//Sarasota Real Estate Takes Off

Sarasota Real Estate Takes Off

Sarasota Real Estate takes off.

Sales:

Total Sarasota Real Estate Market dollar volume of $387.8 million in November increased $118.8 million from prior year and increased $73.6 million over the prior month.
Broken down, single-family dollar volume increased 45% compared to prior year and condos sales dollar volume was up 92.7%.
The number of properties sold in November including both single family and condominiums was 874 which was 20 more than October and 48 more than a year ago.
Single-family home sales fell by 3.3% in November, but condo sales saw a remarkable 26% growth, much as a result of the new bayfront The Vue project completion.
Florida’s single-family grew by 1.3% and condos were 5.8% higher than November 2016.
U.S. sales were at the highest sales pace since December of 2006. Single-family grew by 3.2% and condos by 7.5%.
The 2017 monthly average of total sales is 979 vs last year the monthly average was 952, a similar monthly pace.
Of the closed sales 84 were for over $1,000,000 or 10%. 34 were houses and 50 were condominiums.
In the $600,000 and higher price point, single-family sales grew 40% and condos priced over $600,000 were 335% greater than prior year!
165 closed sales were sold between $400,000 and $1,000,000 or 19%.
71% of the closed sales were under $400,000.
All cash sales in Sarasota continue to be strong with 36% of single-family and 68% of condo sales closed without a mortgage. This percentage consistently exceeds trends for Florida and national cash sales (22% in November.)
Total pending sales of 940 properties that went under contract during November increased by 133 from the same month last year, a 16.5% increase. The largest segment of growth was condominiums, which may also be attributed to pending closings in the large nearly sold-out Vue project.
U.S. pending sales for all housing types grew by just .8% compared to prior year.
Florida’s total pending sales were 6.6% higher than last year.
The monthly average of total pending sales this year is 1,545 vs. 1,540 in 2016.

Prices:

In November, Sarasota’s single-family homes were sold at a median price of $285,000 vs. $265,000 a year ago, 7.5% higher.
Florida median price for single-family homes was $240,000, a 9.1% increase over last year.
The national median price for existing homes grew by 5.4% to $248,800.
The median price in November for a NEW home in the U.S. was $318,700.
The 2017 monthly median price average for houses sold in Sarasota was $266,320 vs. $249,943 last year.
Condominium median sale price was $240,000 in November vs. $207,770 in 2016.
The 2017 monthly median average is $223,365 vs. $208,539 in 2016.
Median price for a Florida condo last month was $176,000 an 8.6% increase over November 2016.
U.S. median condo price grew 8.8% in November to $242,500.
The average sale price for houses in Sarasota was $414,368 in November vs. $350,103 a year ago.
The year’s monthly average price for houses sold is $369,627 vs. $346,232 last year.
Sarasota’s condominiums sold for an average price in November of $493,125 vs. $322,414 a year ago. A contributing factor to this growth is the closing of numerous new construction luxury residences at The VUE. In fact, condo sales for units above $600,000 were 335% higher than prior year, strongly impacted by the same project.
The 2017 monthly average price for sold condominiums is $351,663 vs. $325,802 last year.
Single-family homes sold at 95.3% of list price, and condominiums sold at 95.7% of the list price. The year to date average for all properties sold is 94.8%.

Inventory:

Total available inventory in the Sarasota Real Estate Market has increased by 287 listed properties from October, as there typically is an increase as fall approaches.
Since January 1, 2017, inventory has fallen by 249 properties or 5%.
Currently there is available inventory of 4,356 properties for sale vs. 4,595 at the end of 2016 and 3,598 at the end of 2015.
There are currently 7.3% fewer single-family homes on the market in the over $1 Million price point than there were in November 2016, and condos in the same luxury level have 12% fewer units to choose from than last year.
The Realtor Association of Sarasota-Manatee reports that there are 4.1 months of single-family homes inventory and 5.2 month’s supply of condominiums, both under the 6-month level considered a balanced market.
Florida currently has 3.8 months of single-family inventory and 5.7 months of condominiums.
U.S. inventory of all housing types is reported to be at 3.4 months, 9.7% less than a year ago.
Sarasota County is averaging 1,254 new listings per month and in 2016 it was 1,259, virtually identical.
Of the total new listings the past month 9.6% or 133 properties were listed over $1,000,000.
25% or 349 new listings the past month were listed for between $400,000 and $600,000.
65% of the month’s new listings were listed for under $400,000.
Data Florida, Sarasota, National Realtors.

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