Sarasota, Florida (PRWEB) October 30, 2012
Current conditions in the real estate market in Sarasota, Florida, show inventory at the lowest point in more than a decade. Prices of Sarasota homes for sale are not only on an upward trend, the inventory of available properties is also on a downswing. The most desirable listed residences often have multiple prospective buyers. Finding the property that fits a buyer’s search criteria, in this competitive market environment, may take longer than this season’s buyers anticipate.
As per the July 2012 market data released, the sales price for single family homes averaged $178,000 during the month, significantly higher than the $167,000 twelve-month running average. This gain can be traced to the diminishing property inventory at both the lower-priced and higher-end market categories. Since the start of this year, listings of available residential properties have been declining steadily. The year-to-date decline, as of this July, was estimated at an 18-percent rate, which is a greater than ten-year low for the Sarasota real estate market.
The current inventory estimate on Sarasota homes for sale is four and a half months. This level is expected to put upward pressure on prices, particularly on the lower-end market segment and on properties in the most desirable locations. Notably, a six-month inventory typically makes for a balanced real estate market as the supply level favors neither buyer nor seller.
Sales in process as of this past July indicated continuing downward pressure on the inventory of Sarasota real estate for sale. Of the 5,052 active listings monitored for the month, there were 2,362 pending contracts. This number of transactions in process is 20 percent higher than the same period last year, and can significantly deplete further the properties available within the marketplace.
Looking ahead, there are firm indications that the real estate industry is moving toward inventory replenishment, and builders and developers spooked by the economic difficulties are gaining more confidence. For the national level, new construction in July 2012 was reported at 21.5 percent over the year earlier level. All told for this year, U.S. housing starts are expected to increase by 20 percent.
The 8,500-acre Lakewood Ranch real estate development, one the largest property developments in Florida, is positioned to contribute toward replenishing the inventory of real estate for sale in the Sarasota area market. A new neighborhood, the Haddington, has recently been added to the Lakewood Ranch Country Club East community. This new development has seventy-six home sites platted for residences having floor plans of between 2,000 and 4,000 square feet. By the fall of 2012, it is expected that the project’s approved builders will complete five new waterfront home models for this new neighborhood.
For the Sarasota downtown area, one project on the horizon is that of Jebco Ventures. This company also developed the posh Vista Bay Point condominium at the Golden Gate Point Peninsula northwest of the city center. It now plans to put up forty-five town-homes in a 2.05-acre site along Ringling Blvd. The blueprint will be for three-story, air-conditioned residences having floor areas of 1,400 to 2,000 square feet at starting prices in the $300s-plus level.
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