Sarasota Real Estate Information

August Sales Up 11.6 Percent Over Last Year
Single Family Home Median Price Up 30 Percent

The following report is from the Sarasota Association of Realtors as published on September 24, 2013.

SALES
The August 2013 property sales in Sarasota County stood at 957, a dozen sales less than
recorded in July 2013, but 11.6 percent higher than in August 2012. In addition, the median sale price for single family homes in the county rose to $195,000, 30 percent higher than last August’s figure of $150,000, and higher than July’s figure of $189,900. Condo prices were at $161,000, slightly higher than July’s figure of $159,000 and 7.1 percent higher than last August’s figure of $148,889.

MEDIAN PRICES
Monthly median prices are susceptible to swings based on sales at one end of the price spectrum. A look at the 12-month rolling median removes that volatility.

The 12-month rolling median sale price for single family homes was $176,500 in August 2013, up substantially from the August 2012 figure of $146,100, and also up from the July 2013 figure of $173,000.

For condominiums, the figure was $160,200 this August, compared to $150,000 a year ago, and $160,000 in July. The price trend is clearly upward.

PENDING SALES
Pending sales stood at 864 in August 2013, up about 1.7 percent from the 849 figure in July 2013 and up 6.8 percent from last August’s total of 808. Pending sales represents properties that went under contract during the month, and indicates sales in September and beyond could also be at higher levels.

“The Sarasota County real estate market is healthy and robust,” said SAR President Roger Piro.  “Clearly, the single family home market is currently leading the way, with the median sale price up 30 percent from last August. This is a competitive market, with low inventory and demand still at a fever pitch.”

INVENTORY
The inventory rose slightly in August to 3,793 from the July figure of 3,747, which was the low point in Sarasota County for the past 12-month period. The inventory has dropped 15 percent from February 2013, when it stood at 4,491. It was at 3,953 last August. Declining inventory generally results in greater competition for available homes and condos and subsequent price escalation.

“The basic law of sales is true for real estate,” said Piro. “Lower supply for a valued, sought
after product generally yields higher prices. And real estate in Sarasota County is a highly valued commodity.”

MONTHS OF INVENTORY FOR SALE
The August 2013 months of inventory in Sarasota County stood at 4.2 months for single family and 4.0 months for condos, with both property categories at low levels below 6 months, which is considered a balanced market between buyers and sellers. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Last August there were also 4.2 months of inventory for single family homes and 5.2 months of inventory for condos. In July 2013, the figures were 4.1 and 4.2, respectively.

DISTRESSED PROPERTIES
Currently, 499 properties listed for sale in Sarasota County in the MLS are short sales or
foreclosures. This represents 13.2 percent of available properties.  Sales of distressed properties represented 20.6 percent of the overall sales in August 2013, down
from the July 2013 figure of 22.7 percent. In August 2012, the figure was 34 percent, and the downward trend is another positive market sign.

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