Property Prices Continue to Rise in Sarasota

Current data released by the Sarasota Association of Realtors clearly shows that property prices continue to increase, slowly and steadily.

A total of 854 transactions closed in May, the second highest number of closings since September 2005.

The number of properties that went under contract remained high, at 1,075, the fourth consecutive month over 1,000, indicating a longer term trend. The median sales price for a single family home was $185,000 — the highest level since July 2009.  

For condominiums, the median price was $180,750, a drop from April's median price. However, for both single family homes and condos, the values were higher than 12 months previously, $165,000 and $160,000 respectively.

These numbers substantiate what has been observed by Realtors throughout the area — that the continuing low numbers of listings available and steady demand from buyers has been stabilizing the market and driving prices upwards.

Throughout the county, the number of available listings stands at 3,917, dropping 8.5 percent from April, or 4.5 months of inventory.  A stable market is considered to be 6 months of inventory.

Listings are still slow to come to market at this time. In part, it is the overall fatigue from sellers regarding property values. It is also the lower number of distressed sales.  

While the numbers quoted above are throughout Sarasota County, in the City of Sarasota current inventory stands at only 1630 listings and distressed sales represent only 14 percent of the market.