Sarasota Housing Trends for 2014

Sep 11, 2013 by

Since 2012, we’ve experienced a huge turn around in the Sarasota real estate market, with some tremendous gains (and a few dips). But the turn-around has been one that has left home buyers edging to the market, as well as homeowners placing their homes on the market. What does this mean for our Inventory in 2014? Let’s take a look at more recent trends.

The total housing inventory on the market is currently at 1,808 homes.  This figure is up 1 percent from May 2013 when total inventory was at 1,782 homes.  When compared to a year ago, the figure is down 7 percent at a then inventory of 1,946 homes. What does this mean for the price of homes?

The median list price is currently at $349,000.  This figure is down 3 percent from last month, when the median list price of homes on the market was at $359,900.  On a year over year basis, the figure is up 16 percent when the median home list price was at $299,900.

The percentage of distressed properties remained the same as May 2013 at 6 percent.  The median days on the market is down by 7 percent from last month, with the DOM currently being 76 days.   On a year-to-year basis, the DOM is down 30 percent; when at that time it was 109 days on market.

The median house size is currently 2,315 square feet.  Last month the median house size was 2,265 square feet.  That’s an increase of 2 percent.  When we look back a year, we see an increase of 6 percent, when the median house size was 2,181 square feet.

The median price per square foot is currently at $135 per square foot.  This figure is down 3 percent when the figure was at $139 per square foot.  On a year over year basis, we see an increase of 12 percent when the median price per square foot was at $121.