It was an interesting year for the Sarasota, Florida real estate market. We saw a noticeable drop off of properties for sale in this market. It became increasingly difficult to find a suitable property for buyers and quite often buyers would have to compete in multiple offer situations. Sellers welcomed the new found leverage and control. Afterall, they have been beaten up for the last 7 years.
Sarasota Real Estate Market in 2012
Throughout 2012 you will notice that the inventory of homes and condos for sale dropped. In December 2011, Sarasota county had 5,083 properties for sale. A year later the county had 4,018 properties for sale which is a 21% drop in inventory. Sellers are now put in the drivers seat and are no longer begging buyers to come view their property.
I've read from other Sarasota Realtors that inventories have continued to decline in later months of 2012. I don't think that is accurate. These statistics are pulled directly from our MLS system which is the authority on the number of properties for sale in this market. In September of 2012 we had 3,667 properties for sale and in December the inventories rose to 4,018.
Home Prices Are Rising
Over the last few years many buyers have been waiting on the sidelines for the "bottom" to set in. It appears to me and many others that the bottom has come and gone. The above chart shows the average sales price of properties sold in Sarasota county. In December of 2012 the average sales price was $298,000 which is quite a bit higher than the December 2011 average sales price of $227,000.