2013 ends on high note for Sarasota County real estate
Sarasota County median sale prices for single family homes and condos in December 2013 were up double figures over last December as the real estate market ended the year on another high note. Condos also saw a big rise, hitting $182,000 in December 2013 compared to $165,100 last year for a 10.2 percent increase.
For the full year 2013, Sarasota County had the second highest number of sales ever tracked in the MLS system at 11,184.
“Overall, December 2013 was a great month for real estate in our market,” said SAR President, Peter Crowley. “Many of our winter residents and visitors seem to have turned their attention to buying and selling homes. This could be partially attributed to the recent news that predicts increases in mortgage interest rates in 2014. Also, as homeowners see their properties appreciating in value, many are no longer under water and are now able to put their homes on the market.”
Several news sources predict rising mortgage rates, falling affordability, a return of home equity for many homeowners, plus rising personal wealth will create an impetus for people to relocate in 2014. NAR’s Chief Economist, was cautiously optimistic about 2014 at NAR’s annual conference in November. He noted he expects a transition year as prices and interest rates continue to rise but the inventory of available homes increases, too.
“While no one has a crystal ball, there has been a clear trend in recent years of a mild drop off in January sales, followed by higher sales in February, March, April and May,” said Crowley. “Last year we experienced an amazing spring boom. So, if historic trends continue, 2014 could be another great year in Sarasota County real estate.”