Sarasota – Bradenton Home Sales Recovery Continues

Sarasota – Bradenton home sales recorded a sharp increase in November. Single-family homes sales in the Sarasota-Bradenton market rose by 17% over November, 2010 and up another 2% from October. Including condominium sales, the overall market was up by 12.7% The median sale price increased from October to November by 11%.

Sarasota area prospective buyers are beginning to confront multiple offers competing with their own on the more attractive properties, something that hasn’t happened for quite some time. Real estate investors are no longer making low-ball offers. Recently, they are finding that if they really want to make the purchase, they need to make offers at or real close to what the properties are actually worth.

In the “under $450,000″ price range, there is only a 6.1 month supply of homes and condos on the market. Six months of inventory is the point at which buying and selling pressure are considered to be equal. If you add, the homes already under contract for sale, but not yet closed, the supply of homes and condos available drops to 4.6 months, which would qualify the local real estate market in the “under $450,000″ range as a “seller’s market” where prices begin to rise.

The higher end of the market is not experiencing the same rate of recovery, though inventories have dropped from about 675 properties for sale in the “over $1.0 million” price range a year ago to about 530 now. Some properties have been taken off the market, but others have sold.

Local Realtors note that, given the improving market condition, banks are increasing the pace at which they are putting distressed properties on the market as short sales but these are expected to be bought up reasonably quickly by the increasing number of prospective buyers during the snowbird months.

In a recent Today Show real estate report, Barbara Corcoran noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a “beautiful beachfront community” that offers residents and visitors “a sophisticated, urban cultural experience” that is propelling sales and prices in 2011.

Overall, several positive forces finally seem to be coming together. The lower inventory of homes for sale is stabilizing, and even beginning to put upward pressureon, prices. Banks are moving more quickly to get their inventoried properties on the market rather than letting them go into foreclosure where the condition of the home frequently degrades quickly. People, in general are feeling more upbeat than at any time in the past three years according to the Consumer Confidence Index. And, there are more buyers in the Sarasota real estate market who are looking to buy a home or condo now at these historically low prices and interest rates.

If you are visiting our area now or planning to come to Sarasota in the near future, I encourage you to call me at 941-228-2321 today or E-Mail Me. I also invite you to visit my Sarasota real estate website to learn more about our area and the many attractive golf course, in-town, and waterfront communities in the Sarasota and Bradenton, Florida including Lakewood Ranch, Anna Maria Island and our island keys, Longboat, Lido, Siesta and Casey Key.

Where People Are Hunting For Homes Today

The Sarasota Bradenton Area is the # 1 Spot

According to Forbes Magazine, some of the Sunbelt cities that were hardest hit by the housing bust could be about to get a boost from the flock of snowbirds and retirees heading south for the winter.

Forbes reviewed a report issued by Trulia.com, an Internet search site frequently used by those searching for a new home. Given that nearly 90% of people who buy homes begin their searches on the Internet, the report suggests, according to Jed Kolko, chief economist and head of analytics at Trulia, that, “where people are searching for properties is an indicator of which real estate markets are ‘picking up strength,’ and where demand for homes is growing.”

Of roughly 100 million home searches on the Trulia.com website between July 1st and September 30th of this year, Trulia correlated the location of searchers and the locations where they were searching for homes. The report, called the “Metro Movers Report” is an index which suggests which real estate markets might be about to get a boost from people moving there.

All of the top 10 cities “picking up strength” are in the Sun Belt, but Florida dominates the list with 5 metropolitan areas in the top 10.

The # 1 spot where real estate “is picking up strength” was the Sarasota – Bradenton – North Port area. The Sarasota – Bradenton – North Port metro area was followed in the top 10 by 4 other Florida cities including Fort Lauderdale – Pompano Beach at #4, Cape Coral-Fort Myers at #5, West Palm Beach-Boca Raton at #6, and Orlando – Kissimmee – Sanford at #10.

In another sign of the improving health of the Florida real estate market, the Florida Association of Realtors reported that existing home sales along both coasts of Florida picked up dramatically this year, even in the slow summer and early fall months. The Sarasota – Bradenton area saw a significant uptick in existing home sales.

The resurgence of interest in the Florida real estate market, and especially the Sarasota – Bradenton area is attributed to two main factors. The first is bargain-hunter investors buying up real estate properties at what are historically low prices.

The second source of interest is the huge numbers of Baby Boomers, moving into their retirement years, who have wanted for some time to buy a home or condo in a warmer climate but who were put off by the sky-high prices in recent years. These buyers, as they return for their winter stays in rental units, seem to understand that Sarasota area home and condo prices are about as low as they are likely to go.

With both prices and interest rates at historic lows, waiting until the economy picks up further in 2012, may be too late to get the best property at the best price. So, if you are a real estate investor or a Baby Boomer and you’ve been “on the fence” about when would be the right time to buy, right now is that “right time.”

Review the many golf course, waterfront and other Sarasota – Bradenton Florida communities on my website, or, for more immediate action, call me today at 941-228-2321.

Looking for Sarasota Area Deep-Water Docking for Your Boat ?

Originally built as a deep-water marina, Harbour Towne was converted in 1982 to residential units to accommodate owners of boats that require deep-water docks. Today, it is a yacht club complex of 50 upscale townhome-style condominiums, each with its own dock and attached garage.

With 25 foot-deep docking and no bridge or other obstructions between your private dock and the waters of Sarasota Bay and from there to the Gulf of Mexico, Harbour Towne is ideal for serious boat-lovers including those with sailboats. It offers residents a secure, maintenance-free condominium lifestyle with prices ranging from the $400′s for 2 bedroom, 2 bath units to the low $600′s for larger units with up to 3 bedrooms and 3 baths.

Residents of this gated community also enjoy a community clubhouse, a heated swimming pool, spa and hot tub, a tennis court and a fishing pier. Owners may have one small pet. For those seeking an income property until they are ready to retire, these units may be rented for a minimum term of 1 month.

Right across the street lie the crystalline quartz sands of famous Siesta Key Beach. Harbour Towne is also convenient to the eclectic shopping, dining, and recreational opportunities of Siesta Key Village and just a short drive to all that downtown Sarasota has to offer with its wide array of upscale shopping, dining, entertainment and cultural venues.

I would be delighted to show you the delightful waterfront lifestyle that is available to you on the Sarasota waterfront in general, and at Harbour Towne Yacht Club specifically.

Providing you with information about the full range of waterfront communities in Sarasota and on our barrier islands that will help you select the right home or condo at the right price is my sincere goal.

I invite you to request my Sarasota Waterfront Homes & Condos Information Package. For more immediate assistance, please call me directly at 941-228-2321.

I would be delighted to help you plan your move to the Sunny Paradise that is Sarasota Florida and our most casual island key, Siesta Key.

Sarasota Home Sales Picking Up as Slow “Summer Season” Ends

While nationally the real estate market remains mired in trouble, the Sarasota real estate market is showing significant strength as it continues to recover from the low of the past few years.
Sarasota area home and condo sales have remained above 500 units in every month so far in 2011 while the inventory of unsold homes, another key indicator of real estate market strength, has fallen consistently to just over 4,400 properties (2,817 single family homes and 1,591 condos) as of the end of August. At the lowest point in the housing collapse in March, 2007, there were 17,102 properties on the Sarasota real estate market.

The Sarasota Association of Realtors (SAR) reported “As a result of consumer demand and dropping inventory, the median sale price for single family homes and condos has recovered from the lows reached in February 2011, when both categories showed a median price of $137,500.” “The latest monthly figures show a median price of $165,000 for both single family homes and condominiums, a 23% improvement from the lows of only 7 months ago,” SAR reported.

“We’re starting to see a definite trend line developing, and it’s very positive,” said SAR President, Michael Bruno. “No one has a crystal ball, and it wouldn’t be wise for anyone to make a solid prediction on the future of our market,.” he said. Nonetheless, the normal market forces of supply and demand seem to be coming back into balance. “Sarasota is becoming a seller’s market, in which price appreciation would be expected.” President Bruno added.

Equally positive is the fact that in October, we are moving out of the slow “summer season market” and into the period when home and condo sales normally pick up as snowbirds return from up North. Many of them are expected to realize what is happening in the Sarasota real estate market.

Wise snowbirds will contact a professional Realtor like Brian Ward, an Accredited Buyer Representative soon to find their own “piece of paradise” here on the Florida Sun Coast before prices creep higher.

If you are returning to Florida for the Winter season, I invite you to E-Mail Me or fill out my brief Request for Sarasota Real Estate Information so I can send you the most pertinent information to guide you in your Sarasota or Bradenton area home-hunting adventure.

For even more immediate action, call me directly at 941-228-2321. I would be delighted to be of service to you.

Mortgages for Higher-Priced Home Buyers At Risk

It was reported this past week that beginning on October 1, 2011, Fannie Mae and Freddie Mac, the two home mortgage giants, have announced that they will reduce the size of the maximum mortgage they will buy from banks and other mortgage originators from 125% of the local median home price with a maximum of $729,750 back to the prior limit of 115% of the local median home price with a maximum of $625,000. The U.S. Treasury Department had recommended in February that Congress let the conforming loan limits reset as Fannie Mae had announced plans to do in November, 2010.

If this change takes place, the effect on buyers of higher-priced homes or homes in higher-prices communities will be felt in Florida and nationwide. According the the Federal Housing Finance Administration, 204 counties, or 6.5% of the 3,143 counties in the U.S., will see a decrease in their high-cost conforming loan limit. Those counties in Florida and other states contain 20.7 million owner occupied homes or 27% of the 75.3 million homes in the country.

In 2008, the limit on the size mortgage Fannie Mae and Freddie Mac would guarantee or buy from banks and other mortgage originators had been $417,000 for single-family homes, except in what were deemed to be high cost markets, where the limit was 115% of the local median home price with a maximum of $625,000.

At that time, Congress increased the size of mortgages Fannie Mae, Freddie Mac and FHA could guarantee or buy from 115% of the local median home price limit up to $625,000 up to 125% of the local median home price with a new maximum of $729,750. This increase meant that families seeking to buy higher-priced homes could now qualify for the more lenient down payments and interest rates associated with so-called “conforming” mortgages.

In anticipation of this upcoming reduction, a number of the major banks, including Bank of America, JP Morgan Chase and Wells Fargo, have already stopped accepting applications for mortgages of more than the new limits.

Most banks and other mortgage originators do not want to keep home mortgages “on their own books.” They want to sell them to Fannie and Freddie. Under the new limits, home buyers of higher-priced homes who would have benefitted from these “conforming” mortgages will find that they will now be required to have cash on hand to cover down payments of 20% or more. Interest rates, now at or below 4.5% are expected to jump to 5.0% or more. While some home buyers will be able to meet the stiffer requirements, many will be forced to buy a smaller home or simply put off their plan to buy a home altogether. Overall, the drop in the maximum size for conforming mortgages will be one more unwelcome force tending to depress home prices, something the U.S. housing market certainly does not need at this point.

In a joint letter released last week, the Mortgage Bankers Association and more than a dozen other industry groups warned that failing to extend the limits, as currently planned, will further delay a recovery in the housing market. The letter said, in part, “With tight underwriting already constraining mortgage availability, lowering the loan limits will only further restrict liquidity… Extending the existing limits at levels appropriate for all parts of the country will provide homeowners and home buyers with safe, affordable financing and help stabilize local housing markets.”

A bipartisan group of 37 Congressional lawmakers sent a letter to the House Appropriations Committee recommending an extension of the current conforming limits for two more years until october, 2013. The group, led by Rep. Gary Ackerman (D., N.Y.) and John Campbell (R., Calif.), urged the committee to attach such a provision to a temporary funding measure that would keep the government running when fiscal 2012 begins on Oct 1st.

If you are considering buying a home on which you would need a mortgage in excess of the basic $417,000 limit, you may want to contact your Congressman and Senators to support extending the current maximum limits for Fannie Mae and Freddie Mac conforming mortgages.

If you would like further information on homes and home mortgages in the Sarasota and Bradenton, Florida home market, I invite you to E-Mail Me or call me at 941-228-2321 at your convenience. You may also want to visit my Sarasota Florida real estate website.

Should Sarasota Be In Your Future

Here’s an interesting statistic, I read just recently. There are 78 million baby boomers in the U.S., and professionals predict that one-sixth of them will spend at least part of their lives in Florida. That means that there are almost 13 million people who need to be considering where they would like to settle in the State of Florida in the next decade.

When those future residents look for the most attractive places to live in Florida, I’m betting the Sarasota – Bradenton – Lakewood Ranch area will be high on their list of “most attractive places.” Here’s why:

For starters, Americans Style Magazine ranked Sarasota 5th and Bradenton 10th on it’s list of the “Top 25 Small Cities.” Money Magazine listed Sarasota among the “Nation’s 15 Most Livable Communities” calling it a city with the charm of a smaller southern town with the conveniences of a big city. CNBC said Sarasota Florida is one of the “Most Popular Retirement Destinations.” And, AARP Magazine listed the Sarasota – Bradenton area as one of the four “Best Places To Reinvent Your Life.”

For golfers, the greater Sarasota Florida metropolitan area has over 80 golf courses ranging from public courses to semi-private and private courses which will challenge every level of play. Many of these golf courses lie within master-planned golf course communities like Lakewood Ranch. Residents of the Lakewood Ranch golf course community enjoy a casual, yet comfortable, lifestyle in a community of ten neighborhoods with homes and condos spanning a fairly wide range of sizes with prices ranging from the mid $200′s to over $2 million.

For lovers of the sun and surf, there are 35 miles of white sand beaches stretching from Anna Maria Island on the north to Venice and Northport on the south. The beach on Siesta Key was voted the “Top Beach in the U.S.” in 2011, with the softest, whitest quartz sand in the world. And for lovers, nowhere will you find more romantic sunsets than along the beaches for the Florida West Coast.

The area is known as “Florida’s Cultural Coast”; home to the renowned Ringling Art Museum, Sarasota Orchestra, Sarasota Ballet, Van Wezel Performing Arts Hall and Asolo Theater as well as many art galleries, jazz clubs and local theater groups like the Manatee Players in Bradenton and the Little Theater in Venice. Downtown Sarasota offers dozens of upscale shops and restaurants. And no one disputes the charm of the eclectic shops at famous St Armands Circle. For a less formal experience, Village of the Arts is a vibrant artist community in Bradenton.

Sailing enthusiasts, powerboat owners, scuba divers and fishermen spend relaxing times on the warm waters of Sarasota Bay and the Gulf of Mexico. Some waterfront communities even offer deep water marinas, yacht clubs and fishing docks.

Sarasota and Manatee County schools serve over 80,000 students in both public and privates schools. Nearly 80% of Sarasota teachers have post-bachelor degree training. Two-thirds of our high school graduates go on to college; many at local colleges including University of South Florida – Sarasota, USF – New College, Ringling School of Art & Design, University of Sarasota, Eckerd College, and The State College of Florida – Manatee – Sarasota.

If your youngsters, or grand children, enjoy educational experiences, they, and you, will enjoy the G.Wiz Science Museum, the Sarasota Jungle Gardens and the Mote Marine Laboratory in Sarasota and the South Florida Museum and Bishop Planetarium in Bradenton. Just up the road in Tampa, the world-renowned Florida Aquarium offers a truly unique experience. All offer informative displays and tours attractive to kids “of all ages.”

Sarasota, Bradenton, Lakewood Ranch and our Island Keys, Longboat, Siesta, Lido and Casey Key, offer the widest possible variety of residential housing options from downtown condos, penthouses and townhomes to golf course communities and waterfront homes in town or on one of our Island Keys in a price range to meet every imaginable desire.
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Whether you’re a “snowbird,” a one-time visitor, a professional, or an employee being relocated to the fast-growing Florida West Coast, get to know the Sarasota – Bradenton – Lakewood Ranch area on Florida’s Sun Coast. This may, in fact, be a place you’ll want to call home right now or in the future.

For a permanent home, vacation getaway or an investment property, the Sarasota real estate market, especially since the recent price correction, is priced at an extremely attractive level. I invite you to request my free Sarasota Real Estate Package. For a more immediate response, call me directly at 941-228-2321.

So Many Things to See and Do in Sarasota

  There are so many things to see and do in the Sarasota Florida area that you can fill an entire year and never go to the same place or event twice. Yes, there are attractions that almost everyone has visited, but there are many more that only locals seem to know about. Yet, they are fun things to see and do by yourself or as a family regardless of your age or interests.

  Sarasota and Manatee County together offer over 80 golf courses – one for everyone and every level of play. Some are private with luxurious country clubs, some are semi-private and many are public courses.

  And, of course, there is Siesta Beach, named the #1 beach in the world in 2011 by Dr. Beach. Miles of fine white sand stretch along the Gulf of Mexico perfect for building sandcastles, taking a stroll or just soaking up the sun. But you may also want to try the more laid-back atmosphere at Crescent Beach or the shell-collecting on the coarser sand at Turtle Beach on Siesta’s southern end.

  The Ringling Museum of Art at 5401 Bay Shore Road, Sarasota anchors Sarasota’s art scene with a world-famous collection of paintings including Rubens canvasses, You can also tour Ca D’Zan, John Ringling’s mansion built in the Venetian-Gothic architectural style. There’s also a collection of circus memorabilia housed in the Ringling Circus Museum.

  And few miss St Armands Circle on Lido Key where you’ll experience the ambiance of exotic lands and far away places in a collection of eclectic shops and casual eating establishments. Fulfill your shopping passions with fashion elegance, fine collectibles, antiques, crystal, china and precious gems.

  Then, there is the Jazz Club of Sarasota, the most active jazz club in the United Sates with over 80 concerts and lectures each year. Founded in 1980 by the late Hal Davis, the former publicist for Benny Goodman, the club has about 750 members and is growing. The Jazz Club sponsors, with the Van Wezel Performing Arts Hall, the annual Sarasota Jazz Festival, one of the major U.S. jazz festivals.

  For another outing, visit the Mote Marine Lab where you and the kids can explore the secrets of the sea through touch pools, viewable-working labs and high-tech interactive exhibits that showcase the world-renowned research of Mote Marine Laboratory. You’ll see sharks, dolphins, manatees and sea turtles, along with more than 100 other species of marine life.

  But have you experienced the Children’s Garden and Art Center at 1670 10th Way, Sarasota. It is a truly enchanted place whimsically designed for kids. There is a pirate ship, secret garden, a maze, a tree fort and slide, fairy gardens, the three little pigs’ house and a dress-up room. Kids of all ages love to follow the yellow brick road to a world of magic.

  The Crowley Museum and Nature Center at 16405 Myakka Road, Sarasota is a 190-acre wildlife sanctuary with 5 native Florida habitats and historic 1800′s pioneer buildings and a museum.

  The Banyan Theater Company is an award-winning professional theater company which performs mainly during the summer months. Their three-play season begins in late June and ends in late August,

  Only in Sarasota can you experience the “Greatest Little Show On Earth,” at the PAL Sailor Circus, celebrating its 60th Anniversary this year with the country’s longest running Youth Circus. At the shows each year in March and April, it’s hard to realize that the 120 performers in this spectacular Circus Show are Sarasota’s teenagers. They juggle, walk the high wire, do acrobatics, unicycle, flying trapeze and much more.

  Or, the G.WIZ – The Science Museum at 1001 Boulevard of the Arts in Sarasota has as its mission to be the gateway to lifelong adventures in science by showing that the world around us is amazing, breathtaking and full of unanswered questions. GWIZ offers an interactive gallery, critter habitat and “Fab Lab” as well as on-going programming for residents, school groups, community groups and tourists. Children from 1 to 5 years old will love the chance to explore science in the Itsy Bitsy Scientists program

  Historic Spanish Point in Osprey, just south of Sarasota offers tours of a 30-acre archaeological, historical and environmental museum located on Little Sarasota. Visitors experience “A Window into the Past,” the only museum exhibition in the world built inside a prehistoric shell mound. The colorful gardens and the Butterfly Garden will delight your senses. Nature trails wander through native coastal habitats accentuated by a long boardwalk providing stunning views of Sarasota Bay.

  This list could go on, but we think you get the point. There’s also fine dining and an eclectic mix of shopping venues. There are many, many things to see and do that make Sarasota Florida, the surrounding communities of Bradenton, Anna Maria Island, Osprey and Venice and our Island Keys so attractive to buyers of homes and condominiums for either full-time or seasonal enjoyment, during a working career or in retirement.

  If you have found this article interesting and would like more information on Sunny Sarasota Florida, please contact me either by E-Mail or by filling out the brief Request for Sarasota information form on my website.

Siesta Key Beach Ranked The # 1 Beach in America

That wide expanse of crystal white quartz sand that is Siesta Beach won the title of the “Nation’s Top Beach” just last week.

Steven Leatherman, (affectionately known as Dr. Beach), director of the Florida International University Laboratory for Coastal Research, every year compares all the best beaches in the country and selects the top 10 beaches based upon 50 criteria. Those criteria include the look and feel of the sand, quality of the water, facilities available among other factors.

The beach is composed of pure quartz, pulverized to a fine powder. There is no sand quite like Siesta’s, anywhere. Even under the burning sub-tropical sun, it feels cool to the touch.

San Diego’s Coronado Beach, which has scored at #1 previously, was the runner-up this year. Number 3 was Kahanamoku Beach in Hawaii, while #4 was Main Beach in East Hampton, NY. Rounding out the top 5 was Cape Hatteras Beach in North Carolina.

Among other factors, Siesta Beach scored well on its shallow, warm water and gentle currents while losing a few points due to the heavy vista of condominiums. No matter where you sit or stand, Siesta Beach is spectacular.

Siesta Key has received many honors in the past for it’s soft, powdery white sand beach including recognition as one of “America’s Best Beaches” and the “Third Best Walking Beach in the USA,” by USA Today International Edition and “The Best of the Best Sand,” by Conde Nast Traveler Magazine.

Praise for the pristine 40 acres that comprise Siesta Key beach comes as no surprise to Brian Ward, a well-known Sarasota Accredited Buyer Representative. “Families who buy a home or condominium on Siesta Key have perhaps the most ideal location in all of Florida if what they want is both a casual lifestyle and a beautiful beach on which to take liesurely strolls or watch evening sunsets over the Gulf of Mexico.”

April Sarasota Real Estate Sales Continue a Strong Trend

A total of 759 homes and condominium sales were closed in the Sarasota real estate market during April 2011, continuing a strong spring surge. There were 533 single-family home sales and 228 condo sales. The recent sales rush has taken the market to the highest levels since the fall of 2005 when sales started to decline with the nationwide housing bust.

While in April of 2010, sales were at comparable levels, those sales were driven in large part by the federal homebuyer tax credit program. Sales this month were driven by people making the decision that the Sarasota area is the “right place to buy a home,” and “now is the right time to buy a Sarasota area home.”

Another impressive statistic is that the number of properties on the market at the end of April dropped to 5,258, continuing the downward trend from last month when there were 5,501 properties for sale on the market. Last year at this time, 6,160 properties, or a 8.6 month supply, were available. In January 2009, there were 25.3 months of inventory for single family homes and 38.4 months of condo inventory. The drop to a 6.2 month supply of homes on the market, the lowest in 6 years, will likely begin to put upward pressure on prices as we move into the summer months.

Sarasota Association of Realtors President Michael Bruno said. “it’s especially encouraging to note that sale prices were also at their highest levels for both single-family homes and condos”. Median sales prices for Sarasota single family homes was $155,430 and for condos, the median sale price was $185,500. Distressed property sales represented only 36% of sales, down from 43% in March and 47% in February. “The continuation of this downward trend in distressed sales indicates that the worst of the housing problem is most likely behind us,” commented Sarasota real estate agent, Brian Ward.

The Sarasota real estate is emerging as a market leader and that bodes well for the future. It also indicates to prospective buyers that now may be the right time to spend a week here in Sarasota looking over the inventory of new and resale homes for sale. This is a very opportune time to consider investing in a second home or maybe even your primary home here in the Sun Coast of Florida. I invite you to call me at 941-228-2321 for information and to schedule ta visit to our fair city.

Sarasota Home Sales Hit Highest Level in 6 Years

Sales in the Sarasota Florida real estate market in March reached the highest level in six years. Total property sales in the Sarasota real estate market hit 800 for the month of March, 2011, the highest level since September, 2005 when sales started to decline.

The other great news was that

• prices rose in double digits for both single-family homes and condos from the previous month
• pending sales were the highest since the real estate boom ended in 2005, and
• the inventory of unsold homes dropped to 5,501 – less than 1/3 the available properties on the market during the boom.

“Sarasota is clearly a recovering market,” said Sarasota Association or Realtors (SAR) President Michael Bruno. “Agents are very busy showing properties and writing contracts, and people are excited about our strong market rebound….We haven’t seen numbers like these in several years. There is a buzz in the local market that’s reaching out to buyers across the nation and even internationally.”

What makes the Sarasota real estate market statistics even more positive is the fact that there is no federal homebuyer tax credit initiative fueling this surge. The tax credit program drove up homes sales in the Spring of 2010, but this year’s numbers are strong simply on the basis of the incredible values evident in the Sarasota and Bradenton real estate market.

Single family home sales, at 580, were up 23% from the previous
month, and 5% higher than March, 2010 when the tax credit spurred sales to 555. Condo sales also climbed to 220 in March 2011, up 10% from February, and 11% higher than last year at this time.

Median sales prices for both single family homes and condominiums also improved in March to $159,250 for single family homes and $173,000 for condos, a 16% and a 26% jump, respectively. One of the likely reasons – distressed property sales fell to 43% of total sales, down from February when almost 47% of sales were foreclosures or short sales.

In addition to the positive sales figures, pending sales also came in above the 1,200 level in March, hitting 1,208, the highest level in six years. In 2011, every month has seen more than 1,000 pending sales, or properties going under contract during the month. The statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity.

Last March, pending sales reached 1,060, but this year’s upward trend is being fueled by buyers of all sorts – investors, second-home buyers, and those who realize that today’s lower home prices coupled with low interest rates present buyers with an opportunity not seen in years.

The drop to the lowest inventory level in six years (5,501) puts upward pressure on sales prices moving forward. The remaining months of inventory for single family homes, (the time it would take to sell all currently available single family homes at the present rate), fell to 6.0 months from 8.0 months in February. This is traditionally a level which represents the cusp of a seller’s market, when buyers begin to compete for available properties and drive up prices. For condos, the remaining months of inventory dropped to 9.2 months from 10.4 months in February, also a healthy figure.

Only a short 26 months ago, in January 2009, there were 25.3 months of inventory for single family homes and 38.4 months of condo inventory. The market is considered to be in equilibrium between a buyers and sellers market once the figure reaches the 6 month level.

“Price appreciation normally follows a declining inventory,” explained Bruno. “I’m hopeful that this trend, which has been evident now for several months, continues into the summer months. to the federal tax credit. There is evidence the trend will repeat this year. I’m very encouraged by the numbers we’re observing …,” he said.

The evidence is clear. If you have been waiting too see whether prices will decline further, time is running out on you. I wouold be delighted to sit down with you, review your needs and wishes, and then see if, together, we can find that Sarasota golf course home or that Sarasota waterfont home or condominium you have been dreaming of owning here in Sarasota or Bradenton isn’t sitting here today waiting for you. Call me today at 941-228-2321 for immediate assistance.