Sarasota Market is Up over Last Year

August 2011 Market Update and Commentary

 

Sarasota, FL - The Sarasota real estate market is tracking ahead of 2010's numbers in terms oSarasota Real Estate Market Update - Units August 2011f units sold up 2.4%, average sales price up 7.1% and average cost per square foot up 3.2%.  Foreclosure filings are down 45% over last year.

Total residential sales for Sarasota County Real Estate through August 2011 are 6,514 compared to 2010's 6,362.  This represents  a 2.4% increase in total units sold this year.

Month over month numbers are tracking lower as they did last year.  If the trend follows last year, we should see a surge once the weather turns cold up north and people start thinking about Sarasota real estate.  As long as interests rates hold at their record lows, we are set for a winter surge again.

The average cost per square foot dropped from $126.25 in July 2011 to $114.42 which may reflect fewer homes closing on the high end.  I also run a three month rolling average which takes out the spikes and dips that occur.   The three month rolling average for August 2011 is $121.90/sq.ft. which is 3.2% ahead of August 2010's number of $117.99/sq.ft.

August 2011's average sale price dropped from July's $258,452 to $218,112 which is still ahead of August 2010's average sales price of $213,242.  The monthly average sales price is also subject to dips and spikes so I like to look at the three month rolling average for average sales price as well.  As of August, 2011, the 3 month average sale price is $237,609.70 which is a 7.1% increase over August 2010's $220,894.

As of September 9, 2011, there are 226 foreclosures available out of the 6,370 total homes for sale in Sarasota County.  Foreclosures only represent 3.5% of the total inventory.  For 2011, there have been 1,732 foreclosure filings compared to 3,810 through August 2010.   This is a 45% drop in foreclosure filings according to the Sarasota County Clerk's website.    704 properties are short sales which represent only 11% of the active market.  You can find the newest Sarasota listings for single family foreclosure properties here.

The average days on the market for sold properties continues to bounce around 130 days for Sarasota County.

If you are looking for the best Sarasota has to offer, take a look at the "Best of Sarasota Real Estate" list group by price range and sorted by the newest listings first.

Data obtained from MFRMLS.  Averages are helpful in understanding the broad market.  Some real estate markets like Siesta Key have benefited from this year's #1 ranking by Dr. Beach.  When considering a purchase in an area or subdivision, look at solds in that market area.

John Woodward
Broker/Owner
Sarasota Real Estate Group