Prospects Stay Buoyant for Sarasota Real Estate


SARASOTA, FLORIDA, November 27th, 2013 – Home sales in Sarasota look slowing down in the last two months, with September closed deals down 14.6% from August. However, Sarasota Bay Real Estate maintains that this decline which follows the 1.2% retreat in August sales from the July level doesn’t portend dreary days are ahead for the local home market.

On the contrary, the full service real estate firm notes that Florida and its metro areas are expected to grab the limelight from California, Las Vegas, and Phoenix, the housing markets which have been dominating the news on the U.S. housing industry this year. Media attention over the previous 12 months focused on the plummeting home inventories and price spikes in these areas. In many cities of California, annual price gains of 20% or over have been reported.

Market drivers at work

According to the Home Buying Institute, it is the dynamism of the Florida which will create headlines next year. The Carlsbad, CA-based online information provider on housing noted the sharp drops in home inventory in some of Florida’s major cities. Rising employment and other recent economic gains are the factors which will drive housing demand in the Sunshine State, the institute’s website added.

In Sarasota, the local realtor’s association put September inventory for single family homes at 4.4 months and at 4 months for condos. These levels have created a seller’s market typically accompanied by rising prices. Six months inventory is considered as the norm for a balanced market between sellers and buyers.

Price upswing maintained

Home sales remain buoyant

The median price of Sarasota homes for sale in September rose year-over-year by 18.5% to $185,902. In the 12-months ended in September, the median sale price increased 21.7% to $179,000 from the trailing-12-month period a year earlier.

Comparative condo median prices are likewise on an upswing. September median condo prices rose 6.4% to $155,000 from the same month last year. The median price for the 12-month period ending September rose 8% to$160,000.

Sarasota Bay Real Estate shares other opinions in the industry that the September home sales decline is attributable to seasonal hiccups. It adds that the pace can again pick up in the coming winter months as it did last year.

More sellers on the field

Notably, there was an increase in September’s new sales listings, an indication that rising prices serve as a strong incentive for prospective sellers to engage the market. For single family homes there was an increase of 11.6% in new listings compared with a year earlier. New listings on Sarasota condos for sale were 5.1% higher for the same comparative period.

Kensington Park is one of the communities which clearly manifest the continuing dynamism of the Sarasota home market, the realty company said. Some 20 residences are currently listed in the MLS, about half of which are pending sales.

There’s also a new listing in this community for a three-bedroom home built in 1955. Having a floor area of 1,300-plus square price and a one-car garage, this residence is priced in the low $100s.