Sarasota Housing Market: November 2012

Sarasota Housing Market: November 2012

By: Andy Richardson, REALTOR, Suncoasteam Realty
Contact Andy: 941-276-5997, car@suncoasteam.com

Wouldn’t it be great to have palm trees right outside your front door?

The Sarasota housing market continued its positive trend in November of 2012 and is on pace to see the fourth highest number of annual sales in its 90 year history. November 2012 sales, which totaled 764 properties, was an astounding 29% increase over the 602 sales in November 2011. Of the 764 sales, 556 were single family homes and 208 were condos.

The available inventory of homes has also been steadily declining year over year. In November 2012, there were 3,543 properties available, compared to 4,253 in November 2011. Though the number of available properties was slightly higher in November, compared to October of this year, SAR President Laura Benson believes that “we are truly experiencing a very fortunate time for the Sarasota real estate market…Interest rates remain near all-time lows, quality properties are affordable, and the economy is recovering at an improved pace. We’re in the middle of a great market, and the traditional buying season is only just getting started.”

Furthermore, November pending sales, which represent properties that went under contract for the month, increased 14% from the year prior.

According to Benson, “With pending sales still relatively high, and asking prices remaining stable, we should see a continuation of these impressive sales statistics for the foreseeable future…The biggest potential rain cloud on the horizon is the so-called fiscal cliff, and the potential impacts on the real estate industry.”

Other pertinent information about the Sarasota housing market:

  • Median sales price for single-family homes: $174,450 (up from $162,000 in November 2011)
  • Median sales price for condos: $160,000 (up from $127,000 in November 2011)
  • Median price for SFH in the last 12 months: $172,500 (last year at this time median prices were $156,074)
  • Median price for condos in the last 12 months: $174,700 (last year at this time median prices were $158,000)
  • 13.2% of available properties are short sales or foreclosures, totaling 472 (down from 14.8% in October 2012)
  • Average Days on Market for single family homes: 158 (down from 190 in November 2011)
  • Average Days on Market for condos: 188 (down from 191 in October 2012)

If you have interest in property in Sarasota, Florida, please click Real Estate for Sale in Sarasota. For more information about real estate in Sarasota, Florida, please contact Andy Richardson at 941-276-5997 or car@suncoasteam.com.

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