Sarasota Home Prices Continue
Sarasota, Florida-Home prices in Southwest Florida , including Sarasota, continue to see a steady climb. This increase was also reflected nationally with prices reaching their highest levels since 2007.Home sales dropped in August, down 5% from a high in July but up 7% from the same month last year. A slow down is expected during August and September due to the absence of snowbirds and vacation residents.
The median home price in August was $210,000, up more than 25 percent over last year. Another bright spot on the real estate horizon is the return of the condo market.This area been slow to recover its value but is now growing at a faster rate than the single family home market. A total of 507 condominiums were sold in August, an increase of 18% with the median condo price rising to $145,000.
Inventory remains historically low in the Sarasota & Lakewood Ranch areas making it very difficult for first time buyers, who struggle to come up with the 20 percent down payment that many lenders require. Investors paying cash still play a very active role, snapping up area short sales and foreclosures.
An area real estate specialist states" The low inventory at first stabilized prices, now we are seeing gradual price increases. Sellers still have to be cautious not to get carried away reading too much into newspapers about increasing prices. Properties still have to appraise for the negotiated price when a buyer is financing the loan. I think new construction will fill some of the low inventory void as we're seeing in new developments like Esplanade, Bridgewater, Ashton Woods, Central Park and of course other Lakewood Ranch areas. It really benefits the consumer to work with a Realtor, even in new construction. It doesn't cost a buyer any additional monies and an experienced Realtor can potentially save a buyer time and money."
Worries remain that the market is showing signs reminiscent of those experienced in 2007.With wages lagging, home prices rising and mortgage rates climbing, it is becoming more and more difficult for average wage workers to afford the American Dream.
8210 Lakewood Ranch Blvd.
Lakewood Ranch, Florida 34202