Whether you are looking for a cozy beachfront bungalow on the sandy shores of St. Armands or a home that gives your entire family room to spread out on Longboat, finding the property you are looking for can be difficult in the hot Sarasota real estate market. With a high demand for gorgeous homes and a very limited amount of inventory to choose from, it is easy to see why an increasing number of home buyers are opting to custom build their new home.
A Look at the Sarasota Housing Market Numbers
According to Redfin, 530 single family homes and 242 condos sold in the Sarasota area in April 2015. This is a 2.6% increase from March and an 11.4% increase from the previous year. Currently, the median selling price for single family homes is $236,000 (up 13.3% from 2014) or $138 per square foot (7.8% from 2014). Sellers are getting an average of 96.3% of their original asking price. Homes in the Sarasota area are typically on the market for 157 days before a sale is complete. Overall, homes in Sarasota are selling and they are selling fast for top dollar.
Unfortunately for potential home buyers, the number of homes on the market has declined in the last few months to 1,431 at the beginning of July. With the summer prime selling season, thanks to the number of tourists who come to the area and decide to purchase, the market is flooded with buyers looking for the same thing. Currently, most buyers are looking for a move-in-ready single family home, preferably with a view of the water. Those buyers not interested in a stand-alone home are intent on searching the islands for a luxury condo with all the amenities. Of course, it is easy to see why they are looking for these types of home. Who wouldn’t love to look out at the bright white sand and turquoise waters from their own home?
A Look Ahead at the Sarasota Housing Market
Essentially, individuals looking to buy a home are finding that the supply does not meet the large demand. According to most real estate agents, this is a trend that will continue in the near future, as well as for years to come. Prices will continue to increase by as much as 3.4% over the next twelve months. On another note, home values, as a whole, are definitely appreciating in Sarasota and the surrounding areas.
- Homes purchased one year ago in the Sarasota area have appreciated, on average, by $18,969.
- Homes purchased three years ago in the Sarasota area have appreciated, on average, by $75,501.
- Homes purchased in the past five years in the Sarasota area have appreciated, on average, by $65,279.
What Options Do Sarasota Home Buyers Have?
Currently, Florida has one of the United States’ highest percentages of custom built homes, and for good reason. Many buyers simply can’t find the perfect home they are looking for, so they are opting to design and build it themselves using an experienced home builder in the area. This is especially true for buyers looking for luxury, high end homes on the water. However, do not assume that all custom built homes are palatial mansions.
The Advantages of Custom Homes in Sarasota
Custom built homes allow the buyer to be involved in every step of the home designing and building process. From designing a floor plan that is perfect for their entire family’s needs to selecting the flooring, paint colors, cabinets, countertops, fixtures, and more, the homebuyer has the opportunity to create the home they have always dreamed of. There is nothing quite as satisfying as moving into a home that you know is truly perfect, original, and constructed with the absolute highest quality.
Are You Ready to Custom Build Your New Home in Southwest Florida?
If you looking for a first class custom home builder or remodeling contractor in the Sarasota area, it is time to call Nautilus Homes. As a complete custom design and build home builder, we were founded on the principles of quality, dedication, and integrity. With a reputation for top quality construction and excellent customer service, we are ready to help you make your custom home building dreams a reality. Call and set up your consultation today!
Some things that Nautilus Homes would suggest to make this experience as pleasant, productive and efficient as possible are: