There are some great deals right now with the condos and townhomes. The average price that should be paid depends a great deal in the subdivision or condo complex that you decide on and what type of ammenities it has. What type of things are important to you? Golf, tennis, swimming? Here's some information that I think you might find interesting:
Sarasota market hits highest sales figure since March 2007
Home sales in the Sarasota MLS for May 2008 stood at 627 â€“ the highest level in 14
months, and approximately 92 percent higher than the sales in January 2008. In 2008,
sales have been increasing each month, possibly due to the influence of the new property
tax portability law enacted in late January. Sales have climbed from 329 in January to
423 in February, 514 in March and 567 in April.
â€œThis year, the Sarasota real estate market has been a beacon of hope as the state and
national markets continue to struggle,â€ said Helen Sosso, 2008 SAR President. â€œI believe
our local agents have embraced the concept of a buyersâ€™ market, and educated sellers on
the realities of pricing. We still have advantageous interest rates, and our communitiesâ€™
natural and cultural amenities always attract buyers.â€
The May 2008 report continued to reflect strength in pending sales, which stood at 692 â€“
the second highest level since June 2006. Last monthâ€™s pending sales stood at 756, the
highest in the period. In May 2007 only 541 pending sales were reported. Like closed
sales, pending sales have been edging upward since December 2007, when there were
only 374 pending sales reported. Pending sales reflect contracts executed by buyers and
sellers, and indicate more closings in upcoming months and an improving market in the
early summer months.
Inventory levels were lower in May 2008 for the third month, and are the lowest they
have been since February 2006. Still, with 9,500 single family and 5,100 condos listed,
buyers have a huge selection of more affordably priced housing to select from. The
reduced inventory is a combination of fewer properties being listed, and increasing sales
numbers. As the inventory continues to decline, the market will come back to more
balance. As we approach equilibrium, the buyerâ€™s market weâ€™ve been experiencing will
be gone, and price appreciation will creep back into the market.
In general, the Sarasota MLS statistics show a rebound throughout 2008 â€“ every month
seeing stronger numbers than the month before. In fact, Sarasota statistics have been
stronger in recent months than sales in the Miami market, which is a much bigger
geographic and demographic area.
In the local Sarasota market, we have seen the trend already beginning toward lower
inventories, higher sales, and a leveling of prices after several months of declines. The
May figures reflect this new reality
Please ccheck out our website for more information on the Sarasota/Venice area.
Roxanne Moore, Realtor
Re/Max Anchor Realty