Sarasota, Florida Real Estate Market Update

Posted by: Marc Rasmussen on May 12th, 2009

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.

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One Response on “Sarasota, Florida Real Estate Market Update”

Chip Waterman

It`s imperative that consumers take the foreclosure market in Sarasota into consideration when either buying or listing their home. The foreclosures in Sarasota cover from the high end to the low end no one segment of the market is spared. An educated consumer will take this into consideration. We at the The Waterman Team educate the consumer to the best of our ability. I am proud of our Team as we have achieved the recent ranking of our nations 34th Realtor in terms of number of units sold, foreclosures making up a big piece of those numbers. I am also pleased with the number of Luxury units we handled, as well as non-distressed properties.

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