Sarasota Real Estate on the Rise
Median list prices for housing rose 6.82% nationally in February compared to February 2011, according to the latest statistics from Realtor.com, which monitors housing prices in 146 markets. “The nation’s housing market as a whole is in better shape today than at any time since the 2009-2010 tax credits,” reported the monthly housing summary. “While higher list prices do not always translate into higher sales prices, they may signal a growing optimism on the part of sellers that the market has begun to turn around.”
Florida continues to be the state where some of the most significant increases to median list prices have happened over the last year. The Sarasota real estate market currently ranks number ten on Realtor.com’s national list of 146 markets, with a median list price of $246,000 and a year-over-year increase of 14.47%.
The Realtor.com report follows and reinforces other great news for Sarasota’s real estate market. While pending home sales nationally were up 2% in January, in Sarasota that month pending home sales rose by a whopping 38%, according to the Sarasota Association of Realtors. Pending home sales usually indicate what direction the real estate market is moving, since there’s typically a one- to three-month lag between a signed contract and a completed deal.
Sarasota’s Real Estate “Boomlet”
Sarasota’s apparent real estate boomlet is being driven by a combination of these factors: low housing inventories, the perception that home prices have bottomed out, and a generally improving overall economy. When pending home sales are factored in, the inventory level in Sarasota County, 4.4 months, is far below even the 5.6 month national supply figure. Combine all these indicators with generally affordable current prices and all-time low mortgage rates, and 2012 looks like the year when the real estate market will see a steady, mostly vigorous recovery, especially in the Sarasota area.
If you’re joining thousands of other home buyers and real estate investors who’ve decided 2012 is the right time to purchase your dream home or investment, Sarasota is one of the most desirable real estate locations to consider. A number of desirable homes and condos for sale are available in several attractive neighborhoods, from thriving downtown Sarasota to the serene Gulf beaches and tranquil barrier islands. Sarasota is internationally-known for its gleaming beaches, its numerous cultural and recreational venues, and of course, its spectacular weather. With no personal state income tax, Sarasota residents additionally gain from a property tax millage rate that is one of Florida’s lowest. A Homestead Exemption provision ensures that residents pay no taxes on the first $25,000 of their home’s appraised value.
So if you’re relocating, retiring, or simply looking to make a savvy real estate investment, consider True Sarasota Real Estate. We’re Exclusive Buyer Agents who pledge special service and undivided attention to buyers only. We know the Sarasota real estate market inside and out, the current inventory, and the best deals to be had here.