Recovery continues in the Sarasota real estate market as prices climb upward and inventory reaches new highs. Renewed confidence by builders, buyers and brokers alike is resulting in more homes on the market and an overall increase in sales activity.
Check out these encouraging statistics from the Sarasota Association of Realtors for January 2014:
- Inventory levels reached a 32-month high and are now 30% above the recent low reached in July 2013.
- Median prices for single family homes increased by 21.3% compared to January 2013, while condominiums trailed only slightly behind with a 17.1% increase. The slow and steady rise in median prices over the year is another indicator of a healthy market.
- Distressed properties sales are down by nearly half compared to 2011 and represented about 24.9% of sales during January 2014. Distressed sales represent only 12.1% of current inventory, further evidence that the market is on the mend.
Sales have been reinvigorated by an increase in state tourism as visitors flee from harsh weather up north and fall in love with the mild Florida climate and desirable coastal lifestyle. A rise in relocations and vacation home purchases has both helped to drive healthy demand for Sarasota new homes.
With its lovely coastal landscapes, lush greenery and tranquil lifestyle, the Sarasota area is a highly desirable place to live and visit. London Bay Homes is pleased to see the market picking up and will continue to provide Florida buyers with luxury custom homes in the area’s finest neighborhoods. From brand new homes to renovations, our commitment to Private Label Living extends to everything we do. Explore the refined comfort and sophistication of a London Bay home today.
Discover what so many people love about living in Sarasota. Download The Founders Club brochure and start the journey toward your dream custom home.