Sarasota's housing market in June showed positive signs of recovery despite the continuing pandemic, with a significant increase in pending sales and higher median sales prices compared to a year ago, according to the Florida Association of Realtors and the Realtor Association of Sarasota and Manatee.
In June, the Sarasota median sales price for a single-family home year-over-year was $305,000 an increase of 5.2%.
Several factors are playing into this renewed demand for housing, but by far, the most important factors are record-low interest rates and the stalled winter buying season has shifted to summer. In the chart represents Sarasota County comparing historic sales states by year. The GREEN LINE = 2019; the BLUE LINE = 2020. Stats provided by Stellar MLS. Click on graphic for larger image.
On the supply side of the market, inventory remains very low, especially in the existing single-family home category. According to Freddie Mac, the interest rate for a 30-year fixed rate mortgage is hovering around 3%, down from 3.80% during the same time last year.
