasota Real Estate Blog

Sarasota County saw the 2nd highest level of sales in its history in April 2014, a total of 1,195 closed transactions. That figure was topped only once by the 1,223 sales reported in April 2004, just preceding the real estate boom that saw rapid price escalation.

“Activity has been robust, and clearly there continues to be tremendous interest in buying properties in Sarasota County,” said Sarasota Association of Realtors® President Peter Crowley. “Last year, June and July also showed a high level of sales and activity in the Sarasota real estate market, and we are hoping for a repeat in 2014.”

Pending sales maintained a high level in April, at or close to the previous several months, and economists consider pending sales to be a good indicator of potential future closed sales. If experts are again correct, we could see another very strong period of May and June sales, as we did in 2013.  Pending sales were at 1,040 after hitting 1,248 in March 2014 - a level not seen for three years.

In addition to the upsurge of sales this Spring, distressed property sales continued to fall and are now well below the levels experienced earlier, another indications of a strong market returning to its historic norms. In April 2014, only 16.6% of property sales were short sales or foreclosure sales. The biggest factor in this drop was the substantial decrease in short sales, with only 45 registered in April compared to 107 in April one year ago.

Inventory levels dropped slightly in April 2014 to 4,728 from the March figure of 4,810. The recent low point in the inventory was in July 2013 when only 3,747 properties were for sale. The higher inventory levels in recent months have been driven by two forces; first by more homes coming onto the market because, with modestly higher prices, fewer properties are "underwater" and can now be sold, and second by builders who have accelerated new construction of homes. When inventory gets too low, prices begin to rise at a higher than sustainable rate. The April, 2014 inventory represents a healthy level that helps to moderate price increases.

 To learn more about Sarasota Florida and the Sarasota luxury homes and condos available here on Florida’s “Sun Coast,” visit my website, YourSarasotaRealEstate.com  or,  for an immediate response, call me now at 941.232.4053.