Sarasota, Florida (PRWEB) January 16, 2013
The home market in Southwest Florida had an outstanding year in 2012, achieving gains which players in the real estate industry can build on to meet the challenges and opportunities in 2013, Sarasota Bay Real Estate reports. The full service realty firm noted that the region is apace with the nationwide resurgence of the market for residential properties.
Sales of built-up homes across the United States hit their peak level since 2009 this November, with prices rising continually for nine consecutive months, according to statistics compiled by the National Association of Realtors (NAR). Total nationwide home sales for November 2012 rose by 5.9 percent to 5.04 million units from 4.76 million in October. This seasonally adjusted annual rate recorded in November represents a 14.5 percent increase from the 4.40 million units sold a year earlier, the NAR data also showed. The national median for all types of existing homes this November was estimated at $180,600, up by 10.1 percent from a year earlier. Notably, this ninth consecutive monthly year-on-year price advance last occurred from September 2005 to May 2006.
Reflecting these national gains, November home sales in Southwest Florida were on track toward the local residential market’s best performance since the Great Recession, a pace which was likewise headed toward the fourth highest growth in ninety years. Ownership of close to 20,000 homes have changed hands in the region as of November, Sarasota Bay Real Estate noted, adding that the local sales uptrend which began during the hectic spring buying season continued even during the traditionally slow months of summer and the winter holidays.
The estimated local average home sale price in November 2012 has risen by $12,450 from the year-earlier level to $174,450, which is a bit lower than the national average. Substantial price appreciation was already well-pronounced among Sarasota homes for sale this October. For the month, median prices in Sarasota County rose year-over-year by 17 percent for single family homes and by 12 percent for condos.
The steady rise in home prices was partly fueled by sharply reduced market inventory. NAR figures showed that there were 2.03 million sales-listed homes as of end-November, representing a 4.8-month supply across the United States. Inventory of available homes for sale in Southwest Florida as of that same period was also tracked at around a four- month supply at the current pace of houses being sold, a level that traditionally signals a shift toward a seller’s market.
However, some downward pressure on the rising home prices can be exerted by the tighter mortgage lending standards and requirements, Sarasota Bay Real Estate said. While interest rates have declined and have become attractive to borrowers, the realty firm noted that lenders now often look for higher credit scores, as well as ask for heftier down payments and well-documented proof of income.
Dealing with a realtor who acts more of a consultant rather than a sales agent would be most advantageous for home buyers in 2013, Sarasota Bay Real Estate said, adding that the same works for prospective home sellers as well. With home prices having bottomed out and rising, sellers can avail of the seasoned realtors’ extensive experience to arrive at the right market pricing, the full service realty company said.
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 the best-in-class real estate marketing services for the properties in the company’s inventory.
Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.
Contact information for Sarasota Bay Real Estate can be found at http://sarasotabayrealestate.com