Possible Light on The Sarasota Real Estate Market

On the recent report the Charlotte County-North Port popped out a surprising 13 percent rise in sales during March. But other parts of Southwest Florida’s real estate market might be showing some signs of stability, too, particularly on some of the barrier islands. It was something real estate market watchers were hoping for quite sometimes. It is important to now more about your market when the going gets tough. Right now we are suffering from a housing crisis and simple progress such as the one reported is always a smile on a broker’s face.

There were 22 sales of single-family homes during the first three months of 2008 on the island, compared with 27 during the same period a year earlier, and the average price per square foot was $404 this year, compared with $390 last year.
If we get another quarter in which selling price is close to that same number around $400 per square foot, I think we can say we’ve reached the bottom and may be starting up. It is a hope that we can grip. We are suffering from a worst-case scenario from years ago. We have been warned about this event to happen and now it is in the front of our very eyes. Like anyone who are close in the market one must know the quality of the market when it goes from boom to bust. Sarasota real estate market is doing well in many standards and it is not just a simple case to consider.

Although the housing crisis is very understandable you have to still consider that condominiums are a different story. Even though there were 19 sales for the first three months of this year, compared with 16 during the same period last year, the average price per square foot is still falling. It was $331 this year, compared with $414 last year. The topic considering this downturn and number analysis is vital for us to be informed in a lot of different ways. Going forward, a prediction indicates an increase in the number of sales but that values will remain low. Sellers have to make significant concessions to get buyers to sign. We just have so many inventories, and buyers are cherry pickers. In fact, they are sometimes referred to as scavengers, hyenas and bottom feeders. But whatever happens, a progress is a progress.

Price was the driving factor in the boosted sales in the Charlotte County-North Port market, where 268 homes changed hands in March, compared with 237 in the year-ago period, the Florida Association of Realtors reported Tuesday. The median sales price was $152,200 last month in the market, the lowest since February 2004’s $147,100. Becker is seeing most of the sales gains in lower-end properties such as $45,000 condos or $35,000 mobile homes and in homes priced below the curve. Well truthfully the market is in a good turn per say. Sarasota real estate market can make things progress, it is up to the market’s phase if it will go up or down, regardless we’ll all be watching.

Jron Magcale


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