Kijner & Sons International Realty is pleased to announce that according to the Sarasota Association of Realtors® (SAR), "[p]roperty sales in Sarasota County almost reached the 1,000 level for the fifth straight month in July 2014, falling just short at 928 closed transactions. In the county’s history, only once has such a five-month hot streak been accomplished (...)".
614 single family homes and 285 condos were sold last July with median sales price of $201,000 and $205,000 respectively. A 3% increase for single family homes and a 5.1% increase for condos from the previous month. According to SAR President, Peter Crowley, “[w]hat is surprising is that July was the first month in six years that we’ve seen both property categories – single family and condos – top the $200,000 median sale price level. The last time that occurred was in August 2008. We may have reached new balanced, sustainable price points in the market.”
Pending sales were at 834 while inventory dropped at 3,912. As for distressed properties, short sales or foreclosures represented 19.5% of total sales, a clear indication of a strong market returning to historic norms.
To read the full July 2014 SAR Report, please click here.