Now Is A Good Time To Buy Sarasota, Florida Real Estate!
Current housing market figures point to one irresistible conclusion; this is the best moment in years to buy luxury single-family homes for sale or luxury condos for sale in Sarasota, and this may be the best moment to make a luxury home purchase for years to come. Home prices are slowly rising in Sarasota and the housing inventory is gradually dwindling, although a variety of upscale properties are still available in most Sarasota communities. New housing construction is up, yet interest rates are staying at historic lows. And newly released data confirms what many have suspected for months; housing in Florida isn’t “recovering.” It’s recovered and flourishing.
It fact, Florida’s housing market is in full health and is becoming a sellers’ market. According to the latest housing data for the Sunshine State, median housing prices rose in September, inventory decreased, and the number of pending home sales swelled by over 40%.
Closed sales: September brought Florida’s housing market nothing but upbeat news, particularly regarding single-family homes. Closed sales of existing single-family homes in Florida rose 2% in September 2012 over September 2011, totaling 15,643. Normally, housing sales close 30 to 90 days following the writing of contracts.
Pending sales: The real September news was in pending sales, contracts signed but not yet closed. Pending sales of existing single-family homes in Florida skyrocketed in September by 40.1% over September 2011. Pending sales for Florida condominiums rose 30.6% over September 2011. Sarasota County’s 844 pending home sales for September reflect a significant increase over September 2011’s pending sales figure of 723.
Median prices: September’s Florida median sales price for existing single-family homes rose over September 2011 by 7.4% to $145,000. Florida’s median price for condominiums in September was $105,736, an 18.8% increase over September 2011. In Sarasota County, September’s median sales price for a single-family home was $169,950, a figure 3% above the September 2011 median price. Because the median sales price is a midway-point — 50% of properties sell above the median and 50% sell at prices below that figure — experts think median prices could be higher. Because large numbers of depressed properties, including foreclosures, are being sold at noteworthy discounts, they distort normal median prices.
A strong season: In Sarasota County, 500 single-family homes sold in September, representing a 16% increase over the 430 single-family homes sold in September 2011. That’s also a continuation of rising sales over the summer, when August sales in the combined Sarasota-Manatee market were 15.2% above July sales. And it’s great news because September is normally an off-month for Sarasota housing, with families focused on back-to-school, and the 2012-2013 winter season is still several months away.
Inventories: Florida’s slowly dwindling housing inventories are gradually creating conditions favorable to sellers. A 5.5-month supply of housing typically reflects a balanced market. In September, Florida’s inventory of both single-family homes and condos slipped to a 5.2 month supply. Shrinking inventories increase prices, so this is an ideal time to enter the market for prospective Florida sellers who’ve been hesitant. It’s been over 5 years since the Sarasota housing market was a sellers’ market. Sarasota County’s inventory level shrank to 3,460 in September, and it hasn’t been that low since 1998. 9,500 properties were available in the county 4 years ago.
Interest rates: The news for prospective buyers is that interest rates remain at near-historic lows. In September the rate for a 30-year fixed-rate mortgage averaged 3.47%, significantly below September 2011’s rate of 4.11%.
We can help you take advantage of the great opportunity these figures represent. At True Sarasota Real Estate, we are Exclusive Buyer Agents who represent homebuyers only. We offer the finest professional service. And we are Sarasota experts who live and work here, with years of experience in the Sarasota luxury market. We assist you at every stage of the buying process.