Sarasota Real Estate Sales Stats for September 2010
The Sarasota Association of Realtors just released statistical data for the September 2010 Sarasota real estate market. The data mirrored the numbers that we saw in August. Both prices and sales were almost identical to the numbers from the previous month. In addition, the report states that September 2010 figures are “virtually identical” to the median price and unit sales from a year earlier in September 2009.
Eric Shumway, SAR President, pointed out that “we’ve observed a very steady local real estate market for the past 12 months.” August and September are typically our slowest months for real estate activity.
For the full report: click here http://www.sarasotarealtors.com/Sept2010stats.pdf
The Obama Administration & Congress Need to Make a Decision on Income Taxes
We are seeing many buyers that appear to be waiting to see what the Obama Administration and Congress will be doing with regards to Taxes. There is so much uncertainty out there because of the Obama Administration’s failure to make a decision and take action on setting the Tax Rates for 2010. In order to get the economy and real estate market going, the emphasis needs to be on restoring confidence to consumers and small businesses. Business and consumers seem to be waiting on this administration to make a decision. We are working with many buyers right now that are putting off large decisions (like buying a home), because they do not know what the repercussions will be on Income Taxes and Obamacare.
In addition, the foreclosure moratorium would be disastrous for the real estate market. Banks certainly need to be following the law. But allowing hundreds of thousands of delinquent homeowners to remain in their homes because of technicalities will only add to the challenges of the real estate market. So far, President Obama has been reluctant to place a nationwide freeze on foreclosures. Democrats like Nancy Pelosi and Harry Reid have pushed for a nationwide freeze on foreclosures. Many are speculating that this is an effort to win votes in the mid-term elections, despite the harm that a move like this would do to the economy. So far, the President has resisted the pressure from the left wing. Let’s hope that he stands strong.
The Sarasota Board of Realtors just released sales data for property sales in the Sarasota real estate market in July 2010. As expected “sales slowed to pre-tax credit numbers following the expiration of the federal $8,000 homebuyer incentive.”
In July 2010, there were 525 total sales which was a 47.8 percent declines from the June 2010 figure of 776 sales. The reported stated that “the sales figure was much closer to the 506 sales in January 2010 and the 528 sales in February 2010, when the homebuyer credit wasn’t a factor in the market.” Pending sales were lower too, dropping to 653.
Single family homes for sale in Sarasota sold dropped to 374, compared to 576 single family homes sold in June 2010. “The median price also trended lower at $155,000, compared to June’s figure of $175,000. The figure was more in line with the 12-month rolling median sale price of $162,000.”
Sarasota condo sales in July totaled151. This was down from last month’s figure of 200. “The median price of condos also fell in July to $127,000, which again primarily reflected distressed property sales. Non-distressed condo sales saw a median price of $227,500, while for distressed properties, the median sale price was $73,000 for bank-owned condos and $121,700 for condos involved in short sales.”
Eric Shumbway, 2010 SAR President pointed out that slower sales were predicted once the tax credit expired. He also pointed out that Sarasota is “not immune to economic forces which continue to limit the nations’ recovery.”
To read the full report, click HERE for the complete PDF version of the Sarasota Board of Realtors’ press release, along with two pages of statistical charts.
If you are thinking of listing your home or condo, it is critical that you price it correctly. More than ever, correct pricing is the most important factor for getting your home or condo sold. A current appraisal, a comparative market analysis (CMA), and an experienced agent are three tools that will help determine the appropriate listing price for your home or condo. Very often, short sales and foreclosures are your competition. No matter what you think your house is worth, it is only worth what a Buyer will pay for it. Don’t be emotionally attached to your home and get an expert to do the pricing if you really want to sell. You need to know your competition, not just what has sold in the last three months.
Sellers who price their homes realistically by competing with foreclosure and short sales will sell their homes in a reasonable amount of time. Some Sarasota real estate listings that are priced agressively, receive multiple offers and sell for more than their asking price. Investors know the market and they are looking for foreclosures and deals to fix up and sell again. These same buyers are Internet savvy and keep up to date on properties the minute they hit the market.
You can sell your home too! As long as there are buyers visiting properties, making offers and successfully negotiating prices, homes will sell. Talk with an experienced Sarasota real estate agent to help you successfully sell your home.
Some waterfront properties and exclusive neighborhoods are doing extremely well. Homes are selling above their asking price as buyers who keep a close eye on the market step in to negotiate a price with sellers. The John Allen Team can help you close your deals.
We have buyers looking for properties daily. Buyers want a deal, and deals are being made. Give John Allen a call today at 941-544-6467 to help you with your purchase or sale of real estate. Our Team can help you with all of your real estate needs.
Sarasota Florida’s real estate sales for 2010 just keep getting better even with negative press about the oil crisis to our north, the end of the taxpayer credit and looming worries of a bad economy.
The Sarasota Board of Realtors released stats today for June 2010 and “once again property sales topped the 700 mark” hitting the highest level for this year. Sales were higher than any date since December 2005. The previous high for Sarasota real estate sales was in May of this year when sales topped 766. June property sales totaled 776. Sales were 27.2 percent higher than last year in June.
“In June, 576 single family homes were sold, 28.3 percent higher than June 2009, when only 449 single family homes sold.” Homes values are trending higher also.
Condo sales totaled 200 in June showing a 24.2 percent increase over June 2009. Median price of condos fell, primarily due to distressed property sales.
Once again, pending sales were strong although not as high as the period where homebuyers were eligible for tax credits. Eric Shumway, 2010 SAR President pointed that Sarasota “anticipated a potential drop off in sales with the expiration of the $8,000 tax credit.” Strong June figures show continued strength in the Sarasota real estate market.
Distressed property sales for foreclosures and short sales rose in June and property inventory dropped. Inventory is at the lowest level since the late summer of 2005.
The return of a seller’s market is in sight for properties under $250,000. To read the full Sarasota real estate report, click here.
Contact the John Allen Team for more information on Sarasota homes for sale at 941-544-6467. Visit our newest comprehensive downtown Sarasota real estate site if you are searching for an urban lifestyle.
The Sarasota real estate marketing team at BuySarasota.com has information on every barrier island published online as well as Sarasota downtown condos and the mainland. In an effort to keep our customers updated on Sarasota real estate trends, we’ve also embraced Facebook, Twitter and many other social networking sites. Our multiple websites, multiple blogs and Facebook pages give our customers the opportunity to mingle with other Sarasotans, our real estate agents as well as check out events, Sarasota lifestyles and things to do in on the Gulf Coast.
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If you are dreaming of a little piece of Sarasota real estate in Paradise, start today by becoming our fan on Facebook. Keep informed about the island Keys and its treasure Sarasota! As always, if you would like our help with your home or condo search, feel free to contact the John Allen Team direct at 941-544-6467. We have a team of experts ready to help you with all of your real estate needs.