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The numbers for September 2014 Sarasota County real estate market

Posted by Brian Tresidder on Monday, October 27th, 2014 at 3:11pm.

Sarasota real estate market reportHere is the detailed statistical breakdown of the Sarasota County real estate market for the month of September 2014:

Single family homes had a median sale price of $189,000, down slightly from the previous month’s median price of $195,750. However, this is nearly the same as the September 2013 median sale price of $189,902. For the 12-month period ending in August 2014, the median sale price came to $196,000 for single family homes. This is 10% higher than the previous period of median sale price in the same category of $178,000.

The median price for condominiums came in at $195,000. This is up approximately 10% from the previous month. It is also up 18% from the median price of $165,000 in September 2013. For this same 12-month period ending in August 2014, the median sale price for condominiums came in at $180,000. This is a 12.5% increase above the previous 12 month period, during which time the median price averaged out at $160,000.

These figures are good news for investors for whom it generally represents a gain in equity on their properties. It is not something anyone else should be concerned about since condominium prices typically see more market fluctuations than single family home prices. The condominium market is more heavily influenced by real estate investors than the single family home market, which is typically more stable.

The month ended with 934 closed sales transactions. This is 14% higher than the September 2013 figure of 817 completed property sales. If this trend continues for the remaining quarter of 2014, the county is on track to have a very good year. At this time, the county is just 2698 sales short of the historic high figure of 11,482 sales in 2004. Sales to date total 8,784 for 2014. This is roughly 200 sales above this same point in time last year. Given that 2013 was the second highest sales year in the county’s history, this is good news.

According to Florida Realtors®, the 934 residential property sales for the month breaks down into 688 single family homes and 246 condominiums. These figures represent a slight drop from August figures of 975 homes sold, with 698 of those being single family homes and the other 277 being condominiums. 

Sarasota Association of Realtors® President Peter Crowley characterized it as "steady, strong numbers” and added “The first three quarters of 2014 remain on an historic, positive pace, and our members are helping to make the dream of home ownership come true for thousands of buyers. Sarasota is a unique, incredible place to live, work and play, and the world has obviously discovered that fact!” 

The current inventory stands at 3,666 available properties. This figure represents a drop of about 2% from the August figure of 3,745. It is also down about 8% from the previous September. It is currently close to the low point of recent years of 3,644. That figure is from July 2012. Single family inventory stood at 4.0, down from 4.1 the previous month and also below the figure of 4.4 from the previous September. The month’s figure for condominiums was 3.8, the same as the previous month but lower than the figure of 4.0 from the previous September. 

Short sales and foreclosure sales constituted 24% of total sales for the month. This is a small increase over the 22% figure from the previous month. Coincidentally, 22% was also the figure for September 2013. For the month, 10.3% of all available properties were distressed. This figure is consistent with figures for the rest of the year. This figure has stayed between 10% and 12% every month. 

September 2014 also has a strong pending sales figure of 840. This is slightly better than the previous month’s figure of 832, but it is substantially better than last September’s 750 pending sales. This is indicative of what can be expected in October. It suggests the figure will be above the 818 closings seen in October 2013. This bodes well for hopes of seeing at least 2700 more sales this year to reach record sales levels.

Brian Tresidder | Siesta Key Real Estate Broker

Key Solutions Real Estate

Brian is a licensed real estate broker serving Siesta Key, FL and beyond. From finding the perfect vacation home to helping investors reach their full potential, Brian takes a professional and personalized approach to every situation. 

Phone: (941) 894-1255

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