Sarasota luxury real estate sales ($1m+) increased 22% in Aug 2015 with 39 luxury properties sold compared with 32 sold in Aug 2014. Year-to-date Sarasota luxury property sales have increased 9% over last year with 309 luxury properties sold through Aug 2015 compared with 283 sold through Aug 2014.
Also during the month, the inventory of luxury properties decreased 9% with 454 luxury homes and condos for sale compared with 499 in Aug 2014. This decrease in inventory caused the months of inventory to decrease from 15.6 to 11.6.
These rising sales in the market together with declining inventories are pushing luxury home prices higher. During the month of Aug 2015, the median sales price of luxury properties in Sarasota increased 7% to $1,625,000.
READ MORE ON THE ORIGINAL ARTICLE SARASOTA Luxury Sales Up 22% in Aug 2015 Amid Shrinking Inventory