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Sarasota's 2007 Median Comdominium Sales Price up 7% Over 2006 Price

Sarasota Association of Realtors Feb. 1, 2008

For the year 2007, the median condominium sales price actually went up by 7 percent, from $314,000 in 2006 to $336,250 in 2007. The 2007 figure represents the highest median condominium sales price for a full year on record for the Sarasota MLS. Condominium sales were also up for the full year (2,166 in 2007, compared to 2,070 in 2006).

For the full year, the median price for single family homes dropped from $341,000 to $303,000 (11 percent), and sales fell from 4,421 in 2006 to 3,947 in 2007 (10.7 percent). This reflects the overall weakness in the single family home market across the state and nation, and tended to pull down the overall local market. But once again, the drop has not been nearly as much as the drop seen statewide during 2007, when sales declined more than 20 percent for several months in succession.

The overall sales volume in 2007 stood at $2.94 billion, compared to $3.19 billion in 2006. Even consid