According to recent data, Sarasota area home sales in July were just 525, down 48% from June's figure of 776 sales. The sales volume returned to about the level it was at before the federal government's home buyer tax credit program became a factor driving the real estate market.
In July, 374 single family homes were sold, compared to 576 in June 2010. July condominium sales were 151, down from June's figure of 200.
What is happening is exactly what was predicted. "We knew that a time would come when sales would fall back from the high levels we hadn't experienced in almost 5 years once the federal tax credit program ended. The Sarasota real estate market isn't immune to the economic forces which continue to depress home sales nationwide," says Brian Ward, a knowledgeable Sarasota real estate agent, But, he remains confident that better days are coming as the market returns to a stable level.
The months of unsold single family homes on the market rose in July to over 10 months from 6.5 months in June. For condos, the figure rose to almost 14.5 months from about 10.5 months. A 6 month supply of homes on the market is considered equilibrium where neither buyers nor sellers have an advantage in negotiating over price. "Clearly at this point," says one Sarasota FL realtor. "Prospective buyers clearly have the upper hand."
What does this mean for you as a potential buyer of a home on condo in a Sarasota or Bradenton FL waterfront or golf community? According to one local realtor who specializes in Sarasota, Siesta Key and Osprey FL real estate, it means that home sellers will be back to being more amenable to negotiating on price if they really want to sell their property.
So, if you've been thinking about buying a home here in our "Sun Coast Paradise" before the winter winds start blowing up North in a few months, this would be be a great time to come to Sarasota. Let a professional Buyer's Agent Realtor like Brian Ward who specializes in the Bradenton and Anna Maria Island area, or Janet Dugan, who specializes in Sarasota golf homes show you homes or condos that fit your needs and desires perfectly at a price you'll be more than happy to pay given where prices were just a couple years ago.
5 comments:
I belive this is true. As we travel the state, we noticce better things about to happen in sarasota than in most other places in Florda
There are particularly attractive bargains available in The Meadows neighborhood in Bradenton Florida. Everyone should check out this very attractive and friendly community
Things aren't exactly booming in Bradenton, Florida but they are slowly improving.
Lots of potential buyers are seeing the bargains, unfortunately there's a large number that economically just can't afford to buy at the current time. Looking to get help from the economy.
Sarasota is wonderful and even more than wonderful if you're an avid golfer like me.
Post a Comment