Sarasota Real Estate Market News

Siesta Key Single Family Home Values up 16%

 See Chart HERE

Siesta Key Single Family Homes:

 Since 2007 single-family home unit sales on Siesta Key have consistently risen year over year in spite of overall market conditions.  During 2008-09 prices dropped dramatically, however they have rebounded by almost 17% off their low in 2009.  Even so, today’s median prices represent a 40%+ discount off the market high in 2007.

 Siesta Key Condos:

 Although Siesta Key condo unit sales dropped precipitously in 2009, they have rebounded to a new high since 2007.  On the other hand, prices have continued to fall since the market peak in 2007.  This may be due to the lack of financing options available for condo buyers since 2007.  Today’s median Siesta Key condo prices are selling at almost a 55% discount off the market high.

Summary:

Continued strength in unit sales seem to indicate that buyers still love Siesta Key and have been taking advantage of the distressed market to acquire a piece of paradise. For buyers that have been waiting for the ‘bottom’ of the single family home market on Siesta Key: Sorry, it seems you missed your opportunity – but prices are still attractive!   For condo buyers: they may still have time, but if lenders relax their lending requirements (as recent news seems to indicate) this golden opportunity may also soon be gone. 

Read more at:

http://insiderealestate.heraldtribune.com/2011/09/13/12483/

October 1, 2011 - Posted by | News related to Buyers, News related to Sellers, News related to the Market

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