May Real Estate Sales Streak Continues In Sarasota
Early summer in Sarasota County continues its strong sales stride with 1,100 closed transactions occurring in the month of May. Comprised of 747 single family property sales and 353 condo unit sales, the total represents a slight dip from April a month before, as well as year-over-year in May. Those months recorded 1,195 and 1,127 sales, respectively. However, the first five months of this year far surpass the hot streak seen the same time last year which proved to be historic.
"Sarasota County real estate is such an amazing success story in the past two years, particularly coming from where we were in 2010. I think this is a tribute not only to our home market, which is one of the best in the nation, but also to our collective group of SAR brokers and agents who have truly upped their game. We emerged from a tough environment and are now leading the pack," President Peter Crowley, the Sarasota Association of Realtors said.
Median Prices Continue Pace in Sarasota County
Prices seem to be at parity with buyer sentiment, as the median prices in May remained stable from April. For single family residences, as well as condos, median prices saw an increase from May 2013, but a small decrease from April of this year. Single family property median prices in May were $191,500, down from $196,250 in April, while condo units recorded a 46 percent fall from April, from a medium of $175,000 compared to $183,500. Last May, single family property median prices came in at $189,950, nearly the same as May 2014, while condos increased their median price 6 percent, up from $165,000.
For the twelve month period ending this May, the median sales price, which sees moderate monthly changes, came in at $189,900 for single family homes, representing a 15 percent increase from the previous twelve month period. Condos also improved in the same period, rising 8.8 percent, increasing to $170,000.
Sales of Luxury Homes Slightly Decrease but Still Active
The luxury property market, or those homes priced and sold above $1 million, recorded one less transaction than in April of this year, with a total of 26 closed sales. Those transactions occurred with 2 in Harbor Acres, 2 in Bird Key, 1 at Founder's Club, 1 in Laurel Oak, 6 in Siesta Key, and 6 Downtown condos.
May's activity in the luxury home market is at parity with March of this year, as well as December of last year. It does, however, double the number of luxury sales earlier this year in February and is almost double the amount in January. It also outpaces November 2013, when just 12 homes over $1 million sold.
Pending Sales and Inventory Levels Stay Strong
During the month of May, pending sales continued their strong showing, up to 1,042 from 1,040 in April. Because of this ongoing trend, June sales are expected to be at or near the same level as May. This is a likewise increase from May of 2013, when pending sales came-in at just over 1,000.
Residential real property inventory fell in May, down to 4,513 from April, when 4,728 were on the market, a decrease of 4.5 percent. During May of 2013, inventory was 3,905, combining both single family residences and condo units. The most recent low was in July of last year, with just 3,747 available properties on the market.
May's month inventory supply was at 5.0 for single family properties and 4.6 for condo units. This represents a slight decrease from April of this year, when single family month's supply stood at 5.3 and condos at 4.7. It also is a change from the same periods last year, when single family were at 4.6 and condos at 5.0.
The month's supply of inventory stood at 5.0 for single family and 4.6 for condos. Last month, those figures were 5.3 and 4.7 respectively, and last year at this time they were 4.6 and 5.0 respectively.
Distressed Properties Numbers in May
Distressed property sales continued to represent far less of all closed transactions in May, with just 19 percent of all sales being foreclosures or short sales. Though, this is an increase from April of this year, when distressed property transactions stood at 16.6 percent. However, that figure is still lower than May of 2013, when 20.7 percent of all sales were distressed properties.
As a whole, distressed property listings and sales remain a part of the total real estate market, though continuing to wane from highs experienced in previous months. This is a sign of a more stable market and will result in prices in non-distressed properties to rise steadily as these constitute a shrinking percentage of active listings, pending sales and closed transactions.