The local market appears to be settling into more of a normal market than we have seen in recent years. Let’s take a look at the numbers.
During the first half of 2019 there were 6761 residential sales in Sarasota County. Last year during the first six months there were a total of 6978 home sales. This is a decrease year-over-year of -3.11%. This is a reliable indicator that our local market is slowing down and cooling off at this time. Which in the overall scheme of things a sign of good health
The median sold price of all residential sales during the first half of 2019 was $265,000. In 2018 during the same six-month period the median home value was $257,250. So the median sale price has risen this year by 3% over last year. This is not the double-digit gains that we have seen in the previous years but it is still an increase similar to the normal market years prior to the bubble years and the double-digit annual drops during the recession years.
Another important number to look at is the total number of pending sales during the first six months of 2019. So far this year there were 8778 pending sales. In the same period In 2018 there were 8830 pending sales. So the pending sales are down just slightly less than 1%.
The average number of days on the market for all residential sales in the first half of this year was 86 days on the market. Last year at the same time it was 79 days. So an increase this year of 8.8% so far this year. The average percentage drop from the original list price to the sold price remains about the same year-over-year at 92.8% versus 93.6% last year. The number of cash transactions is still a healthy 46% of all buyers pay cash for their purchase in Sarasota County.
I believe that these statistics for our local Sarasota County market reflect a normal market for resale homes in our area.
Watch this blog for quarterly updates and we will see how things develop throughout the year. See the charts below for more detailed information.