Spring 2013: Housing Prices Slowly Rising on Siesta Key
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The housing market is booming on sparkling, world-famous Siesta Key.
Prospective buyers are advised to act in the short-term rather than the long-term, as all indications are that the housing market is about to become a seller’s market.
The housing inventory – available homes for sale on Siesta Key – has declined by a full 25% in just the last year. On January 31, 368 Siesta Key condos and single-family homes were on the market, compared to 488 homes for sale on that date in 2012. And only 5 single-family homes in the $250,000 to $500,000 range were for sale on January 31, a 64% decline from the January 2012 figure. Regarding condominiums, 82 in that price range were on the market in Siesta Key at the end of January, a 38% decrease from the January 31, 2012 figure. Several condo communities on the Key actually had no units for sale on January 31.
A declining inventory, of course, pushes up housing prices, and on Siesta Key prices are on the rise in all categories. Siesta Key homes in the $250,000 to $500,000 range sold for an average $314 per square foot on January 31, a whopping 49% rise over the January 31, 2012 figure of $211. Condominiums in that price range rose by 11% in the same period, to $305 per square foot.
In the next price range, $500,000 to $1,000,000, Siesta Key’s inventory is also dwindling, although not as rapidly. The number of available single-family homes was down 27% from the previous year, while available condos in that range dropped 22% in the same period. From January 2012 to January 2013, the single-family homes in the $500,000 to $1,000,000 rose in price a stunning 53% to $259 per square foot. Condos in the same range dropped slightly in price, but only slightly, from $427 per square foot in January 2012 to $418 per square foot in January 2013.
Conditions are quite different, however, when it comes to Siesta Key’s high-end luxury properties. In the $1,000,000-plus range, inventory has actually increased in both single-family homes (from 87 in January 2012 to 92 in January 2013) and condominiums (from 20 in January 2012 to 23 in January 2013). However, if prices are any indication, sellers are nevertheless expecting a seller’s market this year. Prices for Siesta Key’s luxury properties rose 8% from January 2012 to January 2013; the average list price increased from $3,100,000 to $3,340,000. Condo prices n the luxury category climbed even more in the 12-month period, from $1,440,000 to $1,610,000, a 12% spike.
Siesta Key is coveted territory, the site of Siesta Beach, which is consistently ranked as America’s top beach; it’s also only 5 minutes from booming downtown Sarasota. Prospective buyers may want to act before prices top out, and they can be assured that more Siesta Key properties will soon be coming onto the market.