Steady Home Inventory Seen as More Sellers Engage Market


SARASOTA, FLORIDA, November 7th, 2013 – A steady inventory of single family homes in Sarasota can be expected in the remaining months of the year, Sarasota Bay Real Estate reports. The likelihood of this development, the full service realty firm notes, can be gleaned from the substantial increase in new listings of Sarasota homes for sale in August.

Apparently encouraged by the sustained rise in residential property sales and prices in the county, sellers this August listed an additional 885 single family homes in the market. These fresh offerings represent a 32.7% increase from the 667 new listings in August 2012 and an improvement of nearly 10% from the 808 newly listed homes in July this year.

Residential properties sold in Sarasota this August rose year over year by11.6% to 957. The median sale price of single family homes, on the other hand, increased 30% on an annual basis to $195,000.

One bet in search of new listings

The bedroom community of South Gate Ridge is one ideal destination for home buyers looking for newly available Sarasota homes for sale. The MLS, as of this end-September, has 10 new listings out of 58 available properties in this neighborhood.

These offerings include two- to three-bedroom residences having floor plans of between 1,300 and 1,800 square feet priced at the low $100s. There are also three-bedroom, new choices at South Gate Ridge with asking prices in the low $200s, featuring floor areas of up to 2,100-plus square feet.

With new listings like these, there was a slight increase in the August inventory of Sarasota homes for sale to 3,793 from the July count of 3,747, but this was still lower than the 3,953 registered a year earlier. Available homes in terms of months of supply this August also slightly improved to 4.2 months from 4.1 months in July but was thinner than the 4.9 months supply posted a year ago.

Keener buyer competition remains


At inventory levels under 6 months, greater competition for available properties and subsequent price escalation can be expected. Notably, this low inventory level is coupled with brisk sales being experienced in some Sarasota neighborhoods.

South Venice is one example of such community. In this neighborhood, there’s an estimated 88 active listings along with about 60 residences on the pending sales list.

Prized inventory additions

There are several newly listed homes in this community too, including some fixer-uppers and short-sale listings with asking prices under the $100s.  These homes have floor spaces of around 800 square feet up to about 1,000 square feet.

Other recent additions in South Venice homes for sale are attractive residences having floor plans from 1,300 to 1,700 square feet. Designed with two or three bedrooms, these fresh listings are priced in the high $100s.

Many of the available properties in this community are regarded as prized finds among Sarasota homes for sale, as South Venice is among the most desirable neighborhoods in its locality. Besides access to several parks, like Challenger and Shamrock, the community’s residents also takes pride in their five natural lakes and the lush and mature foliage of their surroundings. With the scenic mangroves along the Intracoastal Waterway also nearby, they enjoy the company of endearing birds and wildlife.