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SOURCE: Sarasota Bay Real Estate
Real estate market activity has picked up significantly in Venice, Florida, the last half of 2012. Industry observers note that home buyers who’ve postponed their purchases are beginning to dig into the market before prices get even higher. Statistics as of October 2012 that the median price of Venice homes for sale has risen to $215,130, a level that is 10% higher than the level of a year earlier.
Venice, FL (PRWEB) January 02, 2013
Real estate market activity has picked up significantly in Venice, Florida, the last half of 2012. Industry observers note that home buyers who’ve postponed their purchases are beginning to dig into the market before prices get even higher. Statistics as of October 2012 that the median price of Venice, Florida, homes for sale has risen to $215,130, a level that is 10% higher than the level of a year earlier. Monthly increases too were recorded in median home sale prices in the city since January 2012, except for this past June, and that isolated drop was even marginal at just $1,000.
Notably, more substantial price escalations are held back by some appraisers who still use as their guide three- to six-month sales prices, reluctant as they are to factor in the recent higher prices and sharply reduced home inventories. For this July, a total of 100 homes were sold in the city, including eleven closed deals in Venice island. Mostly involving resale homes, the selling prices of these properties ranged from under the $100s up to the low $600s.
Analysts believe that a price bottom in Venice home sale prices was already established last January, and the nearly continuous monthly price gain heralds the first stages of a modest market recovery. Steadily declining inventories contribute to this uptrend in home prices. As of end-May 2012, there were 788 homes for sale in Venice, down 8.9% from this April and 27.7% less than the May 2011 inventory level. This December, the number of available homes in the Venice market dropped further to 718 or just over a four-month supply based on the current sales rate.
This inventory depletion provides an impetus to sell for those who invested on residential properties. Prices have improved and buyers are beginning to flock into the market with the low interest rates. From a buyer’s standpoint, current market conditions make it inadvisable to remain on the sidelines. A price bottom has already been established, and while prices have risen, the increases are still moving upward in moderate increments.
The declining number of distressed properties in the market further contributes to the uptrend in prices of Venice homes for sale. Bank-owned or foreclosure properties in the city are now at a seven-year low. Another factor driving sales, one analyst says, is the increasing number of people who want to relocate south, prospective home buyers who aren’t just eying vacation or seasonal residences but permanent or primary residences.
This trend can be attributed not just on the basic attractions offered by the city of Venice and its more agreeable weather year-round. There’s also an eclectic mix of residential styles in the locality that can meet the varying needs and requirements of the prospective home buyers. The choices include residences in waterfront properties, gated subdivisions, and golf communities. In Venice island, the options tend toward the pricier and more upscale homes. In the city’s outlying areas, there are a lot of neighborhoods and communities with moderately priced single family homes and condominiums. Through a realtor knowledgeable of the locality, a short list of the ideal, well-priced Venice homes for sale can readily be had.
About Sarasota Bay Real Estate
Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.
Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.
Contact information for Sarasota Bay Real Estate can be found at http://sarasotabayrealestate.com
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