North Port leads way in price appreciation
Posted 06-06-2013 at 12:57 PM by StepHome941
The following is a statistical analysis compiled from raw MLS data with added commentary and insight by Stephen Schoenfeld, a Realtor with Green Lion Realty. To better understand these statistics when compared to those published by the Sarasota Association of Realtors (SAR) or any of the other local boards, SAR provides data based upon the sales activities of SAR members. But there are other local area Boards of Realtors, such as Venice, Englewood, and Port Charlotte-Punta Gorda-North Port. So, for example, if a member of any of the other local boards sells a home in Sarasota or Sarasota County, it does not count in the SAR numbers. Conversely, if a member of SAR sells a home in Manatee or any other county, this IS included in their stats. The data included in this article is raw data from the MLS and is irregardless of particular board membership. Statistics for Sarasota itself can be a little confusing, as the City limits are relatively small and large areas outside of City limits are in unincorporated Sarasota County but have Sarasota addresses and zip codes. While North Port is the "largest city" in the area, Sarasota, when taking into account Sarasota addresses and zip codes beyond the City limits, is a much more populated area and larger housing market than North Port.
North Port is leading the recovery in price appreciation, with a 25% increase from May 2012, to May 2013. 131 single family homes changed hands, at a median price of $125,000, compared to 143 homes last year, with an average price of $100,000. Traditional sales counted for 87 homes, or 66.4% of sales, compared to 74, or 51.7% of sales the prior year. Distressed sales (short sales and foreclosures) were down to 33.6% of the market, compared to 48.3% in May of 2012. There are 380 active listings, with a median asking price of $162,400. With an average of 129.5 homes sold each month (over the past 12 months), this represents an inventory of only 2.93 months (meaning that if there were no new listings, the current inventory would be exhausted in less than 3 months time).
Sarasota prices are up 12.6% year over year, from $195,500 to $220,000. The 1014 active listings represent 3.24 months of inventory.
Venice, and unincorporated parts of Sarasota County that have Venice addresses and zip codes, including South Venice, Venice Gardens, and newer areas near I-75 and River Road, saw prices increase 13.2% over the same time period ($183,750 median price in May 2012 vs. $208,000 in May 2013).
Englewood lags behind with a price decline of 4% from $151,000 to $145,000, and inventory of 6.51 months, more than double any other area of the County. Englewood is a relatively small market, with only 58 homes changing hands last month, and a large percentage of million dollar plus listings, primarily on Manasota Key (please see my blog article of last month on the Englewood market for more details).
In summary, North Port prices are appreciating at a rate of about double the rest of Sarasota County, but remember that the City got hit the hardest by the market downfall and has greater room for appreciation. North Port, with a large percentage of homes built in the past decade, also lacked the stability and the greater abundance of older, established neighborhoods in Venice and Sarasota, which helped them weather the housing crisis far better, by comparison.
For more information or if you are interested in buying or selling Real Estate in Sarasota County, contact Stephen Schoenfeld of Green Lion Realty at StepHome941@aol.com, or visit his website, including links of local interest and where you can browse the MLS, at www.StepHome941.com.
North Port is leading the recovery in price appreciation, with a 25% increase from May 2012, to May 2013. 131 single family homes changed hands, at a median price of $125,000, compared to 143 homes last year, with an average price of $100,000. Traditional sales counted for 87 homes, or 66.4% of sales, compared to 74, or 51.7% of sales the prior year. Distressed sales (short sales and foreclosures) were down to 33.6% of the market, compared to 48.3% in May of 2012. There are 380 active listings, with a median asking price of $162,400. With an average of 129.5 homes sold each month (over the past 12 months), this represents an inventory of only 2.93 months (meaning that if there were no new listings, the current inventory would be exhausted in less than 3 months time).
Sarasota prices are up 12.6% year over year, from $195,500 to $220,000. The 1014 active listings represent 3.24 months of inventory.
Venice, and unincorporated parts of Sarasota County that have Venice addresses and zip codes, including South Venice, Venice Gardens, and newer areas near I-75 and River Road, saw prices increase 13.2% over the same time period ($183,750 median price in May 2012 vs. $208,000 in May 2013).
Englewood lags behind with a price decline of 4% from $151,000 to $145,000, and inventory of 6.51 months, more than double any other area of the County. Englewood is a relatively small market, with only 58 homes changing hands last month, and a large percentage of million dollar plus listings, primarily on Manasota Key (please see my blog article of last month on the Englewood market for more details).
In summary, North Port prices are appreciating at a rate of about double the rest of Sarasota County, but remember that the City got hit the hardest by the market downfall and has greater room for appreciation. North Port, with a large percentage of homes built in the past decade, also lacked the stability and the greater abundance of older, established neighborhoods in Venice and Sarasota, which helped them weather the housing crisis far better, by comparison.
For more information or if you are interested in buying or selling Real Estate in Sarasota County, contact Stephen Schoenfeld of Green Lion Realty at StepHome941@aol.com, or visit his website, including links of local interest and where you can browse the MLS, at www.StepHome941.com.
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