• August 1, 2022

Sarasota Real Estate – How Home Sales Will Figure In 2008

The correction that is taking place in the housing market today after being rocked by the housing crisis, is almost a segment of the market, could be a ray of light in the clouds and could add up to better home buying opportunities. housing this year.

According to real estate market analysts, there is always a demand for affordable homes in resort-style destinations, and with that in mind, there will be many other factors that will continue to make cities like Sarasota, Florida a preferred destination for prospective homebuyers. . The city offers investors an affordable cost of living, wonderful natural sights and recreational services, an excellent educational system, world-class restaurants and trendy cafes, vibrant entertainment and cultural opportunities, a safe and clean environment, and excellent entertainment facilities. medical care.

What the National Association of Realtors Says About the Area Real Estate Market

The National Association of Realtors study published in January 2008, has recognized the positive sales figures in the Sarasota real estate market. According to the NAR, many local areas continue to have healthy or improving local housing markets,” with higher home sales last month in several areas, including San Antonio, Syracuse, Springfield, Ill., and Sarasota, Fla.

For those thinking of entering this real estate market, either as a buyer or seller, they should always consult with a professional real estate agent to learn more about local conditions and trends, which are often very different from the national composite picture.

Seasonal shoppers are coming back to town

According to December 2007 figures from the Sarasota Board of Realtors, seasonal buyers continue to return to the area and are making the most of the buyer’s real estate market. Total unit sales for December 2007 were up significantly from November 2007 as the buyer’s market began to strengthen with the influx of seasonal population. Sales figures for December 2007 also reflected totals for the same period in 2006. The SAR noted that there were 426 closed transactions recorded in the Sarasota MLS in December 2007, of which 280 were single-family homes; and 146 condos.

How Last Year’s Numbers Bode For This Year’s Performance

The overall housing market performance for 2007, in which combined unit sales for single-family homes and condominiums were down just 5.8 percent from 2006 totals, compared to an overall drop in statewide sales of nearly 30 percent. For 2007, there were 6,113 registered home and condo sales by local brokers, compared to 6,491 sales in 2006.

The area’s condo market also fared much better in 2007 than 2006, with sales up 4.6 percent (2,166 compared to 2,070). However, single-family home sales fell from 4,421 to 3,947.

Historically, even with the real estate recession, this places 2007 unit sales as the seventh highest on record based on Sarasota’s MLS tabulations. Home sales figures didn’t break above the 6,000 level until 2000, and this decade the market experienced a historic sales boom from 2003-05.

To summarize, overall home sales volume in 2007 was $2.94 billion, compared to $3.19 billion in 2006. Even considering the unique boom years of 2003-05 and the recent drop in home sales prices, Sarasota’s total property sales volume for 2007 still ranks as the fifth highest year on record for the Sarasota market.

http://siestakeyrealestate.com – Sarasota Real Estate

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