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Sarasota Home Prices Outpacing Nation

Sarasota Home Pricesspecial-report

Home prices jumped 9.1 percent in March over the year in the Sarasota-Manatee region, again outstripping state and national gains.

  • Prices increased an even stronger 11.8 percent in Charlotte County, data provider CoreLogic reported Tuesday.
  • Single-family home prices climbed 7 percent throughout Florida in March, the seventh-highest rate in the nation.
  • The U.S. rate was 5.9 percent, marking 37 months of consecutive year-over-year increases in home prices.

"The homes for sale inventory continues to be limited, while buyer demand has picked up with low mortgage rates and improving consumer confidence," said Frank Nothaft, chief economist at CoreLogic. "As a result, there has been continued upward pressure on prices in most markets."

Price increases nationwide will cool to 5.1 percent over the coming 12 months, CoreLogic predicts.

From February to March, home prices increased by 2.3 percent in Sarasota-Manatee and by 1.8 percent in Charlotte. Prices nationwide rose 2 percent over the month.

"All signs are pointing toward continued price appreciation throughout 2015," said Anand Nallathambi, president/CEO of CoreLogic. "In fact, the strong month-over-month gain in March may be a harbinger of accelerating price appreciation as we enter the spring selling season.

"Tight inventories, job growth and the inexorable impact of demographics and household formation are pushing price levels in many states," he added.

Excluding distressed homes -- properties in some stage of foreclosure, which typically sell at a discount -- prices rose 9.7 percent in Sarasota-Manatee and 11.4 percent in Charlotte.

Despite steady gains, home prices in Florida remain 31.5 percent off their pre-recession peaks, the second-highest gap behind Nevada's 34.7 percent.

States with the highest over-the-year home-price appreciation were

- Colorado -  9.2 percent

- South Carolina -  9.1 percent

- Kansas and Texas -  8 percent

- Nevada - 7.6 percent

Sarasota Herald Tribune May, 2015