Is the Sarasota real estate market bottoming?

Take a look at this five year chart of Sarasota, Florida single family homes. The light green are the number of homes for sale, dark green represents solds and the red line shows pending homes sales. See how inventories have plummeted since the beginning of 2008? Pretty remarkable how inventories were over 8,000 and now they are hovering around 4,000. A 50% decline in the inventory is pretty dramatic.

Sales activity has also been active. Some buyers are feeling better about the market by jumping off the fence and buying. Assuming the market is bottoming and we have normal appreciation imagine the home equity that will be created over the next 10 years from those homeowners who purchased at or near the bottom.

Take a look at how high the pendings are on the chart. Of course, a bunch of these are short sales that will probably never close or at least close down the road. I have short sale client still waiting for an answer from the bank after 7 months but that is a topic for another blog post. Regardless, the red line is very promising!

For a great resource visit my website http://www.luxurysarasotarealestate.com to view thousands of homes for sale.

Sarasota Foreclosures

There has been chatter lately from the foreclosure Realtors that another wave is on the way. I tend to believe them. However, I read it in the newspaper and hearsay from my Realtor friends. Some of that might be sensationalized for the newspaper but I believe more foreclosures are on the way. One difference might be that affordability is higher today when compared to when the first wave of foreclosures came on the market. If we see another wave of foreclosures they might be absorbed by the market more quickly. Visit http://www.luxurysarasotarealestate.com/sarasota-foreclosures.php to see hundreds of foreclosures and short sales.

Give me a call at 941.812.6272 if we can help you buy or sell a home or condo in the Sarasota area.

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