Sarasota, FL (PRWEB) December 07, 2012
Prospective Sarasota home sellers still waiting to see how high the current residential price increases will settle are now being pressured to engage the market, Sarasota Bay Real Estate reports. The full service realty firm noted that with the mounting builder confidence, many new residential projects have sprung up, and many home buyers are once more leaning towards newly built residences. This shift follows the narrowing price differential between existing homes and the new residences rising in several development projects that were launched recently in the Sarasota, Florida, area Sarasota Bay Real Estate said.
At the Grand Palm project which Neal Communities launched this September, for instance, the range of home offerings has prices starting at $139,460. Selling has started for the first phase of this development which consists of 266 homes. Located just off River Road in Venice, Grand Palm is planned for a total of 1,999 residences.
Pre-owned homes bound for the market will also have to face competition with the newer construction at Central Park, one of the latest additions to the Lakewood Ranch real estate communities. This new community has several neighborhoods wherein various models of single family homes have starting prices in the $140s up to the $250s. It will have a total of 800 residences with varying floor plans to accommodate different lifestyle preferences.
The reluctance of some sellers can be attributed to the steady improvement in home prices for most of 2012, triggering expectations that price levels could go higher. In Sarasota, for instance, the median home sales price this October was estimated at $176,000, up from the $171,000 average in the past twelve months and the $169,950 a year earlier. This October’s sales of existing single-family homes in the Sarasota area rose by 3 percent to 516 from September and by 25 percent from a year-ago.
The picture is the same in Manatee County wherein a $185,000 median sales prices was posted for October 2012 for a 32 percent increase from the same month in 2011. Sales of existing single family homes in the county totaled 252 this October, a 29 percent increase from September and a 42 percent gain from the year-ago level.
Helping push these advances was the thinning home inventory, particularly the supply of under-priced distressed housing. Available homes for sale in both counties continue to trend well below 4.5 months’ supply, a level that began shrinking significantly this spring. With the tight supply that has given rise to the market's appreciation, most listings are now drawing multiple offers and leaving buyers who simply can't find the property suitable for their requirements.
Moving forward through 2013 though, an even wider field of choice looms for new homes besides those at the Grand Palm and Central Park residential projects. The University Town Center project, which has started construction of a large shopping mall at University Parkway and Interstate 75, has also a residential component for 1,700 condo units in its Lakewood Ranch locality. Another developer, Schroeder-Manatee Ranch, likewise has similar plans for additional housing around the area. Aside from multi-million dollar estates, it is eying the development of middle-class homes in the upper $100s, highly competitive price levels that should further pre-assure many fence-sitting home sellers to now join the fray.
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 at http://sarasotabayrealestate.com/