18 | Michael Saunders & Company
SaundersBEST | MARKET REPORT
esidential real estate throughout Southwest Florida continues to experience
vigorous sales despite a persistent shortage of available properties. This has
been the general scenario for the better part of three years as record levels of tourism,
development and job creation have drawn countless buyers to the region.
Compared with last year, combined sales of properties in all price
ranges throughout Sarasota, Manatee and Charlotte Counties are up
by nearly 14%, over last July. (Source: Trendgraphix)
In spite of the supply shortfall, the market has not experienced any
unsustainable spikes in price as might be expected when high demand
clashes against a limited supply of available properties. The market's
median price as of July 2015 was $205,000, a 10% increase over last
July.
To put this price into perspective, it is worth recalling that in 2001
the median sale price for a home in Southwest Florida was $153,000
in what was then considered a fairly well balanced market. Since
then, it has soared to as high as $313,000 during the peak of the real
estate boom and dipped as low as $116,000 in the aftermath of the
Great Recession. However, if you were to erase the highs and lows and apply the region's
traditional 3% rate of annual appreciation to the $153,000 median price of July 2001,
then project it forward to 2015, today's median would be hovering in the neighborhood of
$231,000.
R
Robust Sales Boost Local Real Estate Market
Supply shortages
and high demand
drive the current
housing market.
Continued on page 20
