Alright, I don't actually mean to disregard Sarasota real estate sales and market statistics.
After all, the news of late has been surprisingly good - inventory has dropped for 4 months running, and is at its lowest point in 2 1/2 years. Pricing seems to have moderated with sales settling at a steady 92-93% of list price for nearly a year. Pending sales are strong indicating sales are continuing.
A recent study named Sarasota as one of 10 metro areas in the country where it makes more sense to BUY than RENT.
From a purely anecdotal perspective, nearly every offer I've made in the last two months has been involved in a multiple offer situation - indicating a rise in active buyers, actively searching out the good deals. Not to mention of course, that I barely have time to eat...also a good sign (for my diet at least).
But the single most convincing sign, to me, that the market is improving?
My broker is making offers on homes.
Now, that might not sound significant to you. But Realtors, often with large eyes (and perhaps we were a bit greedy?) bought up ALOT of property during the boom. Many analysts in Florida BLAMED the Realtors for the run up frenzy. When the market dropped out, so many Realtors were left holding properties they thought they could sell, it was scary.
So...when Realtors are venturing back in - especially my broker who is a conservative guy - I'm thinking thats my best indication that prices are right and conditions make sense again.
This post is the sole opinion of the author and should not be considered investment advice.
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