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June Sales Exceed 1,000 Again In Sarasota County

June represents the fourth consecutive month of real estate sales topping 1,000 transactions. This demonstrates an undeniable hot streak which began early in 2014 and is predicted to continue through July. The local real estate market is building momentum, capitalizing on strengthening gains.

"So far, we've had an amazing first half of 2014. The statistics appear to indicate that we will once again wind up at near record sales levels for the year, and median sale prices have also rebounded significantly," said Sarasota Association of Realtors President Peter Crowley.

During the month of June, closed sales totaled 1,048, which is an increase of 5.1 percent from June 2013, which recorded 997 closings. June's combined closed transactions include 727 single family properties and 321 condo unit. However, closings were down slightly from 1,100 in May of this year.

Thus far, the first six months of 2014 bests record sales of 2013, which set a near historic high in Sarasota County with the second largest number of closed transactions in the county's 91 year history. According to the latest statistics, this year is estimated to set new sales records, while median prices rebound substantially.

Median Prices Remain at a Hot Pace in Sarasota County

Median sales prices in the county were at parity for June, with both single family homes and condos coming in at $195,000. This is the first time condo prices were the same as single family residences since 2013. Single family homes recorded an increase of 2 percent in median sales prices from May, which was $191,500 and an astounding 8 percent increase over June 2013. Median condo sales prices rose 11.4 percent from May, which was $175,000. It's also an increase of a whopping 18 percent over June 2013, when the figure stood at $165,000.

For the 12 month period ending in June, the median sales price, which accounts for moderate monthly variations, came in at $190,000 for single family properties, nearly 15 percent better than the previous 12 month period. Condos fared better as well, rising to $170,050, an increase of 8.8 percent from the previous 12-month period.

Sales of Luxury Homes Increase Dramatically

During the month of June, sales of luxury homes, which are priced at $1 million and above, rose dramatically to a total of 46 closed transactions. This bests May's total of 26 and is also an increase from the previous months this year. Of the forty-six luxury home transactions, 4 were on Bird Key, 6 were on Lido Key, 5 were on Casey Key, 4 were on Siesta Key, 1 in Downtown Sarasota, and also 1 in Founder's Club. By comparison, April had 27 luxury home sales, March had 26, the same number as December 2013.

It is clear, by these figures, the luxury real estate market is beginning to establish a more robust trend, something that could well continue through July.

Pending Sales and Inventory Levels Stay Strong

In June, pending sales stayed robust, reaching 901, a slight drop from May which had 1,042 pending sales. June of last year recorded 899 pending transactions, which is nearly identical to this year. Pending sales in July 2013 came-in at 969.

Levels of inventory shrank again in June, down to 4,196, which is 317 less than May's figure of 4,513. That represents a substantial decline of 7 percent. In June of 2013, inventory was 3,758, comprised of both single family homes and condos. The most recent low point in inventory levels was last seen in July 2013, when only 3,747 properties were available, which is a lot fewer than current levels.

June's inventory came in at 4.6 for single family residences and 4.2 for condo units. In May, inventory of single family homes were 5.0 and for condos was 4.6, while last June, single family properties stood at 4.2 and 4.3 for condos.

Distressed Properties Numbers in June

Sales of distressed properties remained significantly below the levels of 2010, which provides an indication of a strengthening market continuing along a path to return to historic norms. Distressed property sales of foreclosures and short sales in June 2014 accounted for 20.1 percent of all real estate transactions. Though this was an increase from May's figure of 19 percent; however, it was below June 2013, when 23 percent of all closed transactions were distressed properties. April's percentage of distressed property sales was 16.6, and also a decrease from May 2013, when the figure stood at 20.7 percent.