Sarasota is a city in southwestern Florida that is famous for having a wonderful year-round vacation and entertainment scene. The medium-sized metropolis is known for its wonderful arts and cultural facilities, shopping districts, and world-famous white-sand beaches on its barrier islands, called the Keys.
The city also has a wonderful variety of real estate options to choose from, ranging from townhomes, apartments, condominiums, single-family homes, and beachfront properties. However, with the US housing crisis still looming, many buyers are acting cautiously and waiting on the sidelines, waiting for market indicators to return to normal levels.
January saw a drop in overall property sales
According to figures taken from Sarasota’s MLS system, the month of January 2008 saw a drop in overall property sales in the local market.
One of the main factors in the pause was the pending statewide vote on a property tax reform amendment on January 1. 29, which may have contributed to the sentiment of buyers waiting on the sidelines and seeing what happens next. However, with the passage of property tax reforms, most housing industry observers forecast a rebound in property sales in the city and statewide in the coming months.
In fact, pending sales levels in the first month of 2008 were at their highest level since June 2007. Property sales also rebounded sharply in December 2007 and performed better than the previous month, with sales of over 22 traverse. This showed that the buyer’s market began to gain strength with the arrival of the seasonal population.
However, January sales, which generally show some softness due to the holiday slowdown in home buying and closings, were considerably lower than December and much lower than the same period in 2007 earlier. January 2008, which represented 221 single-family homes and 108 condominiums. This shows a 19 percent drop from last year’s levels, with sales totaling 407. The drop was more than 20 percent below the total of 426 closing transactions recorded on the Sarasota MLS in December.
For the Florida market as a whole, single-family home sales are down 28 percent compared to January 2007, and condominium sales are also down 30 percent. However, the numbers indicate that in a declining housing market, Sarasota and its surrounding areas are still faring much better than other areas in the state.
What promising signs were observed in the first months of 2008
According to local property market watchers, probably one of the brightest points in January’s property results was the strength of pending sales, which stood at 516, the highest level in six months.
446 in October 2007 saw pending sales of 446, November had 489 and December had 374, and analysts say breaking the 500 threshold barrier is a positive sign for future transactions. Home inventory levels also saw a moderate drop in January, compared to the previous month of last year.
According to the Sarasota Association of Realtors, there was obviously some hesitation from buyers during the month of January, in light of the pending property tax amendment vote. Now that the issue is resolved, the SAR notes that we should see prospective buyers taking advantage of historically low interest rates, incredible selection of properties, and all the other factors that always make the city a wonderful place to buy a home. and live.”
http://siestakeyrealestate.com – Sarasota Housing