March 2015 sales in Sarasota county reached record levels. The number of closed property transactions increased in Sarasota County in March 2015 by 14.3 percent from last March (to 1,201 from 1,050) and 43.5 percent over last month, when 837 closings were reported.
In March 2015, closed sales in Sarasota County totaled 789 single family homes and 412 condos. For the first quarter of 2015, the pace of sales is up almost 6 percent in Sarasota County. In the first quarter of 2015, 2,781 sales were reported in Sarasota County, while 2014 saw 2,604 first quarter closings.
The Sarasota total number of sales was close to the all-time one month sales total of 1,228 seen in April 2004. And we are well ahead of the record number of sales we saw in 2014.
The median sale price in Sarasota County stood at $207,500 for single family homes, up 9.5 percent over last March, and $180,745 for condos, up 5.8 percent over last March.
Future sales, which can be projected from the pending sales figure, show Sarasota with 1,126 new pending sales in March 2015 which when added to existing pending sales totals 1,686 total pending sales!
The month’s supply of inventory was between 4.5 and 4.7 months which is well below the 6 month level that defines a market in equilibrium between buyers or sellers. At present, sellers remain in command, based upon that market statistic, which is also reflected in the rising median sale prices.
In 2014 we continued to see strong monthly sales figures through the early summer months and expect this summer to be the same pattern.
So, what does this mean to you if you are considering selling your home? Now is the time to sell! I know you have heard this over and over. Lots of people think they should wait to sell during season but our recent history says otherwise. It is a seller’s market and with such a low inventory if you want to sell your house to move up or move on it is the perfect storm. Call Susan Phelps to get an estimate of your property value @ 941-726-2227. Or just call with any questions you may have about the market in our area.