Low Inventory Prompts Price Increases in Sarasota and Bradenton Real Estate
The Manatee Association of Realtors recently published March 2012 statistics for the local residential real estate market. As the compiled statistics show (page 4), the median sales price for single family homes is up 19% and 21% for condos and townhomes compared to March 2011.
At the same time, the current MLS residential inventory was down 40.3% for single family homes and 31.7% for condos and townhomes from just one year ago! Given the rise in prices, the number of new listings would ordinarily increase too. However, that assumption only held true for condos and townhomes, which jumped 21%. Meanwhile, single family homes held steady, down -.6%.
Residential real estate in the local Sarasota/Bradenton market continues to show substantial improvement. However, homeowners, particularly in the single family home arena, continue to sit on the sidelines. Obviously, there are a multitude of reasons for this phenomenon, but recent sales should encourage homeowners to jump in the market. We are always available to discuss your home sale—just call us at 941-961-4037!
DESTINATION REALTY GROUP
Robert Casella, CLHMS - Licensed Realtor
Certified Luxury Home Specialist