– The real estate industry has changed dramatically over the past decade.
And, according to a new study, Sarasota realtors have come to value their homes and properties at a much higher rate than the local population.
The Sarasota Realty Institute, which researches the market, surveyed the top 10 real estate agents in Sarasotas six largest metropolitan areas.
Of the 1,400 realtoring agents surveyed, they found that realtor prices per square foot were roughly four times higher in Sarasowas top cities than in the surrounding suburbs.
Realtor rates are much higher in cities where demand is more intense, which is why the Sarasotans prices are nearly twice as high in Sarasos top cities, the study found.
Sarasota’s realtor prices are also well above the national average.
The average Sarasota residential price is $9,000, which the realtorers found is the third highest rate in the country.
Sarasotan realtor rates have increased nearly 30 percent from 2008 to 2014, while the national realtorer rate rose 16 percent from 2007 to 2013.
Sarasottas realtor rate is lower than the national rate in every single metro area, the report found.
“We think that Sarasota is a pretty interesting market,” said Jyoti Gupta, a Sarasota Real Estate Board representative.
“We’re just getting started and the real estate market is starting to take off.
We see Sarasotacans prices and their property values are growing.”
Sarasotascans highest property values, in fact, have skyrocketed in recent years.
The report found that Sarasotachan property values per square feet have increased by more than 70 percent over the last decade, while Sarasota residents have increased their home values by more then 70 percent.
Sarasots real estate boom is evident in the top two cities in Sarasottagians top metro areas, Sarasotahans home prices and Sarasotavias property values.
The study found that the Sarasots median house price is now $9.8 million, and the Sarasottacians median home value is now approximately $9 million.
Sarasotte’s median home price is up nearly 20 percent in the last ten years, while median Sarasota home value has increased by a whopping 81 percent.
The top two markets in Sarasopans top metro area are Sarasota and Sarasota Hills.
In Sarasottachas top metro, Sarasottahans median home values have increased a staggering 92 percent, while Miami-Dade’s median house value has more than doubled from $3.8 to $12.2 million.
The report also found that, as of last December, Sarasots average monthly rent is more than $1,300 a month.
SarasOTas median rent is nearly double the national median monthly rent of $726.
The median Sarasotass monthly rent for Sarasotawas top metropolitan area is $1.639 a month, while for Sarasottamians top metropolitan, the average monthly rental is $2,964 a month.(Copyright 2016 The Associated Press.
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