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        <title>Sarasota Real Estate Blog</title>
        <link>http://www.yoursarasotarealestate.com/blog/</link>
        <description>Read Sarasota real estate news and blog presented by Andree Huffine. View the latest information at about Sarasota area real estate news for Siesta Key, Longboat Key, Lido Key and Casey Key Florida</description>
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            <guid>http://www.yoursarasotarealestate.com/blog/sarasota-again-named-the-1-best-place-to-retire.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/sarasota-again-named-the-1-best-place-to-retire.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Sarasota again named "The #1 Best Place to Retire"</title>
            <description> <![CDATA[ 
Once again, Sarasota, Florida has earned top honors by being named the “Best Place to Retire in the Country”.  This time the honor was given by the TopRetirements.com website.  John Brady, founder of that website pointed out that “the best retirement cities and towns in America have good weather, access to healthcare, low property taxes, and a certain “wow” factor.  Sarasota has all of those qualities and more.


The Sarasota area is known as "Florida's Cultural Coast"; home to the renowned the Ringling Art Museum, the Sarasota Orchestra, the Sarasota Ballet, the Van Wezel Performing Arts Hall and the Asolo Center multi-theater complex as well as many art galleries, jazz clubs and local theater groups like the Manatee Players in Bradenton and the Venice Little Theater in Venice.


When the grandchildren come to visit, they will enjoy visiting educational venues like the G.Wiz Science Museum, the Sarasota Jungle Gardens, the Mote Marine Laboratory and the South Florida Museum and Bishop Planetarium in Bradenton.


Sarasota area beaches are all first-rate.  Siesta Beach was voted the “#1 Beach in the U.S.” in the 21st annual Top 10 Beach List, produced by coastal expert Dr. Stephen P. Leatherman, Director of Florida International University’s Laboratory for Coastal Research and known affectionately as Dr. Beach.  “Siesta Beach,” he said, “has the finest and whitest sand in the world; the powdery sand is nearly pure quartz crystal and the beautiful blue-colored water is clean and clear.”


Whether you view golf as a competitive sport or you're just looking for a "home course," the Sarasota area will surely meet your needs and desires. There are golf course communities like those on Longboat Key and Anna Maria Island where you can play golf practically in your front yard while your yacht rests on its mooring in your backyard.  With over 80 public, semi-private and private golf courses, there are golf courses for every level of play and golf course communities with amenities from the relatively simple to the most elegant.


Sarasota’s collection of casual and formal dining establishments and unique shopping venues like St. Armands Circle, set against the backdrop of a wide variety of affordable golf course, in-town, and waterfront communities were additional reasons why Sarasota made it to the top spot.


There is more than enough for keep active retiree busy.  Sarasota is awash in non-profit organizations that enlist volunteers wishing to remain active and involved.  Sarasota even has a website to recruit volunteers for its many organizations and activities.


This most recent #1 ranking continues a long record of Sarasota being ranked highly as a place to retire.  In previous ranking, the national business news website, Portfolio.com, named the Sarasota - Bradenton - Venice Florida area the “Single Most Desirable Community in the United States for Retirement”  and CNBC declared Sarasota to be the “Best Place to Retire.”


If you have been thinking of buying a retirement home or even a seasonal vacation getaway spot soon, Sarasota, including Longboat, Siesta, Lido, Bird and Casey Key, is surely a place you should consider.  If you’re interested in learning more about the Sarasota area, call me directly at 941-232-4053.  I would be delighted to answer your questions.
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            <pubDate>Thu, 10 May 2012 10:39:04 -0400</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/andree-huffine-of-remax-alliance-group-earns-top-real-estate-industry-service-recognition.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/andree-huffine-of-remax-alliance-group-earns-top-real-estate-industry-service-recognition.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Andree Huffine of RE/MAX Alliance Group earns top Real Estate Service Recognition</title>
            <description> <![CDATA[ 
Platinum Service Award is based on the Real Estate Industry's Only independent Survey of Customer Service


 


Andree Huffine of RE/MAX Alliance Group in Sarasota, FL was awarded the highest level of service achievement in the real estate industry, Quality Service Certified® Platinum.  The award is in recognition of earning 100% client service satisfaction in 2011, as measured by Leading Research Corporation (LRC). 


Quality Service Certified (QSC) status is the only award in the real estate industry based on independently validated, measurable service results.  Clients of QSC agents receive a customer satisfaction survey at the end of each transaction.  The surveys are administered and the results are compiled by LRC.


Client feedback from the surveys becomes part of the agent’s credentials.  An overall satisfaction rating is displayed on a consumer website (www.QualityService.org) where sellers and buyers have the ability to select a real estate professional based upon each agent’s validated record of service satisfaction. 


“Nothing is more important to a prospective client in selecting a professional than the service results achieved with past clients,” says Larry D. Romito, President and CEO of QSC.  He adds, “Consumers have greater confidence in service reliability, results and satisfaction with a Quality Service Certified real estate professional because they know that the agent’s service record has been validated by an independent third party.  100% service satisfaction record like Andree Huffine has achieved is just awesome.”


For more information, contact Andree Huffine at 941-232-4053 or by email at andree@YourSararasotaRealEstate.com
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            <pubDate>Sat, 31 Mar 2012 10:33:52 -0400</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/2011-recap-sarasota-area-sales-hit-their-highest-level-in-6-years.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/2011-recap-sarasota-area-sales-hit-their-highest-level-in-6-years.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>2011 recap: Sarasota area sales hit their highest level in 6 years!</title>
            <description> <![CDATA[ 
As we enter the New Year, I’m hopeful your memories of the past year are happy ones and the upcoming year will be a happy, healthy and successful one for you.


We’re seeing the end of another full year of all the indicators of a changing tide in our Real Estate market.  Once again, the market has demonstrated that the Sarasota area is a destination of choice for many primary and second homebuyers. For 2011, the resurgence in sales was dramatic, and represents a 44 percent increase over the low point of the downturn in 2008.


In a recent Today Show real estate report, Barbara Corcoran noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a “beautiful beachfront community” that offers residents and visitors “a sophisticated, urban cultural experience” that is propelling sales and prices in 2011.


Here are the key indicators that show the Sarasota area is one of the top recovering markets in the nation:


Sarasota area Home Prices are stabilizing: 


The median sales price has been relatively flat since 2009 for single family homes. It continued to decline for condos through 2010 and during 2011 we saw prices flattening out on condos also. This stabilization is what’s bringing buyers back into the market – they’ve been waiting for the signal that prices have hit bottom. 


 


Sarasota area real estate inventory levels have declined sharply: The inventory of available properties for sale in Sarasota hit a 10-year low of 4,408 in August, and has fluctuated only slightly since that time. At the end of December it was 4,567. At current sales volume, single family homes inventory now stands at 6.3 months and for condos it’s 9.2 months.


Sarasota area unit sales have been strong and steady throughout the year and have risen 3 straight years  


Unit sales in Sarasota are up a full 8.2% year for the year 2011 vs 2010, and hit their highest level in six years. Sales volume has risen in every year since hitting a low in 2008.


 


The chart to the left shows the annual unit sales for the periods 2000 through 2011 by the Sarasota Association of Realtors.


 


If you are visiting our area now or planning to come to Sarasota in the near future, I encourage you to call me at 941-232-4053 today or E-Mail Me. I also invite you to visit my Sarasota real estate website to learn more about our area and the many attractive golf course, in-town, and waterfront communities in the Sarasota - Bradenton, Florida area including Lakewood Ranch, Anna Maria Island and our island keys, Longboat, Lido, Siesta and Casey Key.
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            <pubDate>Fri, 20 Jan 2012 11:32:56 -0500</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/sarasota-bradenton-1-spot-for-home-buyers.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/sarasota-bradenton-1-spot-for-home-buyers.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Sarasota - Bradenton #1 spot for Home Buyers</title>
            <description> <![CDATA[ 
In a recent article, Forbes Magazine reviewed a report issued by Trulia.com, an Internet search site frequently used by those searching for a new home. Nearly 90% of people who buy homes begin their searches on the Internet. As a result, Jed Kolko, chief economist and head of analytics at Trulia stated that, “where people are searching for properties is an indicator of which real estate markets are "picking up strength," and where home demand is growing.”


Of roughly 100 million home searches, the top 10 cities “picking up strength” are in the Sun Belt, and Florida dominates the list with 5 metropolitan areas in the top 10. The # 1 spot where real estate "is picking up strength" was the Sarasota - Bradenton - North Port area.  The Sarasota – Bradenton – North Port metro area was followed in the top 10 by 4 other Florida cities including Fort Lauderdale - Pompano Beach at #4, Cape Coral-Fort Myers at #5, West Palm Beach-Boca Raton at #6, and Orlando - Kissimmee - Sanford at #10.


In another sign of the improving health of the Florida real estate market, the Florida Association of Realtors reported that existing home sales along both coasts of Florida picked up dramatically this year, even in the slow summer and early fall months. The Sarasota - Bradenton area saw a significant uptick in existing home sales.


The resurgence of interest in the Florida real estate market, and especially the Sarasota - Bradenton area is attributed to two main factors. The first is bargain-hunter investors buying up real estate properties at what are historically low prices.


The second source of interest is the huge numbers of Baby Boomers, moving into their retirement years, who have wanted for some time to buy a home or condo in a warmer climate but who were put off by the sky-high prices in recent years. These buyers, as they return for their winter stays in rental units, seem to understand that Sarasota area home and condo prices are about as low as they are likely to go.


With both prices and interest rates at historic lows, waiting until the economy picks up further in 2012, may be too late to get the best property at the best price.  So, if you are a real estate investor or a Baby Boomer and you've been "on the fence" about when would be the right time to buy, right now is that “right time.”
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            <pubDate>Mon, 19 Dec 2011 13:06:55 -0500</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/sarasota-home-sales-continue-upward-trend-in-october.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/sarasota-home-sales-continue-upward-trend-in-october.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Sarasota Home Sales Continue upward trend in October</title>
            <description> <![CDATA[ 
The Sarasota Association of Realtors just released their October results. In it, they reported total home and condo sales for October of 577, essentially unchanged from the September volume of 570. This October total consisted of 412 single-family homes and 165 condos.  Last year at this point, there were only 487 home and condo sales. This is more evidence that the slump in Sarasota and Manatee County home sales is coming to an end after 5 long years. 


The median single-family home price also rose from $147,500 in October, 2010 to $149.838 this October.  Still working off the supply of condos on the market, the median condominium sale price, as expected, dropped slightly from $158,500 last October to $143,000 this month.


There were two other positive signs of the overall improvement of the health of the Sarasota real estate market. The first was the drop in the inventory of unsold homes.  This month, there were 1,601 homes and 2,924 condos on the market versus 2,170 homes and 3,899 condos on the market in October of 2010.


Second, the “months of inventory” statistic, which measures how many months it would take at the current sales rate for all homes currently on the market to be sold, showed dramatic increases.  For single-family homes the “months-of-inventory” dropped from 11.1 months in October, 2010 to just 7.1 months this month.  Equally impressive, the “months of inventory metric for condominiums dropped from 15.9 months last year at this time to only 9.7 months in October of this year. 


Historically, a reduction in the inventory of homes for sale eventually leads to increased prices as buyers begin to "compete" for the most attractive properties in the most attractive locations and Sarasota certainly ranks as one of the most attractive places to live.


In summary, the Sarasota real estate market has continued its strong recovery in spite of the economic uncertainties caused by the situations in Washington, DC and the Eurozone.


If you are considering a visit to the Sarasota-Bradenton area to find that retirement dream home, don’t wait. Whether you are seeking a home or condo for immediate use or to generate some income until you ready to retire, there’s no sense waiting any longer.


Let me help you make your “Little Piece of Paradise” here on the “Florida Gulf  Coast” a dream come true.
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            <pubDate>Sun, 20 Nov 2011 11:13:04 -0500</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/sarasota-area-luxury-homes-market-update.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/sarasota-area-luxury-homes-market-update.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Sarasota luxury homes - market update</title>
            <description> <![CDATA[ 



This week’s Sarasota Herald Tribune had yet another interesting article about Sarasota’s active real estate market-"Luxury Home Sales up 42% in Manatee, Sarasota and Charlotte Counties" specifically focused on the Sarasota and surrounding area Luxury Homes.


Here are a few highlights from the article:






In Sarasota, Manatee and Charlotte counties, September sales in the $1 million-plus market increased 42.1% in September over August, and they were up a stunning 170% from a year ago.


Pending sales (contracts that have been signed but not yet closed) in the luxury market were up 8% in September over August, and 77% from a year ago


Sarasota County saw the biggest spike in $1 million + sales, up 26.7% in September over August, and 280% from a year ago.


Sarasota County Pending Sales in the luxury market were up 18.8% over August, and 90% from a year ago. 


The median price for luxury homes sold in Sarasota County was $1.28 million in September, up about 20 percent from a year ago.


The median price for luxury homes sold in Manatee County was $1.82 in September, up about 40 percent from a year ago. 

 








 Sarasota and Manatee County Luxury Homes Sold


Here's a graphic showing the past year sales of luxury homes ($1 million +). The purple bar represents the number of luxury homes under contract for the two counties, and the green bar represents closed transactions.  


 Give me a call at 941-232-4053 if I can help you buy or sell a home in Sarasota, Florida.
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            <pubDate>Tue, 25 Oct 2011 11:21:08 -0400</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/why-is-this-a-good-time-to-invest-in-sarasota-real-estate.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/why-is-this-a-good-time-to-invest-in-sarasota-real-estate.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Why is this a good time to invest in Sarasota Real Estate?</title>
            <description> <![CDATA[ 
I know – just like so many people were convinced during the boom that housing prices would continue to appreciate at 30 – 40% a year forever, many are convinced that the downward trend will continue too. But take a look at the 40 years of history in these 2 graphs and I think logic will tell you otherwise. We can always look in the rear view mirror and say “that’s when I should have bought or sold an asset”. Savvy investors know the best way to time an asset sale or purchase is to look at trends.


Take a close look at this graph. This is a picture of US housing prices over the past 40 years, put together by author and real estate radio talk show host Greg Rand. You’ll notice that over time, housing has increased at a steady pace. As with all investment classes, there have been bumps in the road  – at times, prices have risen at a faster rate, eventually peaked, then fallen back. Look closely and you’ll see those cycles. These are the housing cycles of the past 40 years. If you look at the chart, you’ll realize that the huge anomaly is NOT what has happened to housing prices in the past 5 years….it’s what happened to housing prices in the 5 years prior that was abnormal! What we’ve seen in the past 5 years was a necessary correction to an overheated market. But look where the line is now. Nationally, average prices are back on the track they would have been on had prices followed a steady upward trend. The cycle has corrected. Over the next few years, housing prices may wobble while inventory levels stabilize, but nationally we’re on track for modest, reasonable growth.


So let’s get back to basics for a minute….Historically, housing has been considered a long term asset. Homeowners bought to live in a home. Investors bought property to hold long term – their income came from a combination of short term rental cash flow and long term appreciation. Then something happened at the beginning of this decade. A LOT of people started looking at real estate as a short term speculative investment. The market overheated and here we are. But if you believe, like I do, that housing is a solid, long term investment, there is no better time to buy than now.


Of course, housing markets are regional. So let me tell you a little about the Sarasota area real estate market. Our prices peaked in 2005. By 2006, buyers had stopped buying and inventory levels grew to well over a 2 year supply of homes. Over the next 4-5 years, prices dropped dramatically. As prices came down, buyers started to buy again. Over the past year, our prices have been fairly flat and have settled at about their 2002 levels, on average.  The inventory of available homes for sale in the Sarasota / Bradenton area is now at the lowest level since the beginning of this decade. And for the first time in almost five years, a substantial number of Sarasota area builders are building homes! Take a drive through Lakewood Ranch and you’ll see over 160 homes currently under construction, and according to Milt Flinn, President of LWR Communities, they are on track to build 420 this year alone in Lakewood Ranch.


If you think you are ready to take the plunge, give me a call. If you are looking for investment property, I can help you evaluate the long term cash potential. If you are looking for a first or second home, whether it’s a luxury home on one of our great Sarasota area Islands, or simply a nice home in an active neighborhood, I can help you find it.
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            <pubDate>Sat, 24 Sep 2011 12:02:50 -0400</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/why-sarasota-should-be-in-your-plans.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/why-sarasota-should-be-in-your-plans.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Why Sarasota Should Be in your Plans</title>
            <description> <![CDATA[ 
Here's an interesting statistic, I found recently. There are 78 million baby boomers in the U.S., and demographic professionals predict that one-sixth of them will spend part of their lives in Florida. That's almost 13 million new residents in Florida by 2023.  Those future residents will be looking for the most attractive places in Florida to live. The Sarasota - Manatee County area will be high on their list of "most attractive places". 


So, you may ask, "why should I be considering the Sarasota - Bradenton - Lakewood Ranch area in my plans?" Here's why:


For starters, Money Magazine listed Sarasota among "the nation's 15 most livable communities" calling it a city with the charm of a smaller southern town with the conveniences of a big city.  CNBC said Sarasota is one of the "most popular retirement destinations" and, AARP Magazine listed the Sarasota - Bradenton area as one of the four "best places to reinvent your life.”


For sun and surf lovers, there are 35 miles of white sand beaches including world-famous Siesta Beach, voted the "Top Beach in the U.S." in 2011, with the softest, whitest quartz sand in the world. And nowhere will you find more spectacular sunsets than on Florida's West Coast.


Sarasota and Manatee County together offer over 80 golf courses ranging from public courses to semi-private and private courses to challenge every level of play. Many of our golf courses lie within planned golf course communities like Lakewood Ranch, Palmer Ranch and others which offer many different housing options, including single-family homes, condos, town homes and villas in wide price ranges.


The Sarasota area is known as "Florida's Cultural Coast". Home to the renowned Ringling Art Museum, Florida West Coast Symphony, Sarasota Ballet, Van Wezel Performing Arts Hall and Asolo Theater as well as many art galleries, jazz clubs and local theater groups like the Manatee Players in Bradenton and the Venice Little Theater in Venice. Downtown Sarasota offers dozens of upscale shops and restaurants. And no one disputes the charm of the eclectic shops at famous St Armand’s Circle. For a less formal experience, Village of the Arts is a vibrant artist community in Bradenton. Throughout the year, you’ll find arts and cultural events, festivals and parades.


Powerboat lovers, fishermen, sailing enthusiasts, and scuba divers love the warm waters of Sarasota Bay and the Gulf of Mexico. For those with larger yachts, some of our waterfront communities offer deep water marinas and yacht clubs.


Sarasota and Manatee County public schools serve over 80,000 students. There are also many private schools. Nearly 80% of Sarasota teachers have post-bachelor degree training. Two-thirds of high school graduates go on to college; some at local institutions like University of South Florida - Sarasota, USF - New College, Ringling School of Art &amp; Design, University of Sarasota, Eckerd College, and The State College of Florida - Manatee-Sarasota. 


If your children or grand children enjoy educational experiences, they'll love the G.Wiz Science Museum, the Sarasota Jungle Gardens and the Mote Marine Laboratory in Sarasota and the South Florida Museum and Bishop Planetarium in Bradenton. All offer informative displays and tours attractive to kids "of all ages."


Sarasota also offers the widest possible variety of residential properties from downtown condos, penthouses and town homes to golf course communities and waterfront homes. In the city or on our Island keys, you’ll find price ranges to fit every desire you may have.


Whether you're a “snowbird,” a one-time visitor, a professional, or an employee being relocated to the fast-growing Florida West Coast, you should get to know the Sarasota - Bradenton - Lakewood Ranch area on Florida's Sun Coast. One visit and you’ll know this is the place you'll want to call home right now or in the future. 
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            <pubDate>Wed, 17 Aug 2011 12:20:04 -0400</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/sarasota-area-homes-inventory-reaches-lowest-level-in-10-years.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/sarasota-area-homes-inventory-reaches-lowest-level-in-10-years.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Sarasota area homes inventory reaches lowest level in 10 years!! </title>
            <description> <![CDATA[ 
I've heard it time and again this year from buyers I've worked with. “…we’ve been watching the market for a couple of years, afraid to jump in. This year, we saw that there was less available to choose from. We realized if we wanted to get a Sarasota area home we should do it now, before we can’t find one”…. Here's the most recent update from the Sarasota Association of Realtors, published July 12.


Sarasota real estate market remains strong in June 2011 (from Sarasota Association of Realtors release)


Members of the Sarasota Association of Realtors® continued to sell properties at a brisk pace in June 2011 with 728 total transactions recorded last month. This marks the fourth month in the last 12 with sales exceeding the 700 level - all occurring in 2011. In addition, the median sales price for single family homes hit the highest level since last June, and the total inventory of available properties dropped to the lowest level in more than a decade, which could spur stronger competition for homes and condos.


There were 510 single family home closings and 218 condo closings in June, which continues the strong sales surge in 2011. While the total was somewhat lower than May's 796 sales, and June 2010's total of 776 sales, the current trend has been the strongest since the real estate boom of 2003-2005. The sales even rival the mini-boom from last year's federal homebuyer tax credit incentive. This year, there is no government program propping up the market, so the sales simply reflect a high level of buyer interest. Prices for both single family homes and condos were also above the annual median prices for the past two years, with the single family median sales rising to $175,000, the highest since June 2010 (also at $175,000). The figure was a 10 percent jump from May, when the median price was $159,000. The condo median price slipped to $185,000 from last month's surge to $218,750. But the figure was still much higher than the median for the last 12 month period ($162,000).


The total available property inventory dropped to 4,830, another big decrease from the May figure of 5,010, and now the lowest level in the past 10 years. The inventory reached its apex in April 2007, when 17,089 properties were on the market.


The lower inventory, combined with the higher sales rate, has now dropped the months of inventory to 5.9 months for single family homes and 8.2 months for condos, both figures far below the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late 2008). The 6 month level is traditionally a point which represents equilibrium in the market between buyers and sellers. Once the figure trends downward below 6 months, buyers are often forced to compete for properties, which generally drives prices higher.


In fact, at the lower price ranges below $120,000, where about 40 percent of sales are occurring, the months of inventory has dipped to below 4 months. That means competition is very high for these properties, with multiple offers often reported by agents. The overall market (combined single family and condo) stands at 6.9 months of inventory.


"It is encouraging to see how the Sarasota market has continued this strong momentum in the face of continuing weakness in the national and state economies," said SAR President Michael Bruno. "The inventory of available properties, which is lower than it has been since the 1990s, is a very important statistic. Historically, prices rise as competition for homes increases, and we're seeing that occurring in our market. The percentage of distressed property sales is stabilizing, so prices should naturally continue to rise."


The overall percentage of distressed sales (short sales and foreclosure sales) remained at 38 percent of the June 2011 sales. That compares to 47 percent as recently as February 2011 and a high of 51 percent in November 2010.


"As an association, we have kept our members educated and informed about the ongoing distressed property situation, and they have benefited greatly from this valuable resource," explained Bruno. "Realtors who have kept current on the latest trends and changes within the market have been able to make the best of a tough situation, and the numbers reflect that. We all hope to see a significant drop in foreclosures and short sales in the coming years, and when that happens, Sarasota agents will be ready to handle the new market realities."


Pending sales dropped to 754 from last month's level of 841. They reached a recent peak of 1,208 in March 2011, continuing to reflect our area's typical seasonal slowdown. Pending sales are properties going under contract during the month, and the statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity. Last June, pending sales were at 767, so the seasonal trend appears to be holding true.


 
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            <pubDate>Tue, 12 Jul 2011 11:15:38 -0400</pubDate>
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            <guid>http://www.yoursarasotarealestate.com/blog/sarasota-area-home-sales-continue-strong-upward-trend-in-april-and-may.html</guid>
            <link>http://www.yoursarasotarealestate.com/blog/sarasota-area-home-sales-continue-strong-upward-trend-in-april-and-may.html</link>
            <author>andree@yoursarasotarealestate.com (Andree Huffine)</author>
            <title>Sarasota area home sales continue strong upward trend in April and May</title>
            <description> <![CDATA[ 
Not since 2005 have we seen the level of home buying activity in the Sarasota – Bradenton real estate market that we have today.  A total of 759 properties were sold in April and 796 in May, the highest level in 6 years. Home and condo prices, while still at bargain levels, are also now at their highest level. 


Prospective buyers are recognizing that the bottom has been reached.  The Sarasota -  Bradenton real estate market is currently presenting buyers with an opportunity to buy a home or condominium in one of America’s “Favorite Small Cities” at prices not seen in almost a decade. I’ve had several sales this year with customers I’ve been working with for several years – they’ve been getting property alerts from my website, and they’ve been waiting and watching, thinking that prices would continue to drop. This year, they recognized that not only had Sarasota area home prices stopped falling, but they were seeing less and less available to choose from. They knew it was time to buy their Sarasota area home! 


The median sales price for single family homes was just over $155,000 in April rising to $159,000 in May. The median price for condos was $185,500 in April, and surged to $218,750 in May, the highest level since October 2009.


Equally impressive has been the drop in the inventory of unsold Sarasota area homes and condos from 5,501 in March to 5,258 in April, and 5,010 in May, again the lowest level in six years. 


An indication of growing buyer interest is the fact that, as of May, in the price range with the most activity, (properties under $500,000), there is now just 4.7 months of unsold inventory on hand, down from 11 months of inventory at the beginning of 2010.  A real estate market is considered to be in balance between buyers and sellers when the supply of unsold homes is at approximately 6 months.


Sarasota Association of Realtors President Michael Bruno said recently “We have been trending in the right direction for several months now, and we’re starting to witness a return to the point where multiple buyers bid on a particular property. As the inventory of available properties drops, competition increases for the homes for sale, and prices naturally rise. The only thing holding back even greater (price) appreciation appears to be the percentage of distressed properties.”  Distressed property sales are those which are either bank-owned or short sales. Bruno suggested recently that “this year’s numbers are strong simply on the basis of the market’s wealth of quality homes and condos available. Buyers are finding tremendous values at all price ranges…”   


This year’s continued upward trend in home sales is coming from all segments of the buying public:  second-home buyers, retirees, first-time buyers and investors.  


Simultaneously with the upsurge in home sales, the percentage of distressed sales is coming down.  Only 38% of all May sales were distress sales compared to 47% as recently as February and a high of 51% in November 2010.  Significantly, in the most popular “under $500,000 price range” only about 22% of the homes currently on the Sarasota market are distressed sales. This decreasing number of distressed sale properties on the market shows that people are snapping up these bargain-priced properties while there are still such bargains available and mortgage interest rates are historically low.
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            <pubDate>Tue, 14 Jun 2011 18:34:52 -0400</pubDate>
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