Nov. 13, 2011

Gulf Gate Showing More Sales for 2011

Gulf Gate Sales Up Modestly

 
(Sarasota - November 11, 2011) Gulf Gate is showing modestly higher sales volume through November 11 this year as compared to the same period last year.   You have to go back to 2005 (99 sales) to find a time when more homes sold than this year.  Comparing 2005 to 2011, the average cost per square foot is down 51% ($193.08 vs. $93.87 per square foot).   The average days on market is virtually unchanged at 101 and 104 days.  Prices are down this year but the slower rate of decrease coupled with an uptick in units sold should be a signal the market is at or near a bottom.
 
Bargain hunters are out in force and with the lower interest rates, homes in Sarasota have never looked so good! 
 
  2010  2011   % Change
Units Sold    88   92  +5%
 Avg. Sq. Ft.   1,570  1,551 -2% 
 Avg. Sales Price $156,571 $145,255 -7%
 Avg List Price / sq. ft.  $107.70 $100.98  -6% 

 Avg. Sold Price / sq. ft.

Total Volume

  $99.71

$13,448,248
 $93.87

$13,363,460

-6%

-3%
 

Median List Price   $159,950 $149,450  -9% 
 Median Sales Price  $150,000 $139,450 -7%
 Median List Price / sq. ft.  $108.10  $98.61 -9%
 Median Sold Price / sq. ft.   $99.41  $92.75 -7%

 

External markets to Gulf Gate, specifically the waterfront communities of Sarasota are showing greater increases in units as well.  The smart money knows this area is all about the water.  The world-class beaches and markets like Siesta Key Condos are up 18% and Bird Key a whopping 50% with huge gains in prices as well.  These markets may be indicators of where the off-water homes will be headed as well.  As the saying goes, "a rising tide lifts all boats."

Gulf Gate and Gulf Gate East are modest well-maintained communites located in South Sarasota within 10 minutes by car to Siesta Key.  It is close to shopping, beaches, the interstate and golf.

We are the experts when it comes to finding that special Gulf Gate Home.  Give us a call and John Woodward and his team is ready to go to work for you in Sarasota.  Call him at 941-922-8400.


John Woodward
Broker/Owner
Sarasota Real Estate Group

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