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 While the nationwide real estate market remains mired in difficulty, the Sarasota real estate market is showing significant strength as it continues to recover from the lows of the past few years.
Sarasota area home and condominium sales have remained above 500 units in all 9 months of 2011 while the inventory of unsold homes, another key indicator of real estate market strength, has fallen consistently to just over 4,400 properties (2,817 single family homes and 1,591 condos) as of the end of August. At the lowest point in the housing collapse, there were 17,102 properties for sale on the Sarasota real estate market.
The Sarasota Association of Realtors (SAR) reported “As a result of consumer demand and dropping inventory, the median sale price for single family homes and condos has recovered from the lows reached in February 2011, when both categories showed a median price of $137,500.” “The latest monthly figures show a median price of $165,000 for both single family homes and condominiums, a 23% improvement from the lows of only 7 months ago,” SAR reported.
“We’re starting to see a definite trend line developing, and it’s very positive,” said SAR President, Michael Bruno. “No one has a crystal ball ... but the normal market forces of supply and demand seem to be coming back into balance. Sarasota is becoming a seller’s market, in which price appreciation would be expected,” President Bruno added.
Equally positive is the fact that in October, we are moving out of the slow “summer season” and into the period when home and condominium sales normally pick up as snowbirds return from up North. Many of them will likely notice what is happening in the Sarasota real estate market and take advantage of the bargain prices currently still available..
Wise snowbirds will contact a professional Realtor as soon as they arrive in the Sarasota area to begin the process of finding their own “Little Piece of Paradise” here on the Florida Sun Coast before prices creep higher. Acting as your dedicated Buyer's Agent, I would be delighted to guide you on your your Sarasota or Bradenton area home-hunting adventure
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