Home Prices in the Sarasota-Manatee market are exactly where they would have been today had the region’s traditional level of annual property appreciation been its only influence over the past 15 years.
To put this in better perspective, in January 2001, the median price for a home in Sarasota County was $155,000 in what was then considered a “normal” market. Since then, it has risen as high as $362,000 – at the peak of the housing boom – then dipped as low as $120,000 in the aftermath of the Great Recession. However, if you were to discard the excessive highs and lows and instead applied the region’s traditional 3 to 4% rate of annual appreciation from 2001 to the present, today’s median price would be hovering at around $250,000. This is exactly where it checked in during the month of August. This return to “normal” makes it a good time to be both a buyer or a seller.