According to Florida Association of Realtors the Sarasota Bradenton Market has pushed up 9.5% from the previous months sales in March and the median price is up $20,000. Does logic indicate that we have missed the bottom or has some form of a housing real estate bear market rise given way for another tumble this summer when the balance of those exotic ARM loans adjust this year for more mortgages to default?
You would think that after the high of July 2005, almost 3.5 years that we would see some form of light at the end of the proverbial tunnel. The median price of $163,000 in Sarasota Bradenton, up from $150,000 in March might indicate that pent up demand for housing has finally reached critical mass…..maybe? Although Buyers are still shell shocked from the last 9 months and may become gun shy about committing to Real Estate purchases especially in Florida. While prices rose sales have declined 12% in the Sarasota Bradenton markets, but I suspect that is due to a large portion of our population of snow birds (estimated population of about 100,000 from various cold northern regions) leaving the area after Easter weekend and not committing to anything other than their familes and packing up th condo for their northern homes.
In other fronts, such as the condo market, this area has show signs of real life with the meadian cost of a condo going from $129,000 at the possible bottom of the market in March to rise $20,000 to $149,000. I, Tom Kelley, personally have been having a tremendous amount of success in the area of condo sales on Siesta Key, one of Sarasota’s best Barrier Islands. I find that retirees and families that have been coming down to Siesta Key to vacation and have fallen in love with the area are finally committing more time by purchasing Gulf Front condos on Siesta Key’s Crescent Beach. These are the same folks that serendiptiously missed the market in 2004 when prices seemed to soar to the heavens.
I wouldnt want to under state the fact that condos are typically easier to mantain from a distance, as the communities generally have staff that maintain the units on either a daily or weekly basis to check for leaks or any other household issues that seem to develop and thus protecting the investment of the owners. Houses typically stand alone unchecked for months and could possibly have Air conditioning problems or roof leak issues that if going unchecked can create mold issues that are difficult to remedy, making condos the logical choice for many buyers.
In any case it is hard to predict what consumers will do in the future and how quickly they will return to any one market, but one thing is for sure, Sarasota and her Islands havent changed and the beaches are still amazing as well as perfect weather in Paradise, sales have proven that and those buyers will continue to come. The old Wall Street adage goes, “you cant catch a falling knife”, which means you cant mark the bottom and most folks make that mistake…I suggest you not be one of them and But now.
Tags: FAR, Florida Association of Realtors, median price, Sarasota Bradenton Market
