Real Estate Matters

Real estate sales figures year-to-date for homes and condominiums in the Sarasota MLS are close to the market totals experienced in 2006, declining a modest 6% through the first eight months of 2007 compared to the same period in 2006. Pending sales remained above the 450 for the month of August, indicating the winter months will likely not see the kind of drop in sales experienced in the later months of 2006.  The Sarasota area is emerging from the downturn faster and stronger than other markets in the state and nation and with the median sale price of a home in our area now $310,000, year-to-date, compared to $350,000 in 2006, there are clearly some fantastic buying opportunities right now. 

Recently Dr. Lawrence Yun, Senior Economist with the National Association of Realtors indicated in an address to the Sarasota International Real Estate Congress in Sarasota that he believes there has been a negative spate of news concerning foreclosures, hurricanes, property taxes and insurance increases.  This has left potential home buyers with the impression that the bottom of the real estate cycle has not been hit, which he believes is an untrue analysis.  In fact, the quarterly figures compiled by FAR and NAR indicate that prices in the local market appear to have bottomed out in the fourth quarter of 2006, and have risen since that time.

On a more personal note, I am happy to report that the Sarasota Association of Realtors has elected me 2008 president-elect of the Association, which is quite an honor to serve the 4000+ members.  This year, I held the office of Treasurer and I look forward to serving in my new position in 2008. 

When it's time to buy, sell, trade, invest or rent real estate, please remember to contact me.

Cheers,

Bill

As the local real estate market continues to adjust it is worth noting though that property sales in the Sarasota area continue to improve, according to the Sarasota Association of Realtors', Multiple Listing Service statistics.  July, 2007 residential sales were up 6% from 2006, continuing a trend from June sales, which were up 5%.  This is causing many to believe, including me, that the market is becoming stable and we are optimistic for a positive trend beginning this season.

Since international buyers in Florida account for more that 7% of all property sales in the state, I though it interesting to note where they reside from.  According to a recent survey conduced by the National Association of Realtors in conjunction with the Florida Association of Realtors, international home buyers came from many different countries around the world.  The majority, 21% from the United Kingdom, down from 34% in 2004/5. Latin America accounted for 34% of international home buying in Florida, with the largest percentage coming from Venezuela (11%) and Colombia (4%).  It is interesting to note that excluding the U.K., the rest of Western Europe increased its share slightly.  Eastern European buyers doubled their participation to 6% in 2006 and Canada accounted for 9% compared to 7.1% in 2004/5.  Other regions of international home buyers are:

• Germany: 8%
• United Kingdom: 21%
• France: 4%
• Venezuela: 11%
• Colombia: 4%
• Western Europe: 10%
• Eastern Europe: 6%
• Latin America: 19%
• Asia: 5%
• Canada: 9%
• Other: 3%

60% of international home buyers purchased single-family homes or townhouses compared to 40% condominium or apartment homes.