SARASOTA, FLORIDA, April, 15, 2013 – Conditions are quite ripe for homeowners who want to list their residences in the market and bat for an upgrade to move-up homes, Sarasota Bay Real Estate reports, noting both local and national reports of rising prices and declining inventories.
The Sarasota Association of Realtors (SAR) recently reported that months of inventory for single family homes for this February declined to 5.0 months, representing the period it would take to consume the current market supply at the present sales pace. The February level is a marked drop from the 5.4 months inventory for single family homes this January and the 7.2 months recorded in February 2012. Likewise manifesting the brisk demand of Sarasota homes for sale, February 2013 condo inventories dropped to 5.6 months from 8.4 months in January and from 9.1 months recorded a year earlier.
The upbeat tempo of the market was further seen in median sale prices for single family homes which edged higher in February to $184,500 from the $183,800 posted this January. On a year-over-year comparison, this February’s figure represents a 10.2% increase from the year-ago level of $167,500. Median condo sale prices regained lost ground at $173,000 this February 2013 after sliding to $130,000 in January. This February’s average condo price is 15.3 percent above the $150,000 of a year ago.
These local gains mirror the nationwide trend of escalating home prices which the National Association of Realtors (NAR) estimated at a 12.3% clip this January. For this January, the NAR estimated the median sales price for previously owned U.S. homes at $173,600. The January advance represents the 11th consecutive monthly advance in median home sale prices. Further price increases on a national level can be expected, as NAR reckoned that current U.S.-wide home inventory has declined by 4.9% this January to 1.74 million units, representing 4 months supply. The realtors’ rule of thumb for market equilibrium is a 6-month supply.
The depleted home inventory isn’t the only stimulus to home price gains. Sarasota Bay Real Estate pointed out that the creation of 236,000 new jobs this February which further trimmed the national unemployment rate to 7.7% from this January’s 7.9%, per U.S. Labor Dept. figures, is also helping generate impetus on home demand. All together, these two factors are providing a strong incentive for prospective sellers to engage the market, Sarasota Bay Real Estate said.
The full service realty firm noted a spate of new MLS listings in what it calls “Sarasota Bedroom Communities.” The homes in these properties are as desirable as those in master planned developments like Lakewood Ranch and Palmer Ranch, the realty firm said, but are often overlooked by prospective buyers and can be discovered only with the assistance of a broker intimate with the locality.
Sarasota Bay Real Estate identified several new listings, for instance, at the Center Gates Estates located at Central Sarasota’s eastern outskirts. The new offerings here include affordable choices of single family homes in the $100s and the $200s, featuring two to three bedrooms in floor areas of up to 1,900-plus square feet. For newly listed condos, a pair of townhouse-type choices has also been recently added at the Fairway Woods in south Central Sarasota. These are two-bedroom units priced in the low $200s for their floor plans approaching 2,000 square feet.
SARASOTA, FLORIDA, October 7, 2019 – Property values of communities in the Sarasota-Manatee region now face lesser threat from neighborhood eyesores brought about by abandoned, foreclosed homes. Known in the real estate trade as zombie foreclosures, these properties have shrunk significantly in the region. According to an August report of ATTOM Data Solutions, abandoned […] more>>