Local Market Insight / Sarasota County / January 2019

Local Market Insight / Sarasota County / January 2019

Local Market Insight / Sarasota County / January 2019

Summary:

In Sarasota County, FL, the median sold price for SFH/Villa properties for December was $263,500, representing a decrease of 7.5%compared to last month and a decrease of 0.6% from Dec 2017. The average days on market for units sold in December was 68 days, 2%below the 5-year December average of 69 days. There was a 14.6%month over month decrease in new contract activity with 637 NewPendings; a 10% MoM decrease in All Pendings (new contracts +contracts carried over from November) to 788; and a 1% increase in supply to 3,405 active units. This activity resulted in a Contract Ratio of 0.23 pendings per active listing, down from 0.26 in November and a decrease from 0.30 in December 2017. The Contract Ratio is 30% lower than the 5-year December average of 0.33. A higher Contract Ratio signifies a relative increase in contract activity compared to supply, and indicates the market is moving in the seller’s favor. A lower Contract Ratio signifies a relative decrease in contract activity compared to supply, and indicates the market is moving in the buyer’s favor.

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