Housing prices across the country have plummeted over the past few years, and Sarasota, Florida did not avoid the decline.  During the housing price bubble of the mid 2000’s, the median sales price in Sarasota, Florida swelled to over $350,000.  Since then, the median sales price in the Sarasota market has fallen to just under $200,000.  However, it appears that the median sales price in Sarasota has finally leveled out, as it has remained just under $200,000 for the past three quarters.

Part of the reason why the median sales price has fallen so far is because of the large number of foreclosures that have taken place over the past couple years.  As of February 2010, one in every 159 homes in the Sarasota market had received a foreclosure filing.  Overall, there are over 3,800 homes undergoing the foreclosure process in Sarasota.  The median sales price for the foreclosed properties is just under $145,000.  This is far less than even the current market averages, let alone the prices achieved a few years ago.

While the housing prices in Sarasota appear to have taken a significant hit, now may be an excellent time to purchase a home in the area. Considering there are over 3,800 foreclosed properties on the market, there are bound to be fantastic deals available.  Keep in mind that the housing prices in Sarasota will continue to be affected by foreclosure sales, so you should do your best to find a neighborhood with a less than average rate of foreclosures.