The Sarasota Real Estate market continues to climb with a lower inventory of homes for sale and an uptick in the median prices.  As the news of the housing industry nationally can be grime and depressing, the Sarasota Real Estate Market is seeing a declining of the number of homes and condos for sale.  Inventory levels have shown a steady decline in the past 6 months to below what is considered a normal market. 

A normal real estate market is considered when the number of homes for sale and the rate of homes being purchased is at a 6 month level.  This is also referred to as the absorption rate.  The current inventory for single family homes in the Sarasota Real Estate Market is at a 5.9 month absorption rate.  Typically when the demand for houses is larger than the supply of house you will see a rise in prices.

Here are the current numbers as reported from the Sarasota Association of Realtors for closed business in June 2011.  The  following information, statistics, and graphs were taken from The Sarasota Association of Realtors® monthly report dated July, 2011.


Inventory Absorption Rate = Months of available inventory at the current monthly rate of sales

                       
June 2011          May 2011         March 2011         January 2011     January 2009

Single Family   5.9 months         5.8 months         6.0 months          10.2 months          25.3 months
Condos            8.2 months         7.4 months          9.2 months          4.1 months           38.4 months

PRICES           

Prices for both single family homes and condos were also above the annual median prices for the past two years, with the single family median sales rising to $175,000, the highest since June 2010 (also at $175,000).  The figure was a 10 percent jump from  May, when the median price was $159,000.  The condo median price slipped to $185,000 from last month’s surge of $218,750.  But the figure was still much higher than the median for the last 12 month period ($162,000).


Median Prices             June 2011        May 2011        April 2011       March 2011
Single Family                 $175,000         $159,000         $155,430         $159,250
Condos                          $185,000         $218,750         $185,500         $173,000

High end sale are continuing to also see an increase.  June saw 27 homes and condos sell for over $1 million in just Sarasota County.

Posted by Sara Leicht - SaraSellsSarasota.com on

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