Sales Rise in Sarasota Real Estate Market - February 2013
With the winter season in full swing, the Sarasota real estate market reported sales up by 24 percent in February 2013, compared to February 2012. Continuing from a 22 percent January increase, it looks like the year could continue to reflect 20 percent monthly sales increases and we could be in for a record year.
“Members of the Sarasota Association of Realtors® sold 733 properties in February, compared to only 591 sales last February, and 626 closings last month. The breakdown was 504 single family homes and 229 condominiums. That compared to 414 single family homes and 177 condos sold in February 2012. In 2012, sales increased markedly in February, March and April, climbing to 886 closed transactions in April before moderating in the summer months.”
Pending sales totaled 1,138 in February, above January's total of 1,047. February’s pending sales figure was the highest since March 2011.
Once again, the available inventory is near the lowest level in a decade, declining to 3,790 in February from the January 2013 total of 3,846 properties for sale. Inventory was 17.4 percent lower than in February 2012.
SAR President Roger Piro stated "these statistics continue to demonstrate a healthy, energized real estate market." "We had the fourth highest sales year in history in 2012, and sales for the first two months of 2013 are already topping last year's monthly levels by 23 percent. The pending sales figure also indicates strong sales continuing in the near term, so we could see yet another historic sales year."
The median sale prices for single family homes in Sarasota rose slightly in February to $184,500 from the January figure of $183,800. In 2012 for the same time period, the median was $167,500. The median sales price for condos rose to $173,000 in February 2013 after dipping in January 2013 to $130,000. In February 2012, the condo median sales price was $150,000.
In February 2013, statistics show a strong Sarasota real estate sales market. May seasonal visitors are enjoying our city’s incredible warm weather, white sandy beaches and outstanding cultural environment. Awarding winning beaches, along with an excellent educational system and progressive healthcare are factors considered when purchasing homes or investment properties in one of Florida’s coastal cities. Sarasota has it all!