Sarasota Real Estate Market

Good morning from the sunny Sarasota real estate market. I took a drive over to Longboat Key early this morning to check on a condo for some owners and noticed lively activity on the downtown Bayfront as well as St. Armands Circle. I've been telling our blog readers for a few months now that our web traffic is up, as well as showings -- traffic in the area is up too!

Surfing the web this morning even Yahoo Finance pointed out that some real estate markets are heating up. Good things are starting to surface about the Sarasota real estate market:

it's a great time to buy: Interest rates are at historic lows, with high inventory levels, there's lots of choice, and prices are down.

Sarasota is no. 4 in overall cities searched for real estate. If you're on the fence and think now is the time to jump off and into our Sarasota real estate market, give us a call to show you homes and condos in one of South West Florida's most beautiful markets. Sarasota offers its residents sunshine, warm weather, beaches, waterfront activities and cultural venues similar to larger cities.

Sarasota FL Real Estate Market

The Sarasota real estate market is definitely offering some wonderful properties at huge discounts these days. I contacted several of my Internet marketing partners and asked them about their local real estate markets to see if this was true in other areas. Since CNBC has something different to say every day, I thought I’d get comments from realtors in my referral network about their areas.

State of the Market From Realtors in My Referral Network:

The Myrtle Beach condostore people urge anyone who is looking for the rock bottom deal or foreclosure homes to act soon. Prices have pretty much bottomed-out and inventory is going fast. Oceanfront condos in Myrtle Beach can be had for prices equal to 2003-2004.

Like many of the smaller residential areas, Greenville SC home sales were not that much affected by the 2005 boom, and therefore still offer a good market for both buyers and sellers. Greenville has something for everyone, from downtown condo living to gated senior golf communities.


North Texas Realtors report sales from Flower Mound Tx real estate and Frisco Texas real estate are remaining very affordable and offer a great alternative for retirement or suburban living. Prices there are stable and great deals can be found.

The consensus in Myrtle Beach, Greenville, SC and from my Texas network is "great inventory and affordable prices won’t last forever". When real estate hits the bottom, it will be too late to know. If you are buying Sarasota FL Real Estate I would agree with my network. Affordable prices, a great selection of inventory with these interest rates won't last forever. Once interest rates rise, prices may go a little lower but over the long run, buyers will pay more -- unless of course, it's a cash purchase.

Bird Key Real Estate

Yesterday a gentleman from Michigan called for information on Bird Key real estate. He said he had visited Miami and some areas of Arizona but Bird Key was his favorite for pursuing real estate. I was driving out to Longboat Key to check on some property for a customer so I asked him to send me an email. He was also looking for a "deal". We hear that every day now.

Update on Bird Key real estate:

There are 53 homes for sale on Bird Key listed in the Sarasota MLS at prices starting at $599,900. The highest priced home on Bird Key is $14,900,000, a waterfront estate on Seagull Lane. In the last six months, there have been 16 closings and 8 Bird Key homes are under contract according to MLS data. Thanks to a blog reader this search data has been corrected!

With inventory levels high, many sellers are motivated to sell. Sellers have reduced their properties considerably and seem to be holding as pointed out in the Sarasota real estate market statistics this month. Making an offer and negotiating a price will be a win/win right now. Many want to sell their property and move on with their lives and are willing to go lower. Make an offer and see if the home you want may just be the deal instead of searching for distressed properties, short sales and foreclosures.

If you are interested in Bird Key real estate or other Sarasota properties, contact Annette Smith at 941-504-3922.

Sarasota Real Estate Market

In a press release dated April 22, the Sarasota Board of Realtors stated

March sales in Sarasota top 500 for first time since July 2007

Pending sales highest in a year, indicating improving market for summer
 

Overall property sales in the local market for March 2008 topped 500 for the first time in eight months, according to statistics pulled from the Sarasota MLS system. There were 514 property sales reported in the Sarasota MLS, easily topping the February 2008 sales of 423.

There were 344 single family homes sold by SAR members in March 2008, along with 170 condominium units. This compares to 294 single family sales in February and 129 condominium sales, which means March saw an overall increase of 21.7 percent over February.

Single family homes saw a small decline in the median sale price, from $285,000 in February 2008 down to $266,750 in March 2008 - a 6.3 percent decline. But condominiums saw a small increase in the median sale price from $230,500 in February 2008 to $235,000 in March 2008.

"Once again, the local Sarasota market is proving its resilience, even as the state and national housing market statistics continue to show weakness," said Helen Sosso, 2008 SAR President. "It is remarkable how our local real estate practitioners are weathering this downturn, and proving once again the value of a professional Realtor® during difficult times. As we've been saying for more than a year, this is a prime buyer's market, with historically low interest rates, moderating prices, and an incredible, high quality inventory of homes on the market."

One of the continuing bright spots in the March 2008 report was the strength in pending sales, which stood at 674 - the highest level in the past year. In March 2007 pending sales were at 706. Pending sales have been edging upward since December 2007, when there were 374 pending sales.

Pending sales counts the number of signed contracts in a month, and is a leading indicator of sales activity. There is a direct correlation between pending sales and closed sales that are reported in the following month or two.

Inventory levels were lower in March 2008 at 10,025 single family homes, compared to 10,596 in March 2007, and down slightly from February 2008, when there were 10,035. Condominium levels also decreased from the March 2007 level of 6,180 to 5,702 in March 2008, but up slightly from the February 2008 level of 5,588.

The days on market, which translates to the average time it took to sell a property, was at 152 days for single family homes, slightly higher than the 144 days in March 2007, but lower than the 160 days in February 2008. Average days on the market for condos was 181, a healthy drop from the 199 days reported in March 2007, and much lower than the 219 days in February 2008. The days on market reflects a quicker pace of sales, meaning the size of the current inventory should begin to decline going forward.

The local Sarasota-Bradenton MSA continued to fare better than the overall state. The MSA was down by 15 percent for single family home sales and 17 percent for condominiums, comparing March 2008 to March 2007. For the overall state, single family homes declined 26 percent comparing March 2008 to March 2007, and condominium sales were down 24 percent month to month.

In fact, the smaller Sarasota-Bradenton market again sold more overall properties than the Miami market. There were 1,022 overall sales reported for the local MSA, compared to only 609 in Miami.

Postive News Continues for Sarasota Real Estate Market

Good News Continues in Sarasota's Real Estate Market

The Sarasota Board of Realtors issued a press release yesterday to local media reporting that February property sales rebounded by 28 percent in Sarasota.

The release pointed out that pending sales are also very high, which is a good indicator for stronger real estate market ahead.

According to the statistics pulled from the Sarasota MLS, our local market saw a big jump in February 2008 in overall property sales. Read our last month's report.

There were 423 property sales reported in the Sarasota MLS, compared to only 329
sales in January 2008. In addition, pending sales climbed to 654 in February,
the highest level in nearly a year (March 2007 was the last month with higher
pending sales at 706).

There were 294 single family homes sold by SAR members, along with 129
condominium units. While sales numbers were strong, the median sale price for
homes and condos continued to fluctuate. Single family homes saw a small rise in
the median sale price, from $265,000 in January 2008 up to $285,000 in February
2008 - a 7 percent increase. But condominiums saw a drop in the median sale
price from $303,500 in January 2008 to only $230,500 in February 2008 - a 24
percent decline.

Helen Sosso, 2008 SAR President said: "we've been receiving strong anecdotal evidence from brokers that traffic has picked up significantly." The Herron Group has noticed an increase in open house activity: West of the Trail, Venetian Golf & River Resort and in some of our Casey Key real estate listings.

Another bright spot in the February report was pending sales strength, standing at 654, the highest in the last 11 months. A year ago pending sales were at 706 for the same time period. Pending sales have been on the rise since December 2007, when there were 374.

"Pending sales counts the number of signed contracts in a month, and is a leading indicator of sales activity."

Inventory levels were also slightly lower in February 2008 compared a year ago. Current inventory conditions may mark a great buying opportunity.

Sarasota Real Estate Market Update

December 2007 Sales Up as Sarasota Real Estate Market Rebounds

In our Sarasota real estate market update in November, we were optimistic that our area was stabilizing and new Sarasota stats show signs of a continuing rebound. December 2007 sales were up from November by 22.7 percent. As resort areas are in demand for well-prices properties, Sarasota will be on many buyer's destination list as interest rates are even more enticing after the Fed rate cuts. More buying opportunities are available with a huge inventory of homes and condos. Buyers of luxury waterfront homes on Siesta Key, Longboat Key and Sarasota also enjoy the area's natural beauty, excellent educational system, world-class restaurants, safe and clean environment, cultural venues and good health care.

Annette Smith offers the highest of Internet exposure for selling your downtown Sarasota condo with multiple websites and a creative marketing strategy for the changing Sarasota real estate market. Email Annette with your questions or to ask for a buying or listing appointment.

Sarasota Real Estate Market Update

Market has plenty of room for rebound

The local Sarasota real estate market is showing signs of life, but economist and Sarasota resident, John Tuccillo, says it still has far to go. Formerly the chief economist of the National Association of Realtors, Tuccillo says the uptick in property sales "shows the essential quality of the area."

If you are thinking of buying a Sarasota, Florida home in the cultural waterfront community of Sarasota Florida, contact Annette Smith for listings in the Sarasota MLS. Email Annette an appointment to view properties for sale or give us at call at 941-504-3922.

Sarasota Real Estate Sales

Sarasota Real Estate Market Continues to Improve!


If you sit on the fence, you may just miss that waterfront property in Sarasota you always had in your dreams once again. Sarasota home sales were up 16% over April of 2006. "It was the only market in the state to show positive sales growth for April."

With low interest rates, high property inventories, now might just be the time to buy Sarasota property! Sarasota is special and it's not a secret any longer.

Is Casey Key the place to begin your waterfront search? Currently, there are over 40 properties for sale on Casey Key FL. If you are looking for a Gulf Coast home, Annette Smith is experienced in Sarasota waterfront real estate sales and are ready to assist you in the changing Sarasota real estate market. Email Annette for a list of luxury Sarasota properties available if Florida luxury real estate is your choice.

Sarasota's Bayfront Features Tolerance Banners

My Sarasota REALTOR finally took me back to my favorite spot at the bayfront on Saturday and Sunday mornings. If you haven't been to the bayfront to see the tolerance banners, you are missing a wonderful exhibit!



Two of Sarasota's most beautiful mornings of the year saw residents and visitors alike enjoying the banners on display, strolling along the water, viewing our famous Sarasota "boats" in residence, the Ringling Bridge majestically as a background with LaBellasara and Grand Riviera towering as a focal point of a perfect painting.


As you can see my realtor is a real shutter-bug and always has her camera handy. Over the years, she has clicked O'Leary's, the marina, Sarasota condominium row, Le Barge, images of Sarasota's finest real estate and available for all to enjoy on daily walks around the bayside park. To own your own Sarasota condos with a "hotspot" address, Annette Smith with RE/MAX Properties in Sarasota is available to help buyers and sellers with a smooth transaction in the changing Sarasota real estate market.


Yours truly, Snuffy Smith, is signing off. Come see me in Paradise, my Sarasota home!