April sales were good in Sarasota. In fact, Sarasota was the only places in Florida where the sales numbers were good. Existing home sales activity were up 16 percent compared with a year earlier. It was the only market in Florida to have a positive sales growth for April.
The median sales price for homes dropped by 2 percent. Many view the price erosion started in the summer of 2005 may be finally leveling off and bottoming out. We have been in this down slide for nearly 2 years now.
According to the Sarasota Herald Tribune in Sarasota-Bradenton 796 existing homes sold last month compared with 685 homes sold a year ago for a 16 percent increase. The market's median sales price for homes was $294,800; it was $302,100 in April 2006 for a 2 percent decrease.
A total of 333 existing condos changed hands in Sarasota-Bradenton last month, up 11 percent from the 299 condos sold the previous year.
I see us as either currently bottoming out or very close to it. If we see any more price erosion it probably will be very small and then we will go into a period of flat prices which many homeowners and people in the real estate industry will welcome.