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: Continue reading this post