Sarasota Real Estate Historical Market Summary

John Woodward.com

John Sells the Nicest Places in Sarasota
(941) 922-8400 Toll Free (888) 682-3600

Sarasota Real Estate Group, 2187 Siesta Drive, Suite 200, Sarasota, FL 34239

March 22, 2007 - Sarasota, FL

The fed held rates steady yesterday which is good news.

We are getting mixed signals which may be a sign of leveling off in this market. Inventory continued to grow but at a slower pace. On a percentage basis, sales estimates for March are up 326% from December 2006! This level has not been seen since last summer.

Keep in perspective, 555 sales to 5,151 homes available means we still have quite a way to go to find a balance.

Projected price reductions for March are at 1,541 which is nearly three times the number of homes going under contract.

We certainly are not at a bottom yet but if these numbers continue to hold, we are in or near a bottom for the next few months. Be sure and check back for future updates!

January 1, 2007 - Sarasota, FL HAPPY NEW YEAR!

The word for December is "Down." Inventory dropped nearly 7% due to a large number of homes whose expiration date was for the end of the year.

New contracts feel over 50% from November partially due to the holiday season. My hopes are to see an increase in January.

Price changes are still in the 1100-1200 range or about 25% of the market for the month.

Of all homes listed, only 6% have a contract which is down from 8% a few short months ago.

Our market "bottom" is approaching and buyers should seriously consider making the jump now. In round terms, for every 5 price reductions, there is one contract. Obviously, this trend cannot continue for ever and with a 7% drop in inventory, low interest rates, and the desire for sellers to negotiate, an offer today might just be accepted on terms that would surprise you!

December 2, 2006 - Sarasota, FL Inventory levels increased nearly 4% for November from 4533 to 4699 homes. The number of contract nudged up slightly and price reductions for the month remained level. Eventually, price reductions will slow and contract levels will increase as buyers move off the sidelines seeing value for their money.

Buyers are picking off of the good deals and negotiating hard. A big issue, I feel, in today's market is the 1-2 punch of insurance and taxes. Quite simply, to keep a level payment on a property as compared to a year or two ago, prices need to adjust 20-25 percent just to keep the payment the same.

Another indicator of downward prices are that most of my recent sales show an appraisal above the negotiated price. The comparable sales are higher that what buyers are willing to pay now. Stay tuned!

I believe the bottom to this market is closer with each passing month. Positive indicators such are reduced inventory and price changes along with increased sale numbers for 2-3 consecutive months will signal a bottom. If you are following the paper and other publications, you know they are reporting on the last quarter (usually). The statistics I track are "today" numbers and the trends will be here FIRST before it's reported in the news. I update these numbers at least twice a month so check back to see what is happening.

November 20, 2006 - Sarasota, FL The big news is inventory is on it's way back up with 10% increase or 120% annualized. Price changes are holding fairly consistent and represent 28% of the market with price changes this month.

New contracts appear to show a modest gain.

Interest rates continue to come down.

November 1, 2006 - Sarasota, FL After months of the inventory appearing to level off, inventory spiked upward over 4% from 4351 to 4533 since October 1. This number represents the most homes available at one time this year. I suspect sellers are putting their properties up for sale for the snow birds.

Homes that closed fell 19.5% to their lowest level of the year from 226 to 189. Contract also are at their low for the year but held close to last months number. If these hold together, we should see a slight up tick in closings for November.

Price changes held. Better than 1 out of 4 sellers reduced their price in October.

7% of all homes in the sample have a contract which is down from 8% in September.

Of all the homes going off the market, November had the lowest percentage due to a contract at just above 30%.

For buyers, it is really a great time to buy. Interest rates are at a 8 month low and prices are DOWN!

October 24, 2006 - Sarasota, FL This is the one of the tougher months to publish. I see numbers edging more in favor of buyers. On the other hand, the activity this month alone has surpassed all months for 2006. Showings are up, ad calls are way up, our contracts are up but yet the numbers don't seem to confirm my personal trend. There is a strong possibility the month could surge with this activity so we'll just have to see what the rest of the month shows.

Inventories over the past few months topped. It appears there is a slight upward surge from 4351 up to an annual high of 4473 homes for sale.

Mid month projections are always subject to change. After all, most closings and expired show up and the end of the month. It is always possible for a surge from any particular category.

New and back on the market homes appear up from 834 last months annual low to 1008.

Price changes are up from 1167 to 1211.

The number of contracts look to be at an annual low of 355 with a projected 192 actual closings.

This month's mid month projections are going be watched carefully. I know in my own personal business we have written 5 successful transactions for the month which is our best month this year.

October 2, 2006 - Sarasota, FL Inventories have topped, interest rates are at a 7 month low, and prices are DOWN!

All of the statistical counts for September are down. On the up side, inventory dropped slightly to 4315 from 4415 units which is down 1.5% for the month. The number of homes new to the market or back on have hit this years' low of 834 compared to August's 916 which represents 9% fewer homes on the market.

The number of closings and contracts for September have also hit lows for 2006. There were 226 closings compared to 273 in August for a 17% decrease in closings and a 15% drop in contracts. The annual high was hit in May with 571 contracts and 308 closings.

Price reductions for the month have also hit the low of the year with 1134 for the year. Additionally, the number of homes with contracts dropped to 7% from 8% this month indicating the drop in buying activity is greater than the drop in new inventory.

The real positive note is inventory is not expanding like it was and if it continues, may be the early signs of a bottom approaching. The biggest factory will be inventory numbers coming in line with demand which will take some time.

For buyers, it is really a great time to buy. Interest rates are at a 7 month low and prices are DOWN