The correction that is taking place in the housing market today after being jolted by the housing crunch, is almost very segment of the market, could be a silver lining in the clouds, and could add up to better home buying opportunities this year.
According to real estate market analysts, well-priced homes in resort-style destinations are always in demand, and with this idea, there will be many other factors that will continue to make cities like Sarasota, Florida, a preferred destination for potential home buyers. The city offers investors an affordable cost of living, wonderful natural sights and recreational amenities, an excellent education system, world-class dining and fashionable cafes, vibrant entertainment and cultural opportunities, a safe and clean environment, and excellent health care facilities.
What The National Association of Realtors Says About The Area's Housing Market
The National Association of Realtors study released in January 2008, has acknowledged 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,” and they saw higher home sales last month in diverse areas such as San Antonio; Syracuse; Springfield, Ill.; and Sarasota, Fla.
For those who are thinking about getting into this housing market, whether as a buyer or a seller, you should always consult with a professional real estate agent in order for you to learn more about local conditions and trends, which generally are much different than the composite national picture.
Seasonal Buyers Are Going Back To The City
Based on December 2007 figures from the Sarasota Board of Realtors, seasonal buyers are continuing to return to the area, and are taking full advantage of the buyer’s real estate market. December 2007's total unit sales in were considerably up over November 2007 as the buyer’s market began to gain strength with the influx of the seasonal population. The sales figures for December 2007 also reflected the 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 condominiums.
How Last Year's Figures Portend For This Year's Performance
The overall performance of the housing market for 2007, which saw unit sales combined for single family homes and condominiums, to be only down by only 5.8 percent from 2006 totals, as compared to an overall state sales drop of almost 30 percent. For 2007, there were 6,113 sales of homes and condominiums recorded by local brokers, as compared to 6,491 sales in 2006.
The area's condo market also fared much better in 2007 than in 2006, with sales up 4.6 percent (2,166 compared to 2,070). However, single family home sales slipped from 4,421 down to 3,947.
Historically, even with the real estate downturn, this places 2007 unit sales as the seventh highest on record based upon tabulations from the Sarasota MLS system. Home sales figures didn’t climb above the 6,000 level until the year 2000, and this decade the market saw a historic sales boom from 2003-05.
To sum it up, the overall home sales volume for 2007 stood at $2.94 billion,as compared to $3.19 billion in 2006. Even when considering the unique boom years of 2003-05, and the recent slump in home sales prices, the overall property sales volume of Sarasota for 2007 still ranks as the fifth highest year on record for the Sarasota market.
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