January Sarasota Luxury Home Sales Blow 2013 Numbers Out of the Water!

The luxury home market on the Sarasota real estate market is heating up according to our recent posts and the just released sales data! The Mortgage Bankers Association recently estimated that sales of new single family homes had a seasonally adjusted annual rate of 543,000 units in January 2014, which is a noticeable increase from the month before!

If you’re thinking about investing in your own luxury Sarasota home on the market anytime soon, you’ll want to check out today’s post!

Sarasota Luxury Real Estate for Sale

Here’s an overview of recent activity on the luxury home market here in Sarasota, Florida:

• January’s seasonally adjusted annual rate was a whopping 35 percent higher than December’s pace.
• When considering the unadjusted basis, January’s activity equated to 38,000 new home sales in January.
• That’s still 36 percent higher than the level it was at in December, which was 28,000.
• Mortgage applications for new home purchases jumped 27 percent when compared to the previous month. It should be noted that that change doesn’t include any adjustment for typical seasonal patterns.
• Broken down, conventional loans represented 69.4 percent of loan applications; FHA loans represented 15.9 percent;
• RHS/USDA loans represented 1.3 percent; and VA loans represented13.4 percent.
• Meanwhile, the average loan size of new homes actually decreased from $300,444 in December to $289,358 in January.

Experts Optimistic About the Sarasota Housing Market

Experts acknowledge that the recent data may seem contradictory to recent National Association of REALTORS® information, such as existing home sales data that suggests a weak market for existing homes.

However, building experts say that recent day on new home sales is actually consistent with field reports from builders on growing optimism about the housing market.

The Calm Before the Sarasota Real Estate Market Uptick!

Experts also noted that the huge jump in January in terms of new home sales followed a period of a couple of months where the sales pace was significantly stalled.

Helping You Buy a New Luxury Sarasota Home

Every person is different. But for many buyers, now might be a perfect time to get a great deal on a luxury new home in Sarasota.  After all, in this appreciating market, prices are only expected to rise!

So contact me, Dennis Kotaska, your #1 Sarasota REALTOR®, to inquire about available new home listings now!  I’d be happy to help you at every stage of the home buying process!

Until next time,

Dennis