The Real Trends Housing Market Report issued in January 2013 shows the housing market making a dramatic recovery nationally as one element of a strong overall economic recovery.
Sarasota rapidly exited from the long recession in 2012 and in 2013 has emerged as one of the strongest-performing economic and housing markets in the country.
Sarasota has been perfectly poised for a robust housing recovery. Local new home construction starts are up. Interest rates are still near historic lows. And in the Sarasota area, the luxury housing market is still predominantly a buyers’ market. Home prices are slowly on the rise but are still far below the boom-year levels of 6 or 8 years ago. Inventory is still sufficient; a variety of luxury residential properties are available in several price ranges in a number of attractive communities, from Sarasota’s several vibrant downtown districts to its chic, fashionable beach neighborhoods.
Buyers of upscale mansions and luxury Sarasota homes for sale led Sarasota’s growing wave of home purchasers as 2013 began. In Sarasota County alone, 47 homes and condominiums sold for over $1,000,000 in December 2012, a higher figure than for any other month in 2012. Luxury-home purchasers aren’t the only group buying homes in and around Sarasota, either. After a significant slump in the worst recession years, 2008-2010, migration to Florida is finally accelerating once again, and that renewed migration is expected to generate new jobs and bolster the continuing recovery.
According to the Real Trends Report, the national rate for housing sales increased dramatically in 2012 over the previous year. December 2012 new and existing unit sales were up 7% from December 2011. And nationally, the average price of homes sold rose considerably, up 18.1% from December 2011 to December 2012. December 2012 was the 9th successive month of rising home prices. And the housing recovery nationally seems unaffected by the weighty matters under debate in Washington.
“Early January 2013 results indicate that ‘fiscal cliff’ debates and other negative factors are thus far having little effect on the housing market,” said Steve Murray, editor of the Real Trends Report.
Other indicators of improving health, both in the housing sector and in the overall economy, also emerged early in 2013. Employment was up both nationally and locally; the NASDAQ and the S&P indexes hit all-time highs in February 2013, while the DowJones hovered near its own all-time high. Home builders now foresee rising activity from potential homebuyers in 2013 as employment slowly makes gains and consumer confidence improves across the board.
Sarasota continues to compare terrifically against other North American markets, even other Florida markets. Sarasota is the emerging cultural capital of Florida, with theater, symphony, ballet, opera, and a star-studded yearly film festival. It’s the home of some of Florida’s finest schools, universities, and award-winning medical facilities. Sarasota’s sparkling Gulf beaches offer 35 miles of sun, surf, and pure, powdery white sand. More than 200 city, county, state, and private parks and nature preserves are spread across the Sarasota region. The climate is legendary, with a year-round average temperature of 73 degrees and plenty of cool summer breezes off the Gulf. Sarasota is at the heart of Florida’s golf country, and it’s a celebrated hub for fishing and boating enthusiasts, too. Sarasota and the barrier islands offer a number of alluring waterfront properties – charming mansions, traditional single-family homes, and attractive condos in several styles – as well as luxurious inland homes east of the waterfront. With the economy finally in full recovery mode and the housing market booming, all the news is good news so far in 2013 for prospective Sarasota property buyers.