The Sarasota County Real Estate Market Maintains Steady Pace for February 2014

RS784_iStock_000005916469XSmallThe numbers are in and the Sarasota County real estate market has maintained an encouragingly steady pace so far in 2014.

The market seems more stable  than ever in terms of property sales and median prices for single family homes and condos.

Property sales in Sarasota County for February came in at a very steady pace while median sale prices for single family homes and condos also reflected market stability and integrity.

Sarasota County Median Prices

The median prices for single family homes in Sarasota County have been remarkably consistent at around $188,000 over the course of the last 12 months. This is a significant improvement of 10.3% in median prices compared to February of last year. The steady increase of median sale prices contributes to the overall sense of stability in the Sarasota real estate market.

While single family home median prices have become more consistent, condo prices have varied somewhat more erratically. Prices of condos in February fluctuated between $159,000 and $182,000.

The median price for condos in February was $165,000, an increase of  9.2% over the previous 12-month period. While there is some fluctuation in prices, the undeniable growth bodes very well for the Sarasota County real state market.

Closed Sales and Short Sales in February 2014

While the number of closed sales in February (787) is slightly less than the 807 closed last February, 20 more sales were closed in February 2014 than the previous month. Pending sales, which experts consider to be a strong indicator of future sales, also maintained a high level in February.

This is very encouraging for the Sarasota real estate market in the upcoming spring months. The steady increase in sales leads one to believe the market in March, April, and May should be even better.

RS2683_iStock_000014478850SmallAnother notable statistic was the stunning decrease in recent short sale numbers. Only 32 of the 787 total sales closed in February were short sales. In the same month last year, 98 of the total sales were short sales, which have been trending lower over the past 7 months.

In comparison, in June 2010, when the market was at a particularly low point, short sales accounted for almost 200 of the total 933 sales.

All and all, the Sarasota market has found a good equilibrium between buyers and sellers, making this an exciting and rewarding time to buy or sell Sarasota real estate. If you are ready to jump in, please contact me, Dennis Kotaska, to discuss your Sarasota home buying or selling needs.

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