The Sarasota real estate market was quieter in July than in has been in recent months, but overall the figures show a very healthy situation in the county. Like last year, sales completed in July 2014 reached a low point for the year, with 928 closed transactions. That’s 11% off June’s figure, when 1,048 transactions were closed. The number is also slightly down from July of last year when 969 home sales were closed, a difference of 4%.
Condo Prices In Sarasota Up 29% Over last July
Condominiums are still proving to be a hot commodity in Sarasota with 285 selling in the area, in July and the median price for a condo has now moved above that of the median price for a single-family home—$205,000 vs. $201,000. The price of condos in the county has risen by 5.1 percent since June, which is significant enough but the really telling figure is the comparison with last year’s price. In the last twelve months, the price for a condo here has increased by 29%! This time last year the median price was only $159,000. The months inventory for condos has dropped to 3.8, down from 4.2 last month, a fact which is likely contributing to the increase in prices.
On the single-family home side, the median sale price was also up slightly over June, though closed sales were down. The single-family median price of $201,000 represented a 3% increase over last month and a 6% increase over the year before. The number of closed sales in this category in July was 643, down from 727 in June. That figure also represents a decline over July of last year when 682 were sold. Months inventory also fell slightly for single-family homes from 4.6 in June to 4.4, though the number is still better than last year, when the figure was 4.1. A months inventory number between 4 and 6 is considered a sign of a balanced market without, over or under supply, so this is a good sign.
Foreclosures And Short Sales Continue To Decline
Another sign of continuing health in the market is the lower number in distressed sales. Foressales and short sales were down to 19.5% in July from 20.1 in June. While in July of last year they were at 24.9%. In terms of what the numbers will look like in August, there were 834 pending sales as of the end of the month, which indicates that completed sales in August will likely be slightly lower than in July.
This month for the first time since 2008, the median price of both condos and single-family homes was above $200,000. This is a strong indication of a healthy and relatively balanced market in Sarasota, though, if you are thinking of selling, now would be a good time as increasing prices and decreasing inventory give sellers a slight edge.
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