Sarasota, FL (PRWEB) August 30, 2012
A decline in inventories of properties available in Sarasota, Florida, is impacting upon the real estate market in the locality. The latest figures available showed that in July 2012, the combined real estate inventory in the Charlotte-Manatee-Sarasota area dropped 3.3 percent from June. Compared with July 2011, properties available in the three counties declined by 23.9 percent.
Sarasota Bay Real Estate estimates that at current levels, property inventories are trending within seven-year lows. The take: It may take longer and more competitive offers to find Sarasota real estate for sale that meets a buyers budget or needs. Notably, inventory appears particularly tight among the lower priced Sarasota homes for sale, which appear to bear the brunt of under-production by home builders spooked by the ripple effects of the economic downturn.
The heightened buyer competition is dramatized by the shorter time period that available properties stay listed on the market. For Sarasota County, the average number of days that properties stay on the market dropped by 5.6 percent in July from June this year, and by 13.4 percent from the year-ago level. Significantly, multiple purchase offers have been reported on attractively priced properties.
Using the rate of sales posted this July as benchmark, the greater Sarasota real estate market now has a 5.1-month supply of available properties. This inventory level is markedly lower than the 7.8-month supply in July 2011, though marginally up from the 4.6-month supply in June this year. For a healthy supply-demand balance, a six- to seven-month property inventory is considered as the rule of thumb and transition line to or from a buyer’s market or a seller’s market. The current inventory of properties available, industry observers say, is headed toward the levels reached during the 2004–2006 property boom during which prices were driven higher by limited supplies and very active demand.
Builder Confidence Shaping Up
Indications are that such a dynamic situation looms on the horizon. On the national level, experts reported that builder confidence rose this July, the fourth month in a row that such gains were achieved. It was noted that new construction projects underway for the month rose 21.5 percent from a year-earlier while building permits rose nearly 30 percent on a year-on-year basis. For the entire year, a 20 percent gain on new housing starts is likewise expected.
In the Sarasota real estate market, such a national uptick translates in the recently announced Lakewood Ranch blueprint for a new neighborhood at its Country Club East community. This project is the Haddington which will be a gated residential community with 76 home sites, 31 of which will have expansive lake views. The approved premier builders in this community include Lee Wetherington Homes, Taylor Morrison, Arthur Rutenberg-Nelson Homes, Paradise Homes, and Gibraltar Homes. Sarasota Bay Real Estate has a good working relationship with the aforementioned and can assist any buyer interested in this new community.
The homes in the neighborhood will have floor plans ranging from 2,000 to 4,000 square feet. Prices for home and home site packages will begin in the high $400s. Among the community amenities are a kayak launch and three gazebos, two of which have waterfront views. Five new waterfront home models are scheduled for completion by the fall of 2012.
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 a 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