Sarasota real estate market trending toward normalcy A steady drop in property inventory for sale, combined with a stable sales demand in the Sarasota real estate market, is pointing toward normal, healthy property appreciation in the coming months. An analysis of sales, prices and inventory figures reflects a market in recovery, led by a declining pool of available properties on the market. The inventory of available properties for sale has been dropping for the past nine months, and hit another decade-low figure of 4,408 in August 2011. Sales during the past 10 months have exceeded 500 every month, and exceeded 700 four times. As a likely result of consumer demand and dropping inventory, the median sale price for single family homes and condos has recovered from the lows reached in February 2011, when both categories showed a median price of $137,500. The latest monthly figures in August showed a

WASHINGTON – April 28, 2011 – March saw another increase in pending home sales, with contract activity rising unevenly in six of the past nine months, according to the National Association of Realtors® (NAR). The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 5.1 percent to 94.1 in March from a downwardly revised 89.5 in February. The index is 11.4 percent below 106.2 in March 2010; however, activity was at elevated levels in March and April of 2010 to meet the contract deadline for the homebuyer tax credit. The data reflects contracts but not closings, which normally occur with a lag time of one or two months. “Since reaching a cyclical bottom last June, pending home sales have posted an overall gain of 24 percent and demonstrate the market is recovering on its own,” says Lawrence Yun, NAR chief economist. “The index means modest near-term gains in existing-home sales are likely, which would be even stronger if tight mortgag

ORLANDO, Fla. – April 20, 2011 – Florida ’s existing home and existing condo sales rose in March, according to the latest housing data released by Florida Realtors®. Existing home sales increased 12 percent last month with a total of 18,522 homes sold statewide compared to 16,540 homes sold in March 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 24 percent compared to the year-ago sales figure. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home and existing condo sales in March; 17 MSAs also had higher condo sales. It’s the fourth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide. “A variety of housing opportunities is available at attractive prices across the state, while mortgage interest rates remain historically low,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Pr

Sales in the Sarasota real estate market reach highest level in six years Total property sales in the Sarasota real estate market hit 800 for the month of March 2011 - the highest level since September 2005 when sales started to decline. The other great news in March - prices rose in double digits for both single family homes and condos from the previous month, pending sales were the highest since the real estate boom ended in 2005, and the inventory dropped to 5,501 - less than a third of the available properties on the market during the boom. "Sarasota is clearly a recovering market," said SAR President Michael Bruno. "Agents are very busy showing properties and writing contracts, and people are excited about our strong market rebound. Obviously, we haven't seen numbers like these in several years. There is a buzz in the local market that's reaching out to buyers across the nation and even internationally." What makes the statistics even more po

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ORLANDO, Fla. – March 21, 2011 – Florida ’s existing home and existing condo sales rose in February, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February’s statewide sales of existing condos rose 29 percent compared to the previous year’s sales figure. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in February; 18 MSAs had higher condo sales. It’s the third month in a row that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide. “Current market conditions and very low mortgage rates continue to offer great opportunities to anyone looking to buy a home in Florida,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Ho

Sales up; inventory at six year low in Sarasota market The number of available properties in the Sarasota real estate market dropped to a six-year low in February 2011, and sales were up 24.2 percent from the previous month. Median sales prices for both single and condominiums dropped as bargain hunters continued to grab foreclosures and short sales , which represented almost 47 percent of all sales. Compared to this time last year, sales were up 27 percent to 673 total sales, from February 2010's total of 528 sale. There were 472 closings on single family homes and 201 closings on condos last month by members of the Sarasota MLS. In addition to the positive sales figures, pending sales also registered above the 1,000 level in February, with 1,023 total properties going under contract last month. In January 2011, 1,013 properties went under contract. This statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer

Image via Wikipedia Florida’s existing home, condo sales up in January ORLANDO, Fla. – Feb. 23, 2011 – Florida’s existing home and existing condo sales rose in January, according to the latest housing data released by Florida Realtors®. Existing home sales increased 14 percent last month with a total of 12,151 homes sold statewide compared to 10,702 homes sold in January 2010, according to Florida Realtors. January’s statewide sales of existing condos rose 36 percent compared to the previous year’s sales figure. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales in January; 16 MSAs had higher condo sales. “Now is a great time for anyone thinking of buying a home in Florida to make that decision,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “ Mortgage rates are historically low, although they are beginning to ti

Pending sales surge in January 2011 Pending sales in the Sarasota real estate market experienced a major climb in January 2011, from 789 in December 2010 to 1,013 last month for a 28 percent increase. This statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity. It was the first time pendings have exceeded the 1,000 mark since April of 2010, when the looming homebuyer tax credit expiration date was fueling sales activity. Overall, sales hit the 537 mark in January, higher than last January's total of only 506 sales, but somewhat disappointing compared to the 681 sales in December. January is traditionally a slower sales month due to the holidays, and sales have dropped from December to January over the past several years. Last year, sales dipped in January but surged strongly in February, March and April. The dramatic rise in the pending sales last month, coupled with positive word of mouth reports from SAR m

10 Common Errors Home Owners Make When Filing Taxes Don’t rouse the IRS or pay more taxes than necessary—know the score on each home tax deduction and credit. Read Visit houselogic.com for more articles like this. © Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

Feb. 2, 2011 – Optimism has increased slowly but steadily in Florida real estate markets through the fourth quarter of 2010, a new University of Florida survey finds. The fourth quarter Survey of Emerging Market Conditions found improvement in several key categories, including the outlook for sales in new single-family homes and condominiums, office occupancy, retail occupancy, land investment and capital availability. Much of the optimism derives from politics with the defeat last fall of Amendment 4, a proposed constitutional amendment that would have required a referendum for all changes to local government comprehensive land-use plans, said Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies. The conclusion of mid-term elections also eased respondents’ uncertainty as it provided a clearer picture of the future. “The state welcomed a new governor who has promised to make Florida a more business-friendly state,” Becker said. “If he can succeed on

Sales surge in December 2010 and prices remain stable The Sarasota real estate market saw a big surge in December sales, from 534 in November to 681 last month for a 27.8 percent increase. In addition, the median sales price for both single family homes and condos was up in December 2010, indicating a recovering local real estate market. The property sales breakdown in December 2010 was 500 single family home sales and 181 condos. The statistics for December 2010 were even better than December 2009. The 681 total sales reported last month topped the 648 sales in December 2009. The median sale price for single family homes stood at $165,000, a small drop from last year's figure of $170,000, but higher than the November 2010 figure of $160,100. For condos, the median price rose slightly to $160,000 from the previous month's $159,000, down from last December's median of $199,000. But condo prices have sunk below the $150,000 level several times in 2010, so the curren

ORLANDO, Fla. – Jan. 5, 2011 – The 2010 Profile of Home Buyers and Sellers in Florida looks at the traits of the state’s current real estate clients, and it identifies the characteristics of today’s homebuyers. It describes the motivations of recent homebuyers and sellers in Florida so real estate professionals can track the changing demands of consumers. Characteristics of homebuyers • Forty-four percent of recent homebuyers were first-time owners compared to 50 percent nationwide. • The typical first-time buyer was 31 years old, while the typical repeat buyer was 54 years old; nationwide, first-time buyers were typically 30 and repeat buyers were 50 years old. • The 2009 median household income of Florida buyers was $63,300 – slightly lower than the median income of buyers nationwide, $72,200. • The median income was $53,500 among first-time buyers and $84,300 among repeat buyers. • Nineteen percent of recent homebuyers were single females, and 11 percent were sin