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Real Estate Market Comparison: Pensacola vs Sarasota When searching for a good deal on high quality real estate in the Gulf of Mexico area, Sarasota and Pensacola are two of the primary spots to consider. When deciding between these two areas, it's important to consider the price differences and the pros and cons of each of these Gulf of Mexico area real estate markets. Price Differences Between Pensacola and Sarasota Real Estate When it comes to the price differences between the Sarasota and the Pensacola real estate market, both areas show a significant decline from the beginning of the year 2010 to the start of 2011. According to Yahoo Real Estate, each of them also show a high number of foreclosure properties, with nearly four thousands foreclosure properties in Sarasota and just over two thousand in Pensacola. This suggests that both areas are in a buyer's market and might hold a great opportunity for anyone diligently searching for a good deal on residential real estate. The following information shows a general overview of the prices for single family homes and condominiums in Sarasota and Pensacola: Sarasota Median Home Prices: . Residential Median Price: $147,500* . Condominium Median Price: $158,225 . Foreclosure Median Price: $138,000 *Average median prices for condos and homes in areas such as Long Boat Key and Ana Maria Island are considerably higher, being just over the half million dollar mark. Pensacola Median Home Prices: . Residential Median Price: $124,900 . Condominium Median Price: $158,225 . Foreclosure Median Price: $90,000 *Average median prices for condos and homes in areas such as Lido Key and Pensacola Beach are considerably higher, being just over the million dollar mark for Lido key and a quarter million for Pensacola beach. (These prices are based on the sales reported in the local MLS ) Factors Impacting Real Estate Prices in Pensacola and Sarasota Another factor to consider when looking at these two markets is the unemployment rate, which has direct effect on the prices of homes within the area. The unemployment rate for both areas was considerably higher than both the state and the national average, with the highest unemployment rates showing in the greater metropolitan areas. According to statistics from the department of numbers and job search sites, the unemployment rate in Sarasota was 11.2% in January of 2010, which is down a few points from the 13.4% rate of January of 2010. Meanwhile, statistics for Pensacola showed an unemployment rate of 11.2%, which was also down a few points from the January of 2010. These numbers, together with the steady decline in average home prices, suggest that the prices could rise again as the unemployment rate declines, making this a good time to buy for both areas. Conclusion and Final Considerations The final thing to consider when looking at these two real estate markets is the listed prices in comparison to the prices which homes are actually selling for. This comparison gives a good idea of how much flexibility there might be to pay a lower price than the price which a specific home or condo is listed for. The average list price for Pensacola is currently $215,000, considerably higher than the median home price of just $124,900. For Sarasota, the average list price is currently a staggering $515,000, much higher than the average median sales price of just $147,500. Of course, when analyzing these differences it's important to remember that distressed sales such as foreclosures and short sales account for nearly 50% of the sales in both Sarasota and Pensacola, a factor which has a significant impact on the different between listed prices and median sales prices in both the Pensacola and Sarasota real estate markets.
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