Sarasota, FL (PRWEB) December 10, 2012
The real estate market in Sarasota, Manatee, and Charlotte Counties looks to be headed for a robust new year with their combined pending sales of residential properties this October up 23.7 percent from September, Sarasota Bay Real Estate reports. This strong start for the 2012 fourth quarter manifests most in Sarasota where a 33.4 percent spike in pending sales were noted for the month. Compared to October 2011, the increase was at even a heftier 41.4 percent. In Manatee, pending sales for October 2012 was up 6.4 percent from September, and was 60.5 percent higher than the year-ago-level.
These gains mirror the rise in the U.S. index that measures the number of buyers who have signed contracts this October for home purchases. Significantly, this measure compiled by the National Association of Realtors has reached close to its highest level in nearly six years. The association’s seasonally adjusted index of pending home sales for the month advanced 5.2 percent to 104.8, the association reported recently. Home buying has been spurred and made more attractive by steady gains in the job market and record low mortgages, the association said. It further noted that except for a few months when a home buyer tax credit provided a spike for the index, the October level is the highest since March 2007.
Closed sales in the three counties for this October were 9 percent over that of September and 18.6 percent more than that posted a year earlier. The increase was well pronounced in the Sarasota area where the members of the local real estate association reported having sold a total 719 properties in October 2012, a robust 24 percent gain over the year-ago’s 577 total sales. The recent sales tally was likewise 10.9 percent higher than this September’s total of 648 properties changing hands. Sarasota realtors reported that number of their pending sales this October rose to 954 from the 844 total in September and the 722 recorded in October 2011.
Price Uptrend Continues
The average sales price for single family residences in the area rose slightly to $176,000 this October from $169,950 in September. Median sales of condo units, on the same monthly comparison, declined to $160,000 from $175,400. Last October 2011, median prices for single family homes stood at $149,838 and $143,000 for condo units, translating into gains of 17 percent and 11.9 percent, respectively, for the October 2012 averages.
A gradual but continuing price uptrend has been evident during the past twelve months. During this period, single family homes’ average selling price amounted to $171,000 and $170,000 for condos. These figures compare with $156,000 median price for single family homes and $161,000 for condos during the similar twelve-month period in 2011.
A slight increase in home inventories this October appears to have tempered price gains for the month, providing some impetus for reluctant buyers to engage the market before prices rise any further, SBRE said. The combined inventory of residential properties in the Sarasota, Manatee, and Charlotte counties increased by 3.7 percent this October from the September level. While this is the second consecutive month that a gain in the inventory of available homes has been posted, the supply is still 22 percent lower than that of October 2011.
About Sarasota Bay Real Estate
Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide some of the highest quality real estate marketing services for the properties in the company’s inventory. Sellers of Sarasota Florida real estate choose Sarasota Bay Real Estate due to their reputation of going above and beyond expectations when marketing properties located in the Sarasota-Manatee County areas as well as the company’s vast Internet marketing reach. Sarasota Bay Real Estate Internet assets receive more than 1,000 visitors a day and this exposure contributes greatly to a property selling quickly and for the highest price. When property marketing strategies are paramount in sellers listing requirements, Sarasota Bay Real Estate is the clear choice in the Sarasota real estate market.
Contact information for Sarasota Bay Real Estate can be found here.