Sales of existing homes have exploded across Southwest Florida, signaling good news for families across the region who may be considering a new home this winter.
Realtors attest that median home prices across the state have risen 4.6 percent throughout the course of 2014, reaching $177,000 this past October. While many of this year’s deals centered around pensioners finding their perfect retirement housing, homes sold to new and growing families in the area showed a marked increase as well.
In the first 10 months of 2014, 417 more existing homes were sold in Sarasota than the previous year—no small feat, considering 2013 was the county’s second-best year for real estate sales. The combined total of homes and condominiums in Sarasota, Manatee, and Charlotte counties sold in October reached 2,157, up 6 percent from September (and up nearly 17 percent from the same period last year).
Experts suggest that the significant rise may be due to an influx of off-season buyers. The Florida real estate market is typically most vigorous from February to April, as tourists often flood in to check home listings during their vacations. This year, the market stayed active year-round without a dip over the summer months, and new listings in November may continue the trend into the peak spring season.
Prices were up overall in the North Port–Sarasota–Bradenton market, with single-family homes rising 4 percent to a median of $207,500, while condo prices increased nearly 5 percent to an average of $162,500. There are currently 3,791 active listings in Sarasota alone, a number than is expected to rise into the holiday season.
If you know someone who is looking to sell or purchase real estate in Sarasota, Florida, send them a link to this article on Facebook or via email to keep them abreast of the market trends.