Sarasota Home Prices Continue Steady Climb
Sarasota, Florida-Home prices in Southwest Florida , including Sarasota, continue to see a steady climb. This increase was also reflected nationally with prices reaching their highest levels since 2007.Home sales dropped in August, down 5% from a high in July but up 7% from the same month last year. A slow down is expected during August and September due to the absence of snowbirds and vacation residents.
The median home price in August was $210,000, up more than 25 percent over last year. Another bright spot on the real estate horizon is the return of the condo market.This area been slow to recover its value but is now growing at a faster rate than the single family home market. A total of 507 condominiums were sold in August, an increase of 18% with the median condo price rising to $145,000.
Inventory remains historically low in the Sarasota & Lakewood Ranch areas making it very difficult for first time buyers, who struggle to come up with the 20 percent down payment that many lenders require. Investors paying cash still play a very active role, snapping up area short sales and foreclosures.
Worries remain that the market is showing signs reminiscent of those experienced in 2007.With wages lagging, home prices rising and mortgage rates climbing, it is becoming more and more difficult for average wage workers to afford the American Dream.
Keller Williams Realty
8210 Lakewood Ranch Blvd.
Lakewood Ranch, Florida 34202