Sarasota Monthly Market Summary for March 2015

By | April 28, 2015

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MARCH MADNESS! It was a great month of March in Sarasota, FL! The local real estate market here was pretty darn hot and prices have shot up. Typically, this is the case in our area as our busier selling season winds down and those snow birds enjoying their 3 or 4 months down here finally hop off the fence and make a purchase in the frenzied March market…

In comparing Single Family Homes in March 2014 to March 2015 in Sarasota:

*Closed sales shot up from 689 to 789. A 13% increase.

*New listings increased from 960 to 1,016 as Sellers hop off the selling fence as they see sale prices improve.

*Median Sale Price improved from $189,472 to $207,500. A 9.5% increase!

*Median Days on the Market dropped from 56 days to 43 which is a 23.2% drop.

*Inventory of Active Listings fell from 3,298 to 3,039. A 7.9% decrease.

*Months supply of inventory also decreased from 5.3 months to 4.5%. A 14.6% fall.

In comparing Condominiums in March 2014 to March 2015 in Sarasota: *Closed sales shot up from 352 to 412. A 17% rise.

*New listings went up from 445 to 510. Again, as Sellers hop off the selling fence and sale prices improve.

*Median Sale Price improved from $170,900 to $180,745. A 5.8% rise.

*Median Days on the Market dropped from 53 days to 47 which is a 11.3% decrease.

*Inventory of Active Listings fell from 1,512 to 1,379. An 8.8% drop.

*Months supply of inventory also decreased from 5.0 months to 4.6%. A 6.9% fall.

In looking at our Single Family Homes “Distressed Market”, March to March looks like this:

TRADITIONAL SALES: *Traditional Sales-Closed sales shot up from 502 in 2014 to 615 this March. A 22.5% increase.

*Traditional Sales median prices crept up slightly from $236,500 to $238,000.

FORECLOSURE/REO SALES:

*Foreclosure/REO-Closed sales dropped slightly from 154 to 149.

*Foreclosure median sale prices went up from $108,967 to $129,900. An increase of 19.2%.

SHORT SALES:

*Short Sales-Closed sales decreased from 42 to 25 which was a 40.5% drop!

*Short sales median sale price went from $111,000 to $127,200 year over year. A raise of 14.6%

In looking at our Condominiums “Distressed Market”, March 2014 to March 2015 looks like this:

TRADITIONAL SALES: *Traditional Sales-Closed sales went from 314 in 2014 to 377 this March. A 20.1% rise.

*Traditional Sales median prices crept up slightly from $178,000 to 186,000. A 4.5% rise.

FORECLOSURE/REO SALES:

*Foreclosure/REO-Closed sales dropped from 29 to 26. A decrease of 10.3%.

*Foreclosure median sale prices went up from $97,555 to $100,950. An increase of 3.5%.

SHORT SALES:

*Short Sales-Closed sales stayed the same in this category at 9.

*Short sales median sale price went from only $80,000 to $245,000 year over year. A raise of 206.3%. I think the banks are on to it!

Enjoy the rest of April!


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