While many national reports vary in their views on how the housing market is recovering as a whole, the Sarasota Real Estate numbers don’t lie. This past July we saw 699 closed sales, which is nearly a 17% increase from July 2011. Pending sales saw a significant increase from 860 in June to 919 in July, which is up 15% from July 2011. Leading up to these months, Sarasota was averaging over 1000 pending transactions per month during the spring. These trends certainly are showing a strong consumer confidence in the Sarasota area.
More Reasons to be Optimistic
Another strong indicator in the recovery of the Sarasota housing market is in pricing and availability. The median price for a single family home is right around $178,000 which is a 30% increase from our lowest point. Sarasota condos and townhomes saw an even larger improvement with a nearly 40% increase in median sales price from our bottom. As far as availability the inventory of available homes in our market dropped to a decade low of 3,644. Keith Redding, Broker of Key Solutions Real Estate, has a good idea why the inventory is so low. “There has been a feeding frenzy in the market for well priced homes. Many renters are seeing the opportunity with historically low interest rates to become home owners with payments less than their monthly rents. A lack of inventory is the result of buyers taking advantage of these opportunities.” In addition to these local buyers, a significant amount of buyers from out of the area and other countries are capitalizing on Sarasota’s low prices. “We are seeing a huge influx of Canadian and European buyers right now. Given the world wide financial issues, many savvy investors are seeing Sarasota as a bargain with incredible growth potential in the housing market.”
Whether buying a primary residence, second home, or investment property, this is a great time to get off the fence and purchase while interest rates are low and pricing is still on the low side.