Blog

May
27
The Sun Shines on Sarasota Housing Market

When it come to matters of the global economy and the state of the nation's housing market, it seems that the popular media's obsession with feeding us nothing but bad news is still high on the agenda. With each passing day the stories appear to get less encouraging as we continue to be bombarded with stories of doom and gloom concerning the worst hit regions of the country. Positive forecasts, which once implied notable recovery during 2011, have fallen worryingly silent and real estate throughout many areas of the US continues to show slow signs of rebounding. Florida real estate in particular has almost become a byword for the housing crisis.

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But behind the sensational headlines, it's not all bad news. Here in Sarasota, for example, we are experiencing something of a return to form with strong spring sales in the local housing market. Following a very positive March, April has seen continued and steady growth, according to figures released by the Sarasota Association of REALTORS®. The Association has stated that the recent sales rush "has taken the market to the highest levels since the fall of 2005 when sales started to decline".

Equally encouraging is the news that both single family houses and condominiums held their prices, during the period under review. This is particularly noteworthy, given the volume of distressed condos currently on the market. Though, perhaps surprisingly, only 36% of the overall current market is represented by distressed properties.

Last April we saw some positive figures emerging, but that was largely attributable to the federal home buyer tax credit coming to and end, causing a push in sales. This spring, we had no such luxury, and it is comforting to know that the increase in interest is simply down to the exceptional quality of inventory, coupled with some very encouraging prices.

And things could continue to improve as investors, first-time buyers and those seeking great-value vacation homes take advantage of low interest rates. SAR President Michael Bruno said "The market continues to trend in the right direction", adding "Even without the federal tax credit, Sarasota is emerging as a market leader".

And the good news continues to roll in! A prestigious annual survey has just named Sarasota's Siesta Beach, the number one beach in the US. The survey, conducted by Florida International University professor Steven Leatherman, known affectionately as 'Dr. Beach', is now in its 21st year and research suggests that the location of the coveted 'best beach' spot usually sees up to a 20% increase in visitors as a result.

In a world seemingly dedicated to delivering bad news, it's great to see Sarasota making the headlines for all the right reasons.

For more information about the Sarasota real estate market, or available listings, please don't hesitate to contact us at (941) 284-4474 or Toll free (941) 404-4737. One of our qualified Sarasota agents will gladly get back to you.


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