Sarasota Real Estate market up 6.6%

The Sarasota real estate market remained strong for the final month of 2011.  Prevailing interest rates remain below 4% which makes purchasing a home in Sarasota more attractive than ever.  As I predicted at the beginning of November, December sales surged as anticipated for the annual year end rush.  Sales rose to 792 units from November’s 706 total units sold. 

This represents a 12% increase month over month.  The average cost per square foot remained relatively flat through the second half of the year at $122 per square foot.  The average price followed in lockstep pattern with 2010 but at a 6.6% higher level than 2010.  The increased number of sales combined with flat pricing may be an indication we are at the bottom.

Sales of foreclosure properties remained flat mostly due to the limited inventory.  Foreclosures continue to meander in an upward direction to their highest level at 373 new filings for December.  Even with this upward direction, new foreclosure filings have barely reached the slowest months of last year.  Foreclosures can take over two years when uncontested to be completed.  There may still be paperwork issues which may draw out a process and even longer on a case by case basis.

The Sarasota Association of REALTORS came out with their statistics for the year as well.  I am quite sure that their methodology is sound but I have never been able to duplicate the numbers.  They report a 7.3% increase month over month with the median price for single family homes at $160,000.

Our annual analysis for Sarasota County takes a longer term view of the market.  We continue to see sales increases since 2007 along with a definite bottom being put in since 2009.  Having this information arms any purchaser with the confidence that now may be the best time to purchase Sarasota real estate.

John Woodward
Broker/Owner
Sarasota Real Estate Group