Sarasota real estate has come a long way from the dark days of 2006-2010. In November 2008, the inventory level* was 24 months. In June of this year the figure has plummeted to below 5 months, ushering in a seller’s market. *Months of inventory represents the time it would take to deplete the current inventory of homes and condos at the current sales rate.
Real estate agents are finding themselves busy keeping up with demand from buyers at a time of year that is typically much slower than the peak buying and selling months of January through April.
Highlights from the Sarasota Association of Realtors – Real Estate Market report for June 2012:
• Real estate market achieved the highest level of quarterly sales in seven years.
• June sales were the second highest total since September 2005, yet another indication of a market that is achieving sales totals not seen since the 2003-2005 real estate surge.
• Sales prices 18.7% higher than in June 2011
• The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, but this year the higher sales appear to be continuing into the summer.
• The median sales price for single family homes dropped slightly to $178,500 from last month’s figure of $185,000, but it remains higher than the 12-month running median of $167,000. The median sales price for condos was $195,000 – up from last month’s figure of $180,750, and still much higher than the 12-month running median prices of $165,000.
• Single family home prices remained over 30% higher than the low of 15 months ago ($137,500), while condo prices are over 50% higher than the low point ($127,000).