Sarasota, FL (PRWEB) September 24, 2012
Amid the rising tide in the Sarasota real estate market, prices remain stable and attractive, proving levels are unlikely to trend any lower. Single family homes, with 523 closed deals in July to account for the bulk of the month’s sales, had a median price of $178,000. This level is up only marginally from the $177,500 estimated average in June 2011. But compared to the average $137,500 price low registered sixteen months ago, the prices for single family homes are now over 30 percent higher.
Home buyers with an eye for condos among Sarasota real estate listings will be happy to note that prices of condominium units are still edging lower based on July 2012 statistics. Prices of Sarasota condos for sale averaged $176,000 for the month, down from the $195,000 price spike last June. This is largely due to risk-adverse buyers that are not willing to purchase properties with higher carrying costs than single family homes.
Those seriously considering properties in the Sarasota real estate market, more than ever, will now need the assistance of an astute realtor who has an inside track on available properties with the best value-for-money options. Notably, the year-to-date price median for single family residences and condos as of this July were both at robust levels of $168,500 and $167,000, respectively. These compare with the year-ago median of $156,000 for single family homes and $162,250 for condominiums.
Industry analysts trace the resurgence in residential prices partly to the continued decline in the inventory of Sarasota homes for sale. Measured in terms of months before available properties are depleted at the current sales rate, the months of inventory for single family homes stood at 4.5 months in July 2012. This compares with the 6.4 months inventory in July last year and the 24 months inventory posted during the market’s ebb in November 2008. The same picture holds true for condos with an estimated 7.5 months of inventory in July 2012, compared with the year-ago level of 10.7 months and the 41.7 months record high inventory in 2008.
Notably, too, foreclosures or short sales are likewise on a diminishing trend, which were placed at 575 properties as of the last estimate, slightly lower than the 604 properties in June 2012. These “distressed” properties account for some 15.8 percent of the available residences this July, slightly below the previous month and significantly lower than the 17 percent estimated in January 2012.
Market observers likewise believe that many home builders and developers are currently still wary on undertaking new residential construction, thus further contributing to the tightening inventory. The under-production is particularly evident on lower priced properties. The main reason for the lack of builder confidence is the lack of financing for those with less than optimum credit ratings. Until the banks start to lend to buyers with lower credit scores, the vast majority of purchases will continue to be done with cash. These cash buyers do not exist in great enough numbers to warrant the risk in development of virgin land into a residential community, especially when the overall recovery in the economy remains weak.
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