Sarasota Homes See Drastic Price Decline

While the sales of existing homes nationwide saw their first gain in eight months last month, sales throughout the Sunshine State remained much lower than where they were last year. Florida mortgage applicants continue to wait out the uncertain conditions.

That may change for buyers in the Sarasota-Bradenton market, however. That region has seen prices plunge nearly $65,000 from last year, providing an opportunity for lower-income workers to make a purchase.

Sarasota-Bradenton’s median existing home price fell to $277,900 - from $340,700 where is was just one year ago. But falling prices haven’t sent buyers banging on doors just yet, as sales remained 24 percent lower than last year.

Condos continued a steeper descent in both sales and prices, with sales down 51 percent from last October and prices down nearly $80,000. This makes such purchases an even better dealfor those taking out a Florida mortgage loan.

Condo sales statewide fared far worse than single-family home sales, according to numbers released by the Florida Association of Realtors today.