The month of April 2014 has seen the second highest rate of sales in Sarasota County with 1,195 closed transactions being reported by the My Florida Regional MLS system. That figure was topped in April 2004 with 1,223 reported sales. The spring and summer months of 2004 and 2005, and March, April and May of 2013 were also close in reported sales. Single-family home sales that closed in April 2014 reached 759, plus 436 sold condos. The reported totals were higher than March's numbers which included 698 single-family homes sold, along with 352 condos. April’s numbers in 2013 were 703 single family and 429 condos.
Peter Crowley, the president of the Sarasota Association of Realtors, has seen a dramatic rise in the level of activity, and it seems to be continuing among interested buyers. June and July 2013 enjoyed robust sales with the local real estate market, and many are hoping for a repeat performance in 2014.
In addition to the continued heightened level of growth and activity in the spring months, the number of distressed sales has also stayed below those that the housing industry experienced nearly four years ago. Short sales and foreclosures were close to 16.6% in April 2014, compared to 22% that were seen in April 2013. The reduction in short sales was the largest contributing factor with last April at 107 compared to this year’s figures at 45.
Sarasota Homes & Condo Prices Rising
Condos and single-family homes continued to enjoy a stable market with the median sale price of the dwellings at $196,250 for single-family and $183,500 for condos. This equated to a rise of 3.8% from last month and 4.4% from the previous April. Condo prices also enjoyed a hefty surge last month by as much as 8% and up near 14.7% from the previous April.
The 12 month median sale price that ended the year in April came to $189,900 for single-family homes. This was approximately 15% than figures reported in the previous 12 months. Condos were up 8.8% over the same 12-month period with a median sale price being reported near $169,000.
Pending sales showed as high a level in April 2014 as in previous months and economists consider this an excellent indicator of the forecast for future closed sales. If the experts are correct yet again, May and June sales could experience as busy a period for the months of May and June as they did in 2013. Pending sales hit close to 1,040 after reaching 1,248 in March 2014. This was a level that hasn’t been reached for at least three years.
The inventory levels for April 2014 dropped to 4,728 from the figures of 4,810 in March. February saw the inventory levels exceeding 5,000, which was a first since May 2011. The lowest point of the recent market came in July 2013, when the numbers were far lower at 3,747.