SKY Sotheby's/J.P. King Property Auction

In May of 2007 SKY Sotheby's International Realty and J.P. King Auctioneer company are teaming up to hold a multiple property auction. We see this as a way for select sellers to differentiate their properties in a crowded marketplace, sell within a specific time period, and draw prospective buyers from a broader geographic area. Keep checking in for more information on this exciting event.

Home sales off in Sarasota, but still second best in Florida

The Sarasota-Bradenton market posted an 8 percent drop in January sales, which sounds bad but was the second best performance in Florida.

Pressure, however, continued to mount on pricing. The market saw a 20 percent drop -- the state's largest -- from a median price of $353,500 in January 2006 to $284,400 last month. It was the eighth straight month of declining year-over-year prices and came amid rising inventory.

But even in pricing, there were signs of stability. The $284,400 figure was flat compared with recent months: December's median was $284,700 and November's $281,900.

University Park Home

I just listed a wonderful home new in University Park. This 2 bedroom, 2 bath, den home with 2,441 square feet was built by Neal Homes. The Kenwood Park section of University Park offers a maintenance free lifestyle with a gorgeous community pool. Asking price - $750,000. Take a look at the photos and contact me for a viewing - 308-6491.

Sarasota area home prices are dropping as sellers blink

Follow this link to see an article about the drop in Sarasota real estate home prices.

Some of the highlights include:

Sellers have been giving ground on home prices, and during the fourth quarter of 2006 it really showed. The median sales price for a home sold in the Sarasota-Bradenton market was down 18 percent from the same time in 2005.

Sarasota-Bradenton's median price in fourth quarter was $281,500, the Florida Association of Realtors reported on Thursday. The price was $342,700 during the same quarter in 2005.

Another related article shows that homes ales were down in 40 states.

Some of the highlights include:

The slump in housing deepened in the final three months of last year, with sales falling in 40 states and median home prices dropping in nearly half the metropolitan areas surveyed.

Nationally, sales declined by 10.1 percent in the fourth quarter compared with the same period a year ago. The national median price -- the point where half sell for more and half sell for less -- fell to $219,300, down 2.7 percent from the fourth quarter of 2005.

In all, median home prices fell in 49 percent of the 149 metropolitan areas surveyed, the largest percentage of areas showing price declines in the 27-year history of the Realtors' price survey.

Real estate markets in Florida and nationally are going through a cleansing and correction phase. There is activity in the Sarasota markets. A quick look at MLS indicates in the Sarasota area that 367 single family homes and 182 condominiums went under contract since January 1. As a percentage of inventory levels these pending numbers are not huge but a large number of properties currently up for sale are priced at the 2005 highs and then some. Properties priced properly will get showings and a fair chance of being sold.

Sarasota Home and Condo Inventory Levels - February 15th

Here are the most recent inventory numbers from the Sarasota MLS for Sarasota, Lakewood Ranch, Osprey, Nokomis, Lido Key, Longboat Key, Bird Key, Casey Key and Siesta Key.

February 15, 2007
5088 single family homes
3,771 condominiums

January 24, 2007
4,919 single family homes
3,659 condominiums

January 1, 2007
4,433 single family homes
3,305 condominiums

December 1, 2006
4,781 single family homes
3,455 condominiums

October 11, 2006
4,445 single family homes
3,147 condominiums

September 24, 2006
4,458 single family homes
3,078 condominiums

September 9, 2006
4,433 single family homes
3,002 condominiums

August 17, 2006
4,450 single family homes
3,051 condominiums

July 22, 2006
4,486 single family homes
3,062 condominiums

Why People Come To Florida in the Winter

Weather highs for Friday, February 9th:

Detroit: High: 21°F - Feels like: 8°F
Minneapolis: 7°F - Feels like -7°F
New York: 31°F - Feels like 17°F
Richmond: 39°F - Feels like 31°F
Newark: 32°F - Feels like 17°F
Columbus: 22°F - Feels like 10°F
Boston: 28°F - Feels like 13°F
Chicago: 19°F - Feels like 5°F

Sarasota: 72°F - Feels like 72°F

A Busy January

My office was very busy in January. With a relatively small office we put a little over $52,000,000 of real estate under contract in the month. That is a positive sign for this market. Good work to all of the agents at SKY Sotheby's International Real Estate.

Do more homes sell in the season?

Anyone that lives in Sarasota knows that it gets busier in the winter. The snow birds and vacationers escaping the harsh winters up north come to gorgeous Sarasota this time of year.
Does the increase in the number of people in town translate into more real estate sales? Take a look at the charts below for monthly sales figures from 2003 to 2006. I searched through MLS today and pulled up the monthly sales figures. These numbers are from North Sarasota down to Nokomis including Casey Key, Bird Key, Lido Key, Longboat Key, Siesta Key and Lakewood Ranch. The numbers below are only single family homes and not condos.
Notice how the sales typically increase towards the end of the season in April. May and June usually have the most closings. Perhaps the properties were put under contract in April and closed in May or June. For more information go my Sarasota home sales history page.