The Sarasota real estate market continues on its upward trend of closed sales, home inventory, and home prices. The number of closed sales for single-family homes increased by 6.9% since this time last year. Condo sales also improved by about 0.8% from last year.
Sarasota Market Update for August 2017
Closed sales for both single-family homes and condos rose about 6.4% from this time last year, increasing to 1,819 sales in August 2017.
Thus far in 2017, the number of closed sales for the first eight months of the year are 2.1% higher than in 2016. New pending sales are also up across both counties, which may indicate future closed sales.
The reason for an increase in pending sales may be indirectly related to Hurricane Irma. There have been some delays due to finance transactions that require inspections or a lift of the disaster designation to close.
Over the years, median home prices continue to rise, while distressed properties continue to decline. The median price of a single family home in Sarasota County rose 1.5% 20 $258,000. In Manatee County , it rose 6.2% to $183,000. Condo prices in Sarasota dropped 2% to $213,500, while condo prices rose 10.9% to $183,000 in Manatee County.
The Kotaska Team is Here for You
The Kotaska Team is well equipped to meet all of your real estate needs. REALTORS® Dennis Kotaska and Terri Kotaska have over 60 years of real estate experience between them. Their experience, knowledge, and customer service, combined with the skills of REALTOR® James Lorenz, makes them one of the top-producing real estate teams in Sarasota County.
Their team has been recognized in the top 5% of all RE/MAX agents throughout the world.
Ready to Buy or Sell?
If you’re thinking of buying or selling a home or condo in Sarasota or Manatee County, please reach out to us.
We will provide you with indispensable information about buying or selling a home, local real estate activity, trending home searches, and more. Let us help you achieve your real estate goals. Contact us at 941-815-6772 today or visit our office at 2000 Webber St., Sarasota, FL 34239.