November and December sales figures shows signs of life

Here is a link to an informative article about the Sarasota and Florida real estate markets. Here are a few highlights.

Pressure continued on home sellers to lower their prices, but sales during December showed definitive signs of life. The median price for homes last month in the Sarasota-Bradenton market was $284,700, down 17 percent when compared with the same month last year. December is traditionally a slow time of year for real estate agents, but they moved 626 homes in Sarasota-Bradenton, close to the 2005 level of 672, the Florida Association of Realtors reported on Thursday.

"December sales stats are consistent with November results, which is further proof that the flurry of price adjustments made by local sellers are taking effect and buyers are getting off the fence," said Chad Roffers, president of Sky Sotheby's International Realty.

"What we are seeing is that the 2005 spike is gone and, in the real world, homes are selling for plus or minus what they were worth in 2004," said Al Horrigan of RSVP Real Estate in Bradenton. "It is not doom and gloom, it is reality.

"When you see the handwriting on the wall, read it."

The median sales price was $290,000 in September, $277,900 in October, $281,900 in November and $284,700 last month, a fairly flat descent and more recent ascent. Flash back to June with a median of $326,800, and you see how far things have come.

David Lereah, the NAR's chief economist, still thinks sales will start to gradually improve. In 2005, 40 percent of the market represented purchases of second homes and investors buying for quick profits. Speculators have left and that should leave sales at a more sustainable level.

Sue Louis, regional senior vice president for Coldwell Banker Residential Real Estate Inc., agreed, predicting something home sellers have not seen much during 2006.

"Be prepared to pay a price that may not be as low as you'd hoped, but that just might be your last opportunity because we are beginning to see multiple offers on appropriately priced homes."

I have been very busy as of late as well. One of my buyers recently went under contract on a gorgeous home in Lakewood Ranch. Another client has made an offer on a home. A couple more are narrowing down their choices and are close. Some of my listings are getting more showings. Other agents in my office have been very busy as well. The public sentiment is getting more positive. Sellers and agents are starting to price properties more realistically. Some buyers who were sitting on the fence are jumping in while others get more antsy. January sales will be good.