Nation will cool, but region has been hot, Zillow says

/, one of the leading online real estate sites, predicts a cooling of the nation's real estate market in the coming year.

But in the past year, price growth for the Punta Gorda and Sarasota metros has been robust.

The Punta Gorda/Charlotte County median price rose 15.9 percent in the past year, to $138,500, Zillow's economics team said today.

The Sarasota-Bradenton-North Port metro saw a 13.5 percent growth in prices, to $171,000.

Markets in California's Central Valley, such as Sacramento, Modesto and Vallejo, grew at a bubble-like 33 to 39 percent. Such boom-like numbers proved to be catastrophically unsustainable in 2004-2006.

In the past year, markets in the Deep South and smaller New York and Pennsylvania locales fell from a fraction of a percent to 7 percent, with Birmingham, Ala., at the bottom.

Zillow expects 3.8 percent price growth nationwide in the coming 12 months, which could prove beneficial to markets in danger of a bubble. The national market grew 6.4 percent in the past 12 months, according to Zillow.

Harold Bubil

Recipient of the 2015 Bob Graham Architectural Awareness Award from the American Institute of Architects/Florida-Caribbean, Harold Bubil is real estate editor of the Herald-Tribune Media Group. Born in Newport, R.I., his family moved to Sarasota in 1958. Harold graduated from Sarasota High School in 1970 and the University of Florida in 1974 with a degree in journalism. For the Herald-Tribune, he writes and edits stories about residential real estate, architecture, green building and local development history. He also is a photographer and public speaker. Contact him via email, or at (941) 361-4805.
Last modified: October 30, 2013
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