So What is Really Happening in Our Real Estate Market?
By Patricia Tan
The start of a new year is always a time for reflection on the past twelve months and a look into what the future might hold. When we take this approach to the real estate market, we are fortunate in that the past does hold real statistics that we can consider in retrospect. During 2012 real estate across the country made significant improvement – sales and prices are up and inventory continues to decrease. Nowhere is this more true, than in Florida, where most markets saw strong sales and a tightening of inventory coupled with a decrease in the number of foreclosures and distress sales.
Based on sales activity across the State of Florida from November 1 2011 to October 31, 2012 we know that for single family homes:
• The median sales price increased to $145,000 up by 9%
• The average sales price was $212,998 an increase of 7.5%
• 25.3% more single family homes sold than in the previous year
• Inventory levels declined by 31.2%
For condominiums, town homes and other attached dwellings, the numbers are impressive too:
• The median sales price increased by 20.2% to $107,000
• The average sale price was $176,851 an increase of 18.3%
• 16.4% more attached homes sold than in the previous year
• Inventory levels declined by 35.2%
Regular readers, and those who have attended my seminars will know that I believe national and statewide statistics are important, but prospective purchasers should really look for data that pertains to the locality in which they intend to buy a home. So what exactly is happening in Sarasota and Manatee Counties, and how does our market compare to the rest of the state?
Take a moment to review the tables below, and I think you will agree we compare most favorably – as one of the first areas to experience a downturn, it appears we are also one of the first to recover. If you bought your coastal home in the last two years, you made a well timed purchase. If you are planning a purchase in this coming year, you may do so with confidence, knowing that the bottom of the market has passed and a recovery is in full swing.
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NOTE: Statistics provided courtesy of Florida REALTORS®
[3]Patricia Tan was born in England, and her career in international sales and marketing led her to live and work in many countries around the world before moving to Sarasota in 1997. Patricia is a Certified International Property Specialist (CIPS), Graduate Realtor Institute (GRI), and Transnational Referral Certified (TRC). She is involved in global activities of the Sarasota, Florida and National Association of Realtors, and currently serves as NAR President’s Liaison to U.K. Her real estate business operates from Coldwell Banker on St Armands Key, where her focus is to bring international buyers to the local market. She regularly makes marketing trips to Canada, Asia and Europe, to promote Florida’s Gulf Coast and the Sarasota area in particular. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com [4].
Copyright © 2012 REAL Magazine
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