2017 Sarasota Real Estate Quarterly Review – Q2 2017

2017 Sarasota Real Estate Quarterly Review – Q2 2017

Based on data from the real estate website Trulia and My Florida MLS, the Sarasota real estate market remains one of the hottest in the United States for the second quarter of 2017. Home prices continue to rise in the Manatee-Sarasota area, showing signs of a healthy market, as prices rose 4.6% from June 2016 to June 2017.
Prices continue to recover in the area, as they have been since 2012. However, some of the data indicates market fluctuations. Compiled data from My Florida MLS revealed a decrease in closed sales and an increase in pending sales year-over-year. This can be partially explained by higher selling prices.

Sarasota Remains A Seller’s Market

The market trends show that Sarasota remains a seller’s market, so local experts believe that sellers are testing the market by putting higher prices on their homes. This may account for the increase in pending sales and decrease in closed sales compared to June 2016.
The median sales price for a single-family home in Sarasota County was $275,000 in June of this year, marking a major increase of 10.9% compared to June of 2016. The average sales price was also higher by 7.4%.
With higher average selling prices, some single-family home deals have taken a longer amount of time to close on. The median time to contract was 51 days in June of 2017 which was higher compared to last year.

The Sarasota Condo Market Remains Strong

The Sarasota condo market has proven to be strong in Q2 2017, with a major 36.2% increase in pending June sales year-over-year (346 to 254). Despite the increase in the number of sales, there was a slight 2.0% decrease in the median sales price for condos in Sarasota County in June of 2017.
In both May and April of 2017, there was a year-over-year increase in median sales prices for condos. May showed an increase of 3.1% for the median condo sales price, while April had a more significant 9.0% increase in median sales price, as well as a 14.7% increase in average sales price.
The price stability in the condo market for June of 2017, compared to 2016, can be partially explained by a 10.7% increase in new listings. This stability in condo pricing may not be a bad thing – sellers will have to replace their current condo with a new condo, or single-family home, and first-time buyers are looking for a bit of relief when it comes to pricing.

Call Me Today For Any Questions About The Sarasota Real Estate Market

It remains a great time to consider buying a home in Sarasota, as demand and pricing is expected to continue to rise over the next few years. If you’re currently searching for your next ideal home in Sarasota, send me an email at [email protected] or call 941.266.0529.
I can answer any questions that you may have about the current real estate market in Sarasota, and help you locate several options that are suitable for your needs.

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