Local statistics of Real Estate SOLD
Posted on August 22, 2013
via Sarasota Rainmakers
July’s statistics are released for Sarasota’s Real Estate Market and I am pleased to share the great news!
Closed sales for our area in June are over 30% higher over a year ago: July 2012. The average sales price for a single family home is up from Junes’ average of $200k to $227, 500 median price.
Locally, sales PRICES are up 16% from a year ago!
That’s great news for many people. Nationally, prices are up over 17% from a year ago. Inventory is still very low inventory with an absorption rate is 3.1 months for homes, 4.6 months for condos, and nationally 6.5 months of inventory. Remember that 6 months is a balanced market, anything less than that is a Seller’s market. Our recent supply of inventory is down 13% from last year, and the last few months have been the lowest inventory levels in a decade.
If you are considering selling, now is the time to have a consultation. Seller’s are getting almost 97% of their asking price on average in our market. Here is more great news: 25% of the properties sold in July were (REO/bank owned) foreclosures or short sales, down from 51% of properties sold a year ago!!! And only 11.5% of the properties currently listed are distressed (REO or short sale).
Want to know more? Just ask!