Sarasota Real Estate Sales Remain High with Low Inventory
June 2013 Sales Report
The big story in Sarasota real estate market is the low inventory of available properties. There are 3,114 homes for sale in June 2013. This is the lowest level in more than ten years. Last year, at the same time, the inventory figure was 18% higher. Historically, declining inventory results in rising prices and multiple offers on homes and condos for sale.
The Sarasota Association of Realtors® just reported its members "sold 883 properties in June 2013, a drop from the May 2013 figure of 1,020 which represented an eight-year high, but up 2 percent over June of last year. The Sarasota real estate market tallied 642 single family homes and 241 condominiums in June 2013, compared to June 2012 totals of 603 single family homes and 261 condos sold."
Sales were up 13.8 percent over last year for the first half of 2013. Our local real estate market could end up finishing out 2013 "as the second highest sales year in the 90-year history of SAR, surpassed only by 2004's record figure of 11,267 closed transactions" if this market stays on its current track.
Pending sales totaled 1,024 in June 2013. For six straight months pending sales have surpassed the 1,000 mark. This is a record as "the previous record string was five - also accomplished this year. Pending sales have now topped 1,000 every month this year. This important statistic represents properties that went under contract during the month, and indicates sales in July and beyond could also be at near record high levels.
Median sales prices moderated in June 2013. The figure for single family homes was $200,000, down from the May figure of $220,000 but still 12 percent higher than last June's figure of $178,500. For condos, the median was $192,500, slightly below May's figure of $194,250 and below last June's figure of $195,000."
Sarasota, Florida offers buyers a warm climate, sandy white beaches, incredible cultural venues, excellent healthcare and outstanding educational opportunities. What a great place to call home!