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Sarasota Median Price Home Prices Up 20.7%

Posted by John Allen on Tuesday, January 14th, 2014 at 9:37am.

In the previous month's market statistics released by the Sarasota Association of Realtors (SAR) for November 2013, total property sales "continued to moderate." In Sarasota County, sales totaled 760 with 531 single family homes and 229 condos closing in November 2013. October 2013 sales totaled 818 with 582 single family homes selling and 236 condos. In the previous year, 552 single family homes and 278 condos were sold.

Median sale prices for single family homes sold were up 20.6 percent over last year at the same time. The market here clearly is continuing price appreciation. The figures show single family home prices were at $187,000 this November compared to $155,000 for November 2012. "The median sale price for single family for the 12 month period ending Nov. 30, 2013 was $181,700, up 23 percent over last year at this time ($147,000). Comparing November to October, prices were up slightly for single family from $185,776 last month."

SAR President Roger Piro said "The November 2013 statistics indicate that the local market has leveled off at a high sales rate." "Word of mouth continues to indicate strong attendance at open houses, and we seem to be experiencing the traditional increase in seasonal residents and visitors. Judging from past trends, we should anticipate a busy market in the mid-winter and early spring months."

Inventory figures seem to be improving with 4,288 properties on the market, up from 4,032 last month. In November 2013, there were 4,188 total properties on the market.

Pending sales in November 2013 were down to 758, a 7.7 percent drop from the October pending sales of 820. Last November, pending sales totaled 815.

Sarasota is on the southwest coast of Florida. Its warms climate, white sandy beaches and impressive cultural venues offer a complete lifestyle package. With outstanding growth in the real estate market in 2013, properties here still offer great value for those relocating from colder climates.

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