March pending home sales in the Sarasota, Florida market rose by an unexpected 3.2 percent. Some believe that the southwest Florida real estate market might be forming a bottom. Pending single family homes in Sarasota and Manatee counties are currently near 2,500. Condos for the same area are near 750.
The increase in sales is largely due to falling home prices. Buyers who couldn’t buy in 2004 and 2005 are finding some tremendous deals out there right now. As sellers adjust themselves to the realities of the current market, buyers are responding.
Some consider this a perfect storm for buyers. There are plenty of properties to choose from, many distressed sellers, interest rates are historically low and prices have retraced dramatically.
Realtors are also seeing what seemed a bygone boom phenomenon: multiple-offer situations. It is not uncommon to put a property on the market at an aggressive asking price and immediately receive multiple offers.
Let’s compare 2008 and 2009 home sales in Sarasota, FL:
Single family Sarasota homes sold:
January 1, 2008 to April 30, 2008 – 2,468
January 1, 2009 to April 30, 2009 – 2,681
Sarasota Condominiums sold:
January 1, 2008 to April 30, 2008 – 997
January 1, 2009 to April 30, 2009 – 1,094
With this little bit of good news I don’t think this is the time for home sellers to dig their heals in the sand. The Sarasota real estate market still has a good supply of inventory. Some reports indicate that there may be another wave of foreclosures. That won’t be good for the market.
I have not taken many home listings this year because it is tough finding realistic sellers. Fortunately, of the seven listings that I have taken, five of them have sold. There isn’t anything magical about that other than the fact that we priced the properties to match the market.
The market determines the value of a property. Sellers just get to decide if that price is enough for them to sell.
Visit Marc Rasmussen’s website at www.luxurysarasotarealestate.com.
Check Sarasota home prices