Across southwest Florida the real estate market continues to improve even during November, traditionally a slower month. With a declining a declining supply of homes for sale and fewer foreclosures destabilizing prices, home values in the Sarasota – Bradenton area continued to increase.
While home sales were only 2 points from October, with 1,119 homes sold, sales were up full 25% from the previous year!
Amazingly Southwest Florida is having the fourth highest year in nine decades. However the recession left such a deep depression in home prices – prices declined almost 60% at the deepest point – that normal market conditions may not completely return for while longer. In fact, if inventory continues to fall, economists say the lack of properties may have a slight negative affect for a time.
"The numbers reflect a market that has been recovering the past 18 months," said Peter Crowley, broker and co-owner of Re/Max Alliance Group in Sarasota and Bradenton. "The consistency is there now to look back and see we made steady improvements in both sales and prices."
A number of factors have contributed to the strong real estate activity. Many retirement age home buyers had put off making a real estate transaction until the time was “right”. With a consistent increase of activity and prices on the rise for many that time was now. Also helping to drive increased Florida home sales are the historically low interest rates on home mortgages.
Sarasota seemed to be at the epicenter of the increases with SAR (Sarasota Association of Realtors) selling 556 properties and home sales up 8 percent from October and nearly 30% from 2011.
Bradenton and Manatee county continued the marked improvement over last year with Bradenton area sales up fifty percent over 2011. The improvements were not limited to volume in Bradenton either, with the median home sale price in Manatee county at $174,900, the median price was up more than 25%.
Even the hard-hit North Port / Port Charlotte area is experiencing price increases over 2011. The median home sale price in November 2012 was more than 23K higher than the same period in 2011.
All in all, Sarasota, Manatee and Charlotte counties should continue to look for a steady improvement in housing prices.
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