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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