Strong Sustained Recovery For Sarasota Housing Market
Posted by Bill True on
Sarasota is rapidly emerging now as one of the world's top destinations: 35 miles of dazzling white-sand beaches, scores of museums and restaurants, limitless boating and golf options, and the many superb luxury homes for sale in Sarasota make the area's appeal undeniably powerful.
It's an active season in the Sarasota housing market, with hundreds of prospective buyers checking into the majestic waterfront mansions, the spacious condos, and the luxury homes for sale in Sarasota and nearby communities. This season may be one of the best times ever to make the home-buying decision. Home prices are incrementally rising in Sarasota and residential housing inventory is diminishing, so many prospective buyers are choosing to buy now while plenty of choices are still available and before prices rise further. With interest rates still at historic lows, housing construction on the rise, employment up, and a generally improving economy, the housing market in Sarasota looks as healthy as ever; in fact, it's been years since there was a better time to buy the luxury real estate for sale in Sarasota.
Through September 2012, Sarasota's real estate market continued to flourish. Sarasota real estate agents reported 648 closed property sales in September, a figure 14% above the 570 transactions in September 2011. The median price for single-family homes for sale in Sarasota in September 2012, $168,950, was virtually unchanged from the previous month; the median price for condominiums, however, jumped in September to $175,400 from August's median price, $149,000. According to the Bradenton Herald, home prices in the Sarasota-Bradenton market for September 2012 climbed 4.1% over September 2011 prices.
The area's housing inventory fell in September to 3,460. That's only a 1% drop from August's figure of 3,504, but it represents a whopping 20% decline from the September 2011 inventory figure of figure 4,430. Pending sales in the Sarasota area -- a good indicator of future closings -- rose to 844 over the September 2011 figure of 723 pending sales, a 16% rise.
Across the nation, new home construction -- always an critical indicator -- was up significantly in September. Builders initiated construction in September on new houses and apartments at the fastest pace in any month in over the last four years. Builders also filed for the most building permits in any month in four years, another indication that builders believe increasing sales will continue. Construction spending also hit a 3-year high in September. In the Sarasota area, those figures are translating into plenty of visible new home construction, particularly in several of the Lakewood Ranch communities.
These positive economic indicators all come at a moment when Sarasota is becoming even more attractive than ever to homebuyers, with the recent openings of Costco and Trader Joe's and the projected opening of P.F. Chang's in Spring 2013. This season's economic conditions may never be repeated; coveted, luxury Sarasota homes for sale are available in several price ranges, so take advantage of today's market conditions to buy that luxury home you've always wanted. We are Exclusive Buyer Agents providing services to buyers and investors seeking luxury real estate for sale in Sarasota and nearby communities. We can guide you through the complex homebuying process and find that fabulous Florida dream home that's just right for you.