The Sarasota Real Estate Market saw another hot month of activity in July. With 25% sales growth over June and 24% over July 2019, the pace of homes and condos being snapped up is pretty remarkable given the ongoing global economic and health issues.
Very strong growth in homes and condos that went into pending status with signed contracts last month when compared to prior year – a 37% increase – and are expected to close in the next 30-60 days, suggests that our year-to-date pace of sales may be beginning to show promise of erasing the damage done by the shelter-at-home orders of May and June.
At the luxury end of the market, those properties selling for $1 million and above, 70 properties changed hands in July. That beat last July by more than 60% and bested June 2020 by 25%. The number of listings over $1 million have fallen overall, but even with fewer properties to choose from buyers are finding opportunities in the higher price points of the Sarasota Real Estate Market.
Inventory continues to be very tight, especially in existing single-family homes where there is just 2.4 months of supply. With limited inventory, comes upward pressure on prices. Median prices in the Sarasota Real Estate Market grew 13% year-over-year in July. The National Association of Realtors reported that this was the 103rd straight month prices had increased.
It appears that list to contract periods as well as closing timeframes are beginning to narrow. Buyers are motivated by many factors such as our area’s affordability compared to our competitive communities around Florida, continued historically low interest rates, the desirability and perceived safety of our small city, and of course the beauty and amenities Sarasota offers.
The disruption caused by the COVID pandemic set many who had plans to buy in a pause mode and created pent-up demand. In addition, the success many have found in working from home created the impetus for others in high tax/high density cities to expedite moves they thought may not happen for several years.
Whether a single-family home or condominium, buyers are seeking space – indoor and outdoor – to come together and gather their close family. They are looking for amenities – pool, room for a gym and home-office. It seems that “luxury” today is all about comfort and cozy private sanctuaries.
Given the tremendous demand and current tight inventory, I encourage those that have been considering listing their properties to investigate the opportunity to move-up or on to another home – now. I would be happy to discuss your options with you.
And now for my statistical report on the July Sarasota Real Estate Market activity:
Sales
- Total market dollar volume this past month was $573.1 million which increased by $169.6 million or 42% from a year ago and $120m from last month. What a summer.
- Broken down, single-family sales were $434.7 million and condo sales were $138.4 million for the month.
- The volume in single-family was up $125 million from last year while condo volume was up $44.6 million.
- The number of properties sold this past month was 1,376, 269 more than a year ago.
- The sales total includes 978 houses and 398 condos.
- Single-family home sales were up 21.0% compared to last year and 26% higher than last month.
- Condo sales grew 30.5% over last year and 19% over June 2020.
- The monthly sold properties average year to date is 1,060 and in 2019 it was 1,074 and in 2018 it was 1,001.
- Florida’s single-family sales increased 11.7% from last year, and condo sales were 6.5% above last year.
- U.S. sales with single-family sales rose 9.8% and condo sales were equal to last July.
- The sales total includes 978 houses and 398 condos.
- Of the closed sales the past month 70 were for over $1,000,000, 52 were houses (up 62.5% over July 2019) and 18 were condominiums (an increase of 64% over prior year.)
- In 2019 Sarasota averaged 32 house sales and 14 condo sales per month over a $1 million, a small portion of our overall sales. Year-to-date 2020 our average monthly number of transactions over $1 million is 36 single-family homes and 22 condos per month.
- Listings that went pending last month were 1,430 – an increase of 389 transactions from a year ago. For 2019 the monthly average for pending sales was 1,121.
- Florida’s single-family pending sales increased 21.7% and condos rose 19% compared to last year.
- U.S. pending sales in July were ahead 15.5% from a year ago.
Prices
- Sarasota’s single-family homes were sold at a median price of $327,250 last month. The 2019 monthly median price for houses sold in July was $288,325.
- In July, Florida median price for single-family homes was $295,000, a 10.1% increase over last year.
- The national median price for existing homes grew 8.5% to $307,800.
- The condo median sale price in Sarasota was $240,000 in July.
- The 2019 monthly median price was $236,797.July’s median price for a Florida condo was $210,000, an 11.7% increase over prior year.
- U.S. median condo price grew 6.4% to $270,100.
- Sarasota houses sold on average for $444,431, where the 2019 monthly average was $393,418.
- Condos sold for an average price of $347,776 last month. The condo monthly average sale price in 2019 was $346,755.
Inventory
- Currently there are 3,060 properties for sale in Sarasota. This is a decrease of 255 listings from the month before. There were 4,086 listings at the end of 2019 and 5,401 listings at the end of 2018. There is a significant reduction of the number of active listings in our area – setting up a strong seller’s market.
- Of the available inventory for sale, 493 properties are listed for over $1 million. Of the active listings over $1,000,000, 320 are houses and 173 are condos.
- The Sarasota market had 1,331 new listings in July. The market averaged 1,040 new listings per month in 2019. Of the new listings in July, 85 were listed over $1,000,000.
- Current inventory results in just 2.4 months of single-family homes for sale in Sarasota and 4 month’s supply of condominiums.
- Florida currently has 2.5 months of single-family inventory and 5.6 month’s supply of condominiums.
- U.S. inventory of existing single-family homes fallen to 3.1 months from last year’s 4.2 months of inventory in July.
Having an informed and dedicated partner to market your property or help you in your search for a new one cannot be overstated.
I have been serving buyers and sellers in the Sarasota market for almost 40 years, and can assure you that my knowledge of the market, resolute approach and commitment to serving my clients with the highest veracity are qualities you can count on.
Being known for representing extraordinary properties, possessing unrivaled expertise and exceptional results has become my calling card! I hope to have the chance to work with you, your family and friends on finding a piece of heaven here in Sarasota soon!
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