Surge in Sarasota home values sees home equity increase by $1.1 billion in Q2

Norton Hammersley Real Estate Law

Home equity of mortgaged property in Sarasota increased by by $1.13 billion in the second quarter of 2021 thanks to the recent surge in house prices in 2021.

A report released by a real estate analytics company stated that the average increase in value of mortgaged residential real estate was $60,600 per home, above the national average of $51,500, according to CoreLogic’s quarterly Home Equity Report.

In the Sarasota area the report was evaluated against 187,531 mortgages with only 3,319 having negative equity.
Single-family home prices have increased year-over-year each month since June 2020 and continued to rise in throughout 2021. In Manatee County, the median price for single-family homes was $430,000 which is a 19.4 percent increase from the same time last year. The single-family home price in Sarasota was $390,093 which is an increase of 18.2 percent. In the condo market, Sarasota condos reported a 26.3 percent increase to a median price of $315,000, and Manatee reported a 23.3 percent increase to $275,000.

Norton Hammersley’s real-estate practice group provides comprehensive legal representation to individual and corporate clients in the acquisition, development and sale of residential and commercial real property, leasing and financing of single-family homes, multi-family projects, residential subdivisions, hotels, office buildings, condominiums, shopping centers and other real-property developments throughout Florida. The firm is well positioned to assist its clients with real-estate transactions, including closings, tax-deferred exchanges, construction development and land-use matters, mortgage transactions, and serve as agent for several state and national title-insurance underwriters.

Sarasota Real Estate Lawyer Norton Hammersley have extensive knowledge and experience with various lending and secured transaction matters, loan workouts, venture-capital financing and international banking matters, and regularly assist borrowers, commercial lending institutions, community banks, credit unions and holding companies in various loan and banking transactions.