Sarasota Real Estate Market - current conditions
More homes are listed, but sales and prices are dropping
Agents agree market is improving for buyers
By MICHAEL POLLICK
michael.pollick@heraldtribune.com
Sarasota-Bradenton real estate agents sold 19 percent fewer homes in October than they did a year earlier, but agents report prices are softening in the face of listing inventories three times that of fall 2004.
The softening is a phenomenon that has yet to wind its way into the monthly reports released by the Florida Association of Realtors.
In fact, the association's report Monday showed something of the opposite, with the October median sales price hitting $340,700, about $6,700 off the Sarasota-Bradenton market's all-time high of $347,400 set in August.
The October price was a remarkable 32 percent higher than during the same month in 2004. In fact, the lowest price for the past six months was still solidly above $300,000.
But for real estate agents surveyed Monday, the market sentiment definitely appears to have changed from a pure seller's market into one in which buyers have a much better chance of negotiating a price below what is asked.
In the Sarasota market alone, buyers had 4,346 listings to choose from at the end of October, compared with only 1,465 a year ago.
You can read the rest of the article here:
http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20051129/BUSINESS/511290615/-1/ARCHIVES30
The Sarasota real estate market has definitely slowed down. I am still getting calls from people who are planning on buying within the next 3-6 months. However, these people are end users and not investors. I suspect most of the investors/flippers are on the sidelines waiting to see what happens to the market or have decided to look into other investments.
Buyers definitely have more leverage now. This looks like a good time to purchase since sellers are more motivated and more apt to lower their price and you have much more to choose from. Months ago you might have settled on something just because the market was hot and you wanted to get in. Now, you can be a little more choosy.
Agents agree market is improving for buyers
By MICHAEL POLLICK
michael.pollick@heraldtribune.com
Sarasota-Bradenton real estate agents sold 19 percent fewer homes in October than they did a year earlier, but agents report prices are softening in the face of listing inventories three times that of fall 2004.
The softening is a phenomenon that has yet to wind its way into the monthly reports released by the Florida Association of Realtors.
In fact, the association's report Monday showed something of the opposite, with the October median sales price hitting $340,700, about $6,700 off the Sarasota-Bradenton market's all-time high of $347,400 set in August.
The October price was a remarkable 32 percent higher than during the same month in 2004. In fact, the lowest price for the past six months was still solidly above $300,000.
But for real estate agents surveyed Monday, the market sentiment definitely appears to have changed from a pure seller's market into one in which buyers have a much better chance of negotiating a price below what is asked.
In the Sarasota market alone, buyers had 4,346 listings to choose from at the end of October, compared with only 1,465 a year ago.
You can read the rest of the article here:
http://www.heraldtribune.com/apps/pbcs.dll/article?AID=/20051129/BUSINESS/511290615/-1/ARCHIVES30
The Sarasota real estate market has definitely slowed down. I am still getting calls from people who are planning on buying within the next 3-6 months. However, these people are end users and not investors. I suspect most of the investors/flippers are on the sidelines waiting to see what happens to the market or have decided to look into other investments.
Buyers definitely have more leverage now. This looks like a good time to purchase since sellers are more motivated and more apt to lower their price and you have much more to choose from. Months ago you might have settled on something just because the market was hot and you wanted to get in. Now, you can be a little more choosy.
posted by Marc Rasmussen at
2:10 PM
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