Sarasota Florida Real Estate Report for March, 2014

Unlike other parts of the country that have now experienced three months in a row of declining home sales, the Sarasota real estate market in March remained stable, even continuing its steady improvement as time goes by. In January and February, there was some concern that perhaps the Sarasota market was stalling out, but that fear has gone away with the March rebound in both closings and pending sales.

Sarasota County home and condo sales in March, 2014 topped 1,000 for the first time since May 2013. March closings came in at 1,050 (698 single-family and 352 condos) almost the same as the volume a year ago but a substantial uptick from the February 2014 sales volume of 787.

Pending sales at the end of March remained at a healthy level, topping 1,200, a level not seen in the past 3 years. These sales will close in coming months indicating that the months of April and May will show equally healthy closed sales volumes.

Peter Crowley, President of the Sarasota Association of Realtors® said in his monthly report, “This spring has seen very robust sales, just like last year. Agents have been busy and buyers are actively investing in the Sarasota real estate market."

The median sale price for single-family homes stood at just under $189,500. The median condo sale price in March was $170,900, just above the year-ago number of $165,000. The median sale price for the rolling 12-months ending in March, which tends to moderate month-to-month swings, was $188,000 for single-family homes, about 20% higher than the previous 12-month period. For condos, it was just over $166,500, up 9.2% over the previous 12-month period.

The inventory of homes for sale in Sarasota County dropped slightly in March to 4,810 after topping 5,000 in February, a very manageable 3.8% month-over-month drop. Maintaining a healthy inventory of properties available for sale helps to keep prices from rising too fast.

If you would like to know more about the Sarasota real estate market in general, or the cultural, shopping or recreational amenities of Sarasota, call me today at 941-266-1799 or visit my website dedicated to homes for sale in Sarasota Florida. I'd be happy to be of assistance.