Sarasota real estate market bottoming out?

Posted by Marc Rasmussen on Thursday, July 26th, 2007 at 6:45am.

The June 2007 home sales were 5% higher than sales of June 2006. The rest of Florida's sales numbers were not so good. Sarasota-Bradenton was one of only two Florida markets with June sales increases.

Sarasota-Bradenton's median sales price has shown signs of support. Take a look at the prices by month - $292,700 in June, $294,700 in May, $294,800 in April, $291,500 in March and $294,500 in February.

Another interesting statistic is comparing the Sarasota/Bradenton real estate market with Miami. 797 homes sold in this market compared to Miami's 469 home sales.

Another positive sign for the Sarasota real estate market is that pending sales remain above the 500 mark. This indicates future market strength in the coming months.

Inventory levels in the area remain high but we have seen a decrease in inventories. The Sarasota Herald Tribune reports that there are 7,900 single-family homes for sale in Sarasota, down from a peak of 8,411 in mid-March. I will post some inventory statistics in my next post.

In the past three months, the weekly sales rate for listings in the Sarasota Multiple Listing Service has risen to 85 per week from 68, a 25 percent improvement.

  • Interest rates are historically low
  • Prices have dropped 25%-30% off 2005 market highs
  • Inventory of homes seem to have peaked and possibly dropping
  • Sales figures are up

Sounds like a bottom.  Time will tell.

Marc Rasmussen
SKY Sotheby's International Realty


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