Longboat Key, Florida | March 20th, 2018 – The Judy Kepecz‒Hays/Buky Team has just been recognized in the 2017 Best of Blue Coldwell Banker real estate agents in Southwest Florida as the No. 1 Team (large) in terms of closed sales last year.
We are truly grateful to all our clients and friends for this honor. Their continuing trust and support enabled our team to cop this award during a festive Coldwell Banker ceremony this March at the Westin Hotel in Sarasota.
Our 2017 achievement inspires us even more moving forward this year. It further fuels our optimistic outlook that we could repeat our remarkable sales record and service delivery to our clients for 2018.
Promising Prospects Ahead
Indeed, there’s so much to look forward to, especially for aspiring sellers of residential properties in our market. To the sellers’ advantage, local housing prices continue to rise but at a healthy pace. That still puts our area competitively with other buying destinations in Florida and the rest of the U.S.
A study by the Pew Research Center shows that the median price of residences in the North Port‒Sarasota‒Bradenton, which it estimated at $350,000, is more competitive as compared to those of the Northeastern states. The comparative median price levels in Washington D.C. and Boston, for example, have been estimated at $415,000 and $493,000, respectively.
In New York, where most of the demand for North Port‒Sarasota‒Bradenton residences has been traced, the median listing price estimate has reached $474,000. State-wide, our region also has the edge over Miami wherein the median price has been estimated at $388,000. We’re likewise competitive versus Naples where the median housing sales price was separately estimated as $80,000 higher than in our area.
Relatively higher available housing inventory is helping provide further advantage to our region versus other major U.S. metros too. The North Port‒Sarasota‒Bradenton area has an estimated 2.2 percent of its housing inventory available, which compares with the 0.9 percent in Orlando and 0.8 percent in New York.
Economic Drivers in Place
Prospective sellers of residences in our market territory can also pin their hopes on the upbeat economy and job creation in the North Port‒Sarasota‒Bradenton. Recent data indicate that our region’s employment and economic growth is proceeding at a pace faster than state and national levels. As a result, more professionals and potential buyers of residences have been coming to our territory in significant numbers.
However, homeowners can’t afford to wait too long if they’re planning to sell, as competition from new builds are fast moving into the market. Some analysts have observed that these new residential construction are coming in large numbers approximating those seen prior to the Great Recession.
Critical Price Point
The construction uptick is particularly strong in new builds priced at over the $300s in the Sarasota‒Bradenton area. In one estimate for 2017, it was reported that housing starts at this price range in the region was tracking a 7.8 percent growth over the 2016 level.
The Judy Kepecz-Hays team, as an advocate for both sellers and buyers of residential properties in the Southwest Florida region, can help you avail of the opportunities available in our vibrant market territory. Send us an e-mail or call us whether you’re selling or buying a residence. We’ll be happy to share with you more of the market insights which have helped us achieve a fruitful year servicing clients in 2017.