Sarasota Real Estate Information

The following report is from the Sarasota Association of REALTORS as published on December 23, 2014 for closed November 2014 business.

Property Sales Still Closing in on County Record

Despite a slower November sales month, the hot sales pace for the first 11 months of the year keeps Sarasota County on near-record pace for 2014, with the 10,621 closed sales coming in 364 sales ahead of the 2013 total at this time.  With December 2014 sales already topping 500 by midmonth,
the final annual total will almost certainly be the second highest ever recorded in the county.

The overall year 2013 wound up being the second highest year for unit sales in Sarasota County history with 11,184, exceeded only by 2004, with 11,482 closed sales. There is also a small chance the record could be set, but it would take a very busy end of the month for that to happen.

SALES
November 2014 sales dropped below 800 in Sarasota County for the first time in eight months, after topping 1,000 sales for five months during the year. That lull probably ended the chance for the record-breaking year – but second highest isn’t bad.

INVENTORY OF HOMES FOR SALE
Inventory of available properties rose slightly in November, but is still low in comparison to the boom years of 2004-2006. The lack of available inventory can hinder sales, and also tends to drive asking prices up, due to the law of supply and demand.

“Lower inventory could be one reason for the decline in existing home sales in November,” said Association President Peter Crowley. “Another might be the fact that the new construction segment of the market is enjoying a resurgence, and some of those sales are not reflected in our MLS system.
Local builders have been reporting an excellent sales year, and that could be the difference in the sales numbers in the past few weeks.”

MEDIAN SALE PRICE
The median sale prices for single family homes in the county was $193,000, just below October’s figure of $195,000.

The 12-month rolling median this year stands at $203,847 for single family – up 18% over last year at this time ($181,000).

Condo prices were similar at $175,000, the same as last month. The 12-month rolling median was $182,000 for condos, up 11.8% over last year at this time ($163,000).

DISTRESSED PROPERTIES
Another sign of health in the market was the drop in the percentage of distressed sales, from 24 percent in October to 21.2 percent in November. During the 2008 market crisis, almost 50 percent of sales were distressed.

“While November sales were down a bit, we remain hopeful for the late winter and early spring rebound that we’ve historically seen,” said Association President Peter Crowley. “Our usual influx of winter residents has obviously started, as traffic is picking up on the roads and the shopping centers and restaurants. This should begin to translate to the normal increase in real estate sales once the holiday season winds down.”

PENDING SALES
Pending sales stood at 725, just below the October figure of 773 and close to last November’s figure of 758. This probably means a final sales figure in December very close to November’s total.

 “Overall, the local real estate market continues to show strength and staying power, despite the November respite,” said Crowley. “The national economic numbers are the strongest in several years, and unemployment continues to drop. Our feeder markets in the northeast are getting healthier every month, and we expect new residents to continue to flock to our region.”

SINGLE FAMILY YEAR TO YEAR COMPARISON

 

CONDO YEAR TO YEAR COMPARISON

 

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