Single Family Home Median Prices in Sarasota Up 20.6 Percent

Median sale prices for single family homes sold in Sarasota County in November 2013 were up 20.6 percent over last November, according to the latest statistics from SAR (Sarasota Association of Realtors) that was published today. This is a clear sign that recent price appreciation in the single family home market is continuing. Single family home prices were at $187,000 this November compared to only $155,000 last November. For condos the rolling median prices rose with 10.1 percent over last year at this time.
With continuous high number of sales, 760 property sales (531 single family homes and 229 condos) the current inventory of properties for sale is 4,288. This translates into an inventory in Sarasota County of 5.4 months for single family and 6.1 months for condos; the number of months of inventory it would take to deplete the current inventory at the current sales rate.  A 6 months inventory is considered a balanced market between buyers and sellers.
Sarasota currently seems to be experiencing the traditional increase in seasonal residents and visitors. Based on trends from previous years, we should anticipate a busy market in the mid-winter and early spring months.

 

by Helena Nordstrom, Sales Associate, Premier Sotheby´s International Realty, Sarasota, FL

Source: SAR (Sarasota Association of Realtors)

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