Well, 2014 certainly began on an up note for Sarasota real estate. In SAR’s January stats report all signs pointed to a healthy market and the continuing of the upward trend we have seen over the last two years. According to the SAR, in January of this year, inventory reached a 32-month high and has, in fact, increased by over 30% in the last 6 months.
Sarasota Real Estate Inventory Reaches 32-Month High
This is one area where things are significantly different than a year ago. At that time, available inventory was near the lowest level in a decade and the total figure for available inventory in January 2013 was 1000 properties lower than January of 2012. But now, the inventory numbers for homes for sale in Sarasota are really solid, and we can take this as a sign that the recovery has well and truly arrived—increases in inventory are a sign of a healthy market because it means people are raising their estimation of their property’s value.
Prices For Single-Family Sarasota Homes Are Up 21%
This can certainly be seen when you compare this January’s prices to last—the median price of both condos and single-family Sarasota homes are up, 17% and 21% respectively. In fact over the last several months prices for both of these property types have remained stable, another sign of a healthy market. Let’s hope the days of wild price fluctuations are behind us!
In terms of closed sales, even the downturn in January 2014 over December 2013 can be seen as a good thing! This slight decrease in January over Decembers has actually been the trend for several years. In years past, it has been a precursor to increasing closed sales from February through to June, so hopefully this trend continues!
Tourism Increases Could Lead To Sarasota Relocation Boom
Another really good sign for the Sarasota real estate market is the tourism situation in the state. Tourism levels have, in fact, hit a record high and this is important because tourism is a great way of selling the state to potential homes buyers. And once they’ve seen Sarasota, who wouldn’t want to relocate!
If you have any questions, or would like to get more information about energy saving features to watch for when buying a Sarasota home, please don’t hesitate to Contact us at 941.284.4474 or Toll free 941.404.4737. One of our qualified agents will gladly get back to you.