November 2008 Sarasota, Florida Real Estate Market Update

Below you will find a Sarasota, FL real estate market update for the month of November. I pulled the stats from the Mid-Florida MLS system. While I believe this information to be accurate there is a chance it isn't and is not guaranteed.

Sarasota County Real Estate

Sales of homes in Sarasota, Florida were a little higher last month than in November of 2007. That is a good sign. However, condo sales had a large percentage drop. It is good to see 944 homes under contract. Overall, with the recession, pause for election, drop in stock market and the credit meltdown activity is not too bad for the county.

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Manatee County Real Estate

Wow. 43 condos sold in November compare to 85 for the same month in 2007. Sales of single family homes also took a dive in Manatee county.

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Siesta Key Real Estate

Sales of Siesta Key homes were slow in November. I had to double check that one. According to the Mid- Florida MLS no houses sold on Siesta Key in November. However, there are 25 homes under contract. Sales of Siesta Key condos are virtually the same as last year.

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Longboat Key Real Estate

That is interesting. Only seven Longboat Key condo sold last month compared to 23 in 2007. That is a bit surprising since prices have adjusted. Single family homes are virtually the same from a year ago.

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Lido Key Real Estate

Not much activity in Lido Key real estate. Only one single family home sale and one condo sale in November of 2008. However, there are three condos and three homes under contract. Keep in mind Lido Key is a much smaller island than Longboat and Siesta Key.

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Casey Key Real Estate

There have been sixteen Casey Key homes that have sold so far in 2008. I wrote about the one home on Casey Key that sold in November. The Casey Key home was listed and sold by two Michael Saunders agents.

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Bird Key Real Estate

Zero homes on Bird Key sold in November of 2008. There were three sales in November of 2007. It is good to see nine pending home sales on Bird Key right now. If we make the bold assumption that all nine homes will sell in December of this year than we will outsell December 2007 by eight sales. There was only one sale on Bird Key in December of 2007.

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Lakewood Ranch Real Estate

There was quite a drop off in home sales in November of 2008 compared to last year. I still think Lakewood Ranch real estate is fairly stable with 69 homes under contract. Lakewood Ranch has a lot to offer. There are homes in all prices ranges, newer homes to accommodate retirees and snowbirds, numerous golf courses nearby and plenty of new shopping and restaurants nearby.

There were a few surprises to the November sales activity. I am surprised to see no single family homes sales on Siesta Key and Lido Key as well as the decine in condo sales on Longboat Key.  Overall, the sales of single family homes in Sarasota county were not too bad when compared to November of 2007. I cannot say the same for condos.

Prices have come down quite a bit since 2005. If we didn't have the credit meltdown, large decline in the stock market, recession and overall uneasiness in the nation I think real estate sales would have been better because of the more affordable prices. If we can get some optimism I believe sales activity will increase.

The decline in the stock market can have two effects. It might prompt some people to move equity out of the stock market and to hard assets. Other people who were planning on buying real estate with the money they had in the stock market will no longer be able to do so because of the dip.

Are you looking for a home or condo in the Sarasota area? Please email me at marcrasmussen @ michaelsaunders.com and I will email you everything for sale within your criteria.

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