Despite The Sarasota Real Estate Market being in the midst of the somewhat slower summer months, July kept with tradition and raised year-over-year pace. The majority of contracts are written in April-June for closings that occur in July, so July tends to remain active. All indicators showed positive results with sales growth, total volume up, price appreciation and contracts signed steady with last year, indicating the months ahead will continue to see healthy conditions.
Inventory of both existing single-family homes and condos continues to tighten, which is keeping upward pressure on prices. Both segments saw more than 8% growth in median prices last month. New listings have consistently fallen below sales this year and left us with only a 3.9 month supply of single-family homes and 4.1 months of condominiums, both well below the 6-month supply level assumed to indicate a balanced market between buyers and sellers.
New construction in the Sarasota Real Estate Market has been consistently bringing outstanding product to market and is helping to ease strong demand for housing in our region. Both in the urban areas as well as to the east have added wonderful communities. The quality, detail, amenities and beauty our local builders are offering in their new homes is giving even the most discerning buyers the chance to check off all the “covets” on their wish lists.
Since moving with my wife Katie into a beautiful condominium to enjoy the “downtown” lifestyle five years ago, we have not only seen incredible growth of both condo and apartment options, but also extraordinary demand for urban living. My clients from the keys as well as newcomers to the area see that Sarasota’s downtown corridor has become extremely attractive with its year-round performing arts, amazing variety of fabulous restaurants, and wonderful boutiques. The projects underway and still in design and approval stages will add some spectacular new options to consider. It would be my pleasure to speak with you, your family and friends about the exciting new and existing choices.
And now for my monthly statistical information. As always, I have analyzed a number of local, regional and national resources and present a compilation of my findings.
- Total Sarasota Real Estate Market dollar volume of $362.5 million in July increased by $7 million from the prior year and decreased $95 million from June, which was expected as we get away from sales in season.
- Broken down, single-family sales were $249.5 million and condominium sales were $113 million.
- Single family sales decreased $6 million compared to the prior year, and condo sales were up $13 million from the prior year. Total sales volume increase a little over 2%.
- Florida’s single family sales volume grew 9.8% and condo volume was up 9.6%.
- The number of properties sold in July was 1,045, which was 137 less than June yet 56 more than a year ago. The sales total included 683 houses and 306 condos.
- Florida’s single-family sales increased 3.8% and condo sales were up 8.5% compared to prior year.
- S. single-family sales declined 1.2% and condo sales fell 3.3%.
- The 2018 monthly year-to-date average for sold properties is 1,094 whereas the 2017 monthly average was 966, a nice average monthly increase.
- Of the closed sales in Sarasota last month 31 were for over $1,000,000, 3% of the total sales, 18 were houses and 13 were condominiums.
- All cash sales in Sarasota continue to be strong with 33% of single-family and 57% of condo sales closed without a mortgage. By comparison, national all cash transactions were 20% of total sales.
- Listings that went pending the past month were 998 and increased by 6 transactions from the same month last year.
- Florida’s single-family pending sales were virtually equal to last year.
- For the first seven months of 2018 we have averaged 1,176 pending sales. The monthly average of pending sales in 2017 was 1,043 and in 2016 it was 1,005. This trend is important to watch as it tends to forecast sales activity in the 30-90 days ahead.
- In July, Sarasota’s single-family homes were sold at a median price of $280,750. The 2017 monthly median price average for houses sold in Sarasota was $267,043, about an 8% increase.
- In July, Florida median price for single-family homes was $255,000, a 6.3% increase over last year.
- The national median price for existing homes grew by 4.6% to $272,300 – this was the 77th consecutive month of year-over-year price appreciation.
- New homes continue to sell for 20% or more over existing home prices.
- The condominium median sale price was $232,000 in July vs. $215,500 a year ago. The 2017 monthly median average was $225,585.
- Median price for a Florida condo last month was $180,000, a 5.3% increase over July 2017.
- S. median condo price grew 3.2% in July to $248,100.
- The average sale price for houses sold in Sarasota was $354,396. The past year’s monthly average price for houses sold was $370,708.
- Sarasota’s condominiums sold for an average price in July of $331,241. The 2017 monthly average price for sold condominiums was $362,378.
- Overall properties sold for 95% of the list price, a consistent ratio on a regular basis. The 2017 average for all properties sold was 95.6% of list price at the time of contract vs. the original list price.
- Currently there is available inventory of 4,036 properties for sale in Sarasota County, there were 4,401 at the end of 2017, 4,595 at the end of 2016 and 3,598 at the end of 2015.
- Total available inventory in the Sarasota Real Estate Market has decreased by 137 listed properties from June and 136 less properties than a year ago.
- Of the available inventory for sale 535 properties are listed for over $1 million or only 13%. 409 of the active listing are houses and 123 are condominiums.
- Sarasota County had 1,134 new listed properties in July. The local market averaged 1,147 new listings per month in 2017. Of the total new listings the past month, 67 properties were listed over $1,000,000, a small amount of the overall available inventory for sale.
- As mentioned previously in this report, inventories in The Sarasota Real Estate Market have fallen this year to just 3.9 months of single-family homes and 4.1 month’s supply of condominiums, both under the 6-month level considered a balanced market.
- Florida currently has 3.9 months of single-family inventory, close to the same as last year, and 5.3 months of condominiums, which is 2.2% below prior year levels.
- S. inventory of all housing types is sitting at 4.3 months of supply, about the same level as last year at this time.
Wishing all of my readers a wonderful late summer!
As always, I look forward to serving you, your family and friends with their real estate needs.