May Sales in Sarasota Hit New 8 Year High

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business graph in blueMembers of the Sarasota Association of Realtors® sold 1,020 properties in May 2013, the second consecutive month that sales have hit four figures since June  2005. In many respects, April and May were statistical mirror images of each other in terms of total sales, pending sales, steadily increasing median sales prices and declining inventory. There have now been only 11 months in SAR’s 90-year history that sales have topped 1,000, with the other nine occurring in 2004 and 2005.

The spring sales surge in the Sarasota real estate market hit 737 single family homes and 283 condominiums in May 2013. That compared to 591 single family homes and 263 condos sold in May 2012. Sales were 19.4 percent above last May, when there were only 854 total sales. In April 2013, closed sales were at 1,017.

Pending sales were also up in May 2013, with 1,157 combined pendings reported. In April 2013 there were 1,097 pendings reported, and last May there were 1,075 pendings. Pending sales have now topped 1,000 every month this year. This important statistic represents properties that went under contract during the month, and indicates sales in June and beyond could also be at near record high levels.

The high sales volume was accompanied by yet another increase in the median sales prices. The figure for single family homes was $220,000 – the highest level since August 2008 and up 18.8 percent over last May’s figure of $185,000. For condos, the median was $194,250, almost 8 percent higher than last May’s figure of $180,000. The condo figure has continued to fluctuate substantially over the past few months, dropping to a low point of $130,000 in January 2013 before recovering.

Click here for the full press release from the Sarasota Association of Realtors.

Joe Cleary is a Broker Associate with The Cleary Group at RE/MAX Alliance Group. He is a Graduate of the Real Estate Institute (GRI), Certified Distressed Property Expert (CDPE) and a certified Short Sales and Foreclosure Resource (SFR). Call Joe with any real estate questions you may have toll free at 877-814-1233!

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