Sarasota Home Prices Up 5%

I have always said that when there is a recession Sarasota is among the last to experience it and among the first to recover.  The National Association of Realtors indicated that homes prices have fallen in 8 of 10 cities in the US in the third quarter.  At $185,200, the median home price in the Sarasota-Bradenton area is up 5.3% from the second quarter of this year.  Total home sales in Sarasota-Bradenton for the third quarter of this year  topped 2,314 which was about the same as in Q2 but up 32 percent from last year.    The Today Show named Sarasota the number one place to buy and it looks like now is the time to buy.  Visit www.todayshowsarasota.com for more information.

Siesta Key Condos

Currently on Siesta Key there are 374 condominiums for sale at an average price of $650,498. The highest price is a 4 bedroom 4 bath condo/townhouse unit at Waters Edge that is listed for $2,799,000. The lowest price condo is an efficiency unit at the Hyatt Siesta Beach, a fractional ownership resort which is listed for only $135,700.

So far this year 157 condominiums have been sold at the average price of $529,462. The highest priced sale closed at the selling price of $3,150,000. It was a 4 bedroom condo at Seagrove that was listed for $4,250,000. The lowest priced sale was $140,553 for a foreclosure unit at Bay Oaks.

At this time on Siesta Key there are 42 pending condominium transactions.  The average priced listing under contract on Siesta Key is $439,952.  Condominium sales on average are closing at 88.5% of their listed price.  There are some nice deals on Siesta Key right now so give us a call at 941-650-4626 or visit www.siestakeycondominiums.com for details about each condominium property.

Florida Home Sales

Homes sales in Florida increased by as much as 34 percent in October marking the 13th consecutive month with increased sales as measure in year-to-year comparison.  There were 14,419 homes sold in September this year compared to 10,778 for the same period last year.  The increase in condominium sales was even more dramatic.  Statewide the sales of condominiums increased by 77 percent over September 2008 and nearly 9 percent over August of this year.  Over 5,000 condo were sold in September compared to 2,870 in September of 2008.  With so many good deals among foreclosures and short sales it is no surprise that sales are up.  If you would like to register to receive daily updates about foreclosures in our area visit www.bankownedpropertydeals.com .

Florida Median Home Price

The median home price is Florida is currently $142,000.  This time last year it was 19 percent higher at $174,900.

Sarasota Bank Owned Real Estate

With prices in Sarasota on the rise again, time is running out to get the best deals on bank owned properties and foreclosures. If you are interested in getting a list of foreclosure property deals in Sarasota, Bradenton, or the Keys or Lakewood Ranch, visit www.bankownedpropertydeals.com and register.  We are seeing an increase in interest among buyer and investors looking for properties since the The Today Show named Sarasota as the number one place in the country to buy real estate.  Don’t miss out, there are still some great deals.

Today Show, Sarasota is Best Place to Buy Real Estate

The Today Show just aired a segment on Real Estate naming Sarasota as the number one place in the country to buy real estate.  Our beautiful beaches were mentioned and  Sarasota was described as “a sophisticated city, an urban city with all the things that sophisticated people like to find.”  They also stated that the median home price in Sarasota is $175,800 which is own 34% from last year and that there has been a 13% increase in property values since last quarter indicating that the market has bottomed and is increasing again.  If you are a sophisticated person, Sarasota is the place for you and now is the time to buy!  The market has turned around.  Visit www.todayshowsarasota.com to see the video.

Sales Are Up

Sales volume has been trending up for each of the past six months, signaling the end of the  rapid price declines.  High volumes of foreclosures are expected to continue for the near future but will have a lesser effect on the market than they have in the past few years because there are now large numbers of buyers returning to the market to take advantage of lower prices and investment opportunities.

Home Sales up by 9.6%

Recent reports from the U.S. Census Bureau indicated that new sales of new home in July increased by 9.6% over June.  The median sales price of new houses sold in July 2009 was $210,100; the average sales price was $269,200. The seasonally adjusted estimate of new houses for sale at the end of July was 271,000. At the current rate of sales there is a 7.5 months supply of homes currently on the market.

Click here to view the full report.

Florida Real Estate Rebound

Florida real estate is sure to rebound. I can’t begin to tell you how many of my clients have told me that they will be buying a home here in Sarasota as soon as they sell their current home in the north. For many of these clients the wait is coming to an end. Illinois homes sales have seen a surge of 61.8 percent over the first quarter. Other Midwest states are beginning to feel the thaw in their previously frozen real estate markets as well.  It looks like we will have a good selling season in Sarasota this winter.

Sarasota Home Sales

The numbers for June are in and they indicate that sales are up again. They are up 3.8 percent from the month before. In Florida sales were up 28 percent and prices were up 2.5 percent. Inventory levels for Sarasota properties are now at 9.97 months.

Buying Foreclosures

Harris Interactive recently conducted a study in which it was determined that 55 percent of people surveyed identified them selves as likely to purchase a foreclosed property. Back in November of 2008, the same survey indicated that only 47 percent were likely to purchase a foreclosed property. People currently renting (68%) were among the most likely to buy a foreclosed property. Here in the Sarasota / Bradenton real estate market we are experiencing the effects of this increased interest in foreclosure properties which make up a high percentage of the closed transactions.   There are some excellent opportunities among the foreclosures in our market. However, not all foreclosure are good deals because in some cases the costs associated with repairs and upgrades may be too high. The best deals may newly constructed homes that were purchased by out of town investors at the end of the boom. In many cases these foreclosed properties have never been lived in and are in excellent condition. If you are interested in such properties, give me a call at 941-650-4626.

Real Estate Markets Stabilize

The National Association of Realtors indicated that nationwide the total number of homes sales was up by 5.1% in February. In March the homes sales figures were up by 3.2% on average nationwide.  In southern states sales were up 8.5% and 4% in the West.  Four factors are thought to have contributed to the upward trend in real estate sales.

1. Low prices are once again atractive to investors.
2. Banks are lending to qualified buyers.
3. Consumer confidence has risen.
4. Sellers have begun to realize that homes are only worth what buyers are wiling to pay.

If you are waiting for the market to hit bottom, you may have already missed it. Since it takes a couple of months for sales to close and for reporting of sales figures, current sales data is based on activity hat began months ago.   Right now it is a buyer’s market but buyers will loose some of their new-found leverage as prognosticators  reach consensus that the market is in recovery.

Home Builders Confidence Improves

For each of the past two months confidence among home builders has been reported to be on the rise.

Sarasota Median Home Prices

The median home price in the Sarasota-Bradenton-Venice market is now at $155,200 highlighting the area’s affordability. With the median price 40.8% below that of last year, now maybe the best time to find a great deal.

Visit www.sarasotajustlisted.com to search area homes.

British Real Estate Purchasers

Over the past few years our real estate market has been bouyed by international purchasers with strong currencies. This trend has moderated as foreign markets have also experienced market declines.  With current statistic pointing to a slowing in the rate of reductions in UK home values we may soon see an increased interest among British buyers with improving confidence in their domestic housing market.  Home prices in the UK fell 6.4% in each of  the last three months of 2008.  In the first three months of 2009 values fell an average of 3.8%.  Additional good news in UK comes from a slowdown in falling manufacturing output which saw a decline of only 0.1% in March, the smallest monthly decline in the past 13 months.

Sarasota Foreclosures

After a brief moratorium on bank foreclosures we are seeing a spike in foreclosure activity. March foreclosure activity amounts to a 40 percent increase over previous months. Other market indices point to a market recovery so current foreclosures make for wonderful opportunities for smart investing. If you are interested in purchasing distressed or foreclosed properties give me a call at 941-650-4626.

Sales of Existing Florida Homes

In the first quarter of 2008 sales of existing Florida homes totaled 25,071.  Total sales of existing Florida homes increased 25 percent to 31,412 in the first quarter of this year.  Home sales in each of the last three quarters indicate increases over the same periods in the preceding year.  Improving sales numbers regionally, nationally and locally indicate that the market is turning.  Now is the time to buy your dream home or investment property wile interest rate and values are  at their lowest.

Real Estate Appreciation & Investment

Just like other markets the real estate markets are cyclical.  We have seen a large correction as prices have fallen from the high in 2005.  What we are seeing now is an over correction.  The market will swing back.  I believe we are now at the bottom in the local Sarasota Market.  Many listed homes are still priced too high but the good deals are selling very fast as investors are picking up the distressed properties.  To the south of Sarasota Habitat for Humanity is purchasing homes fro less than they can build them and the have no labor costs.  Just as the peak prices were unsustainable the new lowest are unsustainable.  As soon as consensus is reached that the market has bottomed three years of pent-up demand will be released in a market with low prices and low interest rates which will send prices upwards.  It is obvious that prices have gone down in recent years but we have to look at the market in terms of decades.

According to the National association of Realtors, appreciation in past decades was as follows:

• 1970 – 1979 up 142%
• 1980 – 1989 up 52%
• 1990 – 1999 up 45%
• 2000 – 2008 up 42%

Our market began it’s rapid appreciation in 2003 and then declined in 2006 to 2009 but if you purchased in 2000 or 2001 you would have paid less than today’s value.  Real Estate is a long term investment and substantial tax advantages and todays low interest rates provide a great amount of leverage.  Smart money got into the past market cycle in 2002 or 2003 and sold before the peak and smart money is doing it again.

Median Home Prices Down; Sales Up

In February the median home price was $144,000.  That price is down some 43 percent from  year ago and is now the lowest price since 2001.  Pending sales in February hit the highest levels since April of 2006.  The interest rates are low, the credit markets are beginning to thaw, all of which is leading to increased sales activity.  Sales of homes in Florida increased twenty percent and 5.1 percent in the nation.

Siesta Key Condos For Sale

Currently there are 429 condos for sale on Siesta Key ranging from $135,000 to $4,250,000. The average price is $734,665. There are 25 condominium properties under contract at this time. Last year 212 condominium units were sold on Siesta Key at an average selling price of $550,258 was 88% of list price. So far this year 19 condo have been sold Siesta Key. The average selling price of condominium this year to date is $526,810. The highest sale price was $872,500 and the lowest was $195,000.