2011 Annual Market Report for Sarasota, FL
The beginning of a new year is a good reason to take a minute and look at the Sarasota real estate market from a broader and longer term. I have always felt charts make visualizing market trends easy to spot. They can tell you about changes and trends long before those in the market acknowledge the market has changed.
In closing out 2011 with 9,548 total sales, you would have to go back to 2005 to find more sales with 10,999 sales that year. Since 2007’s dismal 6,360 sales, Sarasota has made a nice steady year over year increase for each of the past four years. The average cost per square foot from 2010 in Sarasota is pretty much unchanged this year at around $131 per square foot. The average price has leveled since 2009 right around $230,000. All of these facts together would indicate a bottom has been formed in this market.
The Sarasota Association of REALTORS came out with their year-end Sarasota Home and Condos Sale numbers as well. I have never been able to duplicate their results however I am sure their methods and selection criteria of market data is sound. Their charts compared to mine show very similar trends although the values may be different. My selection criteria is a simple selection of all residential properties for Sarasota County.
Of course when looking at broad market statistics one must understand the Sarasota real estate market is diverse. For instance, in the spring of 2011 there was a surge in the $1,000,000 plus luxury real estate market in areas such as Bird Key. There are also areas with increased sales and small decreases in sales price like Siesta Key and Longboat Key. At the other end of the spectrum some of the more modest subdivisions have many homeowners who are upside down on their mortgages. In these types of areas you will find a high percentage of homes awaiting some sort of approval for a short sale.
Before entering into any contract, take the time to understand the dynamics and history of recent sales in the community or market you are considering the purchase. This is where selecting the local expert can help you. One of the exciting aspects of real estate has always been that no two sales are alike.
We wish you a prosperous 2012 and we look forward to providing you top notch service in the New Year. If you have any real estate questions, please feel free to call myself or any of the professionals at Sarasota Real Estate Group.