The Sarasota Real Estate Update for November 1, 2011.
Monthly numbers ending October 31, 2001 for Sarasota County show solid gains over last year’s figures. Looking at the monthly charts for pricing indicates a similar cycle to last year only at higher price point for both the average sale price and cost per square foot. If the trend continues, pricing bottoms in October and then will rise through November and December.
Total units are up from 7,603 to 7,880 year to date which is a 3.6% increase. The average sales price is also up from $116.74 to $123.38 per square foot; a 5.6% increase. The average sales price is up from $205,503 to $226,598, which represents a whopping 10% increase.
Buyers that are on the fence and trying to time when to buy should read these signals as positive. Interest rates bouncing at or just below 4% makes this as good of a time as ever to buy. The Sarasota Association of Realtors is reporting inventory is down and first hand, we can attest to that. We are starting to run into situations where there are no homes on the market in a given area and price or even bidding wars over a hot, well priced new listing.
Look to specific areas in the Sarasota Real Estate Market and you will find areas like Longboat Key and Bird Key have seen an enormous push to the upside in both the numbers of properties sold and upward price movement this year. The Siesta Key Condo Market is showing an 18% increase with single digit decreases in pricing which could indicate an opportunity. Some of the off water communities like Gulf Gate and Palm Aire are showing small upticks in units sold and flat or slightly downward pricing. This market is driven by the waterfront market. The smart (and big) money is buying right now.
Remember, county-wide numbers give an overall trend of the broad market. Sarasota offers many choices of home styles, location and prices. A transitioning market requires analysis of where you are buying. We are seeing areas that are up and those that are struggling with a large number of short sales. An off water community that appears to be down may just be the opportunity you have been looking for. Call us, we are always here to help.
Sarasota Real Estate Group