Word is getting out that Florida’s bust is switching to boom, with the charge being led by the $1 million single family house market.
Across the state in Miami-Dade, a $52million house is reportedly under contract and a penthouse condo just sold for a record $25million.
On this side of Florida, our price point is not as impressive but we have continued signs of rising sales. In February and March of this year, sales of $1million-plus houses in Sarasota county were 48% higher than last year.
For more information on luxury homes in Sarasota call Bev Murray or Jane Ebury 941-365-1837 at Murray Realty
The latest report published by the Sarasota Association of Realtors shows that real estate sales in Sarasota county are continuing their upward ascent.
Here are the highlights for April 2012:
- 886 total sales transactions, the highest figure since August 2005
- Inventory is at a 10 year low: 4.7 months for single family homes and 5.1 months for condos
- Distressed sales (foreclosures and short sales) are at a 3 year low of 31%
- Average single family home prices are 21.4% higher than they were a year ago
- Average condo home prices are almost 30% higher than last year
- 1,068 pending sales which is a strong indication of future activity
So what does this mean for you as a home buyer, seller or investor?
Selling a home:
With inventory at its lowest level in years and less distressed sales to negatively impact your market value, now is a phenomenal time to put your house or condo on the market. If it is priced right and marketed well, it is unlikely to hang around for long.
Buying a home:
Mortgage rates are at their lowest since the 1950s . You’ll need to have all your ducks in a row when you find the house that you want, as homes are being snapped up quickly at the moment and prices are creeping up. Make sure you ask Murray Realty to help you work smart and negotiate effectively.
Buying to rent is a very attractive option in the current market. There is strong demand for long term rental properties as many tenants are still struggling with credit issues and are unable to get a mortgage.
The buzz around town and on the keys is that Sarasota has had a phenomenal season. Reports are coming in from delighted restaurant owners, motel managers, valet parkers and shop retailers that our visitors not only came for the season, but they also spent money while they were here.
The real estate community is quietly optimistic about the positive signs for the year to date and the upward trend is being lead by the luxury end of the market.
According to the Sarasota Herald Tribune, there were a total of 34 homes and condominiums sold in Sarasota county in March 2012. This is a whopping 48% increase over last year.
The luxury end of the market has been especially stagnant in the past few years so this is extremely encouraging news. These increased sales mirror the upswing in the luxury new home construction market which began at the beginning of 2011. Wealthy homeowners and investors are finally feeling confident enough to spend some of the cash which has begun to burn a hole in their pockets.
One of the problems that potential homebuyers and investors are facing is the lack of raw material. The inventory of available homes is at an 8 year low, hovering a little below six months’ supply, the number generally considered to be optimum for a balanced real estate economy. The reduced inventory is likely to translate into higher prices.
This news may well be enough to convince homeowners who have been sitting on their properties waiting out the downturn, to put their homes on the market and make the move to fresh pastures.
Part of our job as Realtors is a commitment to keeping buyers and sellers informed about the nuances of the high end real estate market. Rest assured that Murray Realty is working tirelessly to make sure that buyers are aware that values are rising and inventory is low.
It appears that luxury living really is on the up!
Bev Murray –