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        <title>Sarasota Real Estate Blog</title>
        <link>http://www.sarasotacondosandhomes.com/blog/</link>
        <description>Information and Opinions on the Sarasota Real Estate Market </description>
        <item>
            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-the-continuing-decline-in-short-sales-and-reos.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-the-continuing-decline-in-short-sales-and-reos.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>Sarasota - The Continuing Decline in Short Sales and REO's</title>
            <description> <![CDATA[ 
Another month, another dip in the number of properties for sale in the greater Sarasota area. Back in March we were at 2812 total listings (including all condos and single family homes). The number as of today is 1999. Down almost 29%!


But the big story to me is the continuing drop in distressed properties on the market. Back when I started a strict accounting of these properties (on the 10th of each month), there were 449 short sales or REO's available. That was in November of last year.


As of today there are 265 distressed properties on the market (94 REO's and 171 Short Sales). That is a drop of 41% in 10 months! And yet all I ever hear about (and have been hearing for the last 4 years) is the huge "shadow inventory" and the deluge of distressed properties that is soon to hit the market!


But they don't show up and then you read that the banks do not want to flood the market with this inventory and are waiting for the "right time" to release them and thus keep prices up. But if they had them, has there ever been a better time than now to release them? With the severe lack of inventory we now have, any distressed property that is not a total mess is getting multiple offers. So wouldn't this be a great time to release inventory?


But I think there are two problems with this suggestion. One problem would be we are assuming the banks have a "plan". In all of my dealings with banks over the last 5-6 years I have never seen evidence of a "plan". Rather, I have consistently seen evidence that banks only think about today and have never shown an inclination to develop an overall strategy or set up lines of communication between different departments within the banks.


The second problem is I believe there is no sizable shadow inventory - at least not in the Sarasota area. Every indication is that the 2003-2006 investors and homebuyers have bailed out by now. And why is that a surprise? If you couldn't afford the home you wouldn't be in it 7-9 years after you purchased it. Most people bailed around 2007-2009. So those properties have gone through the system.


We are past the crisis. The numbers bear it out. And another thing. Of the 94 REO's on the market in Sarasota at the moment, exactly 4 are priced over $500,000. (In fact, none are priced between $500,000 - $1,000,000). That was another of the big lies I heard - after we went through the low end inventory we would start to see all the high end repossessions! Four properties in the high end hardly seems to be a deluge!


So if your buyers are "willing to wait to get that great deal", perhaps you had better let them know that the great deals were in 2008. In 2012 they can still get a deal but "great" is no longer happening!




Another month, another dip in the number of properties for sale in the greater Sarasota area. Back in March we were at 2812 total listings (including all condos and single family homes). The number as of today is 1999. Down almost 29%!


But the big story to me is the continuing drop in distressed properties on the market. Back when I started a strict accounting of these properties (on the 10th of each month), there were 449 short sales or REO's available. That was in November of last year.


As of today there are 265 distressed properties on the market (94 REO's and 171 Short Sales). That is a drop of 41% in 10 months! And yet all I ever hear about (and have been hearing for the last 4 years) is the huge "shadow inventory" and the deluge of distressed properties that is soon to hit the market!


But they don't show up and then you read that the banks do not want to flood the market with this inventory and are waiting for the "right time" to release them and thus keep prices up. But if they had them, has there ever been a better time than now to release them? With the severe lack of inventory we now have, any distressed property that is not a total mess is getting multiple offers. So wouldn't this be a great time to release inventory?


But I think there are two problems with this suggestion. One problem would be we are assuming the banks have a "plan". In all of my dealings with banks over the last 5-6 years I have never seen evidence of a "plan". Rather, I have consistently seen evidence that banks only think about today and have never shown an inclination to develop an overall strategy or set up lines of communication between different departments within the banks.


The second problem is I believe there is no sizable shadow inventory - at least not in the Sarasota area. Every indication is that the 2003-2006 investors and homebuyers have bailed out by now. And why is that a surprise? If you couldn't afford the home you wouldn't be in it 7-9 years after you purchased it. Most people bailed around 2007-2009. So those properties have gone through the system. 


We are past the crisis. The numbers bear it out. And another thing. Of the 94 REO's on the market in Sarasota at the moment, exactly 4 are priced over $500,000. (In fact, none are priced between $500,000 - $1,000,000). That was another of the big lies I heard - after we went through the low end inventory we would start to see all the high end repossessions! Four properties in the high end hardly seems to be a deluge!


So if your buyers are "willing to wait to get that great deal", perhaps you had better let them know that the great deals were in 2008. In 2012 they can still get a deal but "great" is no longer happening!


 ]]> </description>
            <pubDate>Mon, 10 Sep 2012 13:23:37 -0500</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-housing-inventory-plummets-to-10-year-low.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-housing-inventory-plummets-to-10-year-low.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>Sarasota Housing Inventory Plummets to 10 Year Low!</title>
            <description> <![CDATA[ 
Sales in Sarasota Market Continue Hot Pace 


The May 2012 numbers are in, and property sales in the Sarasota real estate market once again topped 800 for the third consecutive month. The 854 closed transactions was the second highest total since September 2005, demonstrating once again a market that has recovered to levels not seen since the 2003-2005 real estate surge in Sarasota. 


The breakdown was 591 single family homes and 263 condominiums. Sales were 7.2 percent higher than in May 2011, when there were 796 closed transactions. As anticipated, sales were slightly below the April 2012 figure of 886, which was the highest total in seven years. The normal seasonal influx of buyers tends to drop shortly after the Easter holiday, when northern residents begin to exodus the area.


 In addition, pending sales (which represent properties that went under contract during the month) remained at the very high level of 1,075, almost the same as April's total of 1,068. It was the fourth straight month that topped 1,000, a major indicator of the future direction of the market. Last year's spring surge didn't slow down until July, and the numbers seem to indicate there remains strength in the current market dynamics.


 "I've spoken to many agents who are having a tremendous 2012," said SAR President Laura Benson. "This is certainly the right time to be in the real estate industry in Sarasota. Interest rates hit record lows in May, prices remain relatively low compared to the record surge from 2003 to 2005, and all the wonderful attributes of Sarasota are attracting buyers from across the nation, and the world."


 The median sale price for both categories remained near the highest levels of the year in May. The median sales price for single family homes was $185,000 - the highest level since July 2009, almost three years ago. Last month's figure was $175,000. The median sales price for condos was $180,750, a drop from April's figure of $191,750. Both figures were much higher than the 12-month running median prices - $165,000 for single family homes and $160,000 for condos.


 Single family home prices remained at a level 34 percent higher than the low of the market reached 14 months ago ($137,500), while condo prices are over 40 percent higher than the low point ($127,000). The reason for the price resurgence remains likely related to the lower number of distressed property sales. The total number of distressed sales, foreclosures and short sales, remained around 31 percent, the lowest level in three years.


 The available inventory of homes on the market dropped to a new decade low of 3,917, dropping 8.5 percent from the April figure of 4,283. High sales and low inventory has also dropped the months of inventory to new 10-year lows. The May figures are 4.3 months of inventory for single family homes and 5.2 months inventory for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. 


"I've been in our Sarasota Real Estate Association for over 15 years and inventories at this level are rare," said Benson. "The market is tightening, and when available properties are at such low levels, the result is normally greater competition for available properties. This scenario tends to escalate prices, so if you're in the market for a home, now is the time to act." 


Currently, only 576 properties for sale in the MLS are listed as short sales or foreclosures, down from last month's figure of 621 properties. This represents about 14 percent of available properties, about the same as last month, and down from January 2012 when the figure was 17 percent of the market. As this number continues to decline, median prices will increase because the median prices are higher for market transactions. "With the pending sales remaining at over 1,000, and the inventory at such a low point, we should see a continuing market surge into the early summer months," said Benson. "The weather service is predicting a hot Sarasota summer, and the real estate market is certainly providing a lot of similar energy!" 
 ]]> </description>
            <pubDate>Thu, 21 Jun 2012 12:18:36 -0500</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/the-banks-have-no-plan-for-foreclosures-really.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/the-banks-have-no-plan-for-foreclosures-really.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>THE BANKS HAVE NO PLAN FOR FORECLOSURES! REALLY!</title>
            <description> <![CDATA[ The pundits continue to predict the onslaught of foreclosures and short sales but the facts continue to dispute their predictions. My seven month analysis of the Sarasota real estate market shows bank-owned properties ("REO'S) staying steady and short sales declining significantly.The low number of REO's in the seven months has been 95 (back in November and again on June 1st). The high was 115 being on the market in May.As for short sales, the high was 353 being on the market in November and the low of 195 being on the market as of June 1st of this year. That is a drop of about 45%! The pundits insist that the banks do not want to flood the market so therefore they are holding back in releasing the REO's. But that means the banks have a plan and I have seen no evidence that the banks have ever had a PLAN! This gives them way too much credit. For the past six years I have seen them do nothing but react to market conditions. They are not proactive. Their various departments do not seem to communicate. Each one is worried about it's own performance vis-a-vis profit and loss so wants nothing to do with the other departments. Bonuses come to individuals, not to the company as a whole. So do what is best for your department, not what is best for the company as a whole.And if the plan is not to "flood" the market, why not start releasing properties now? There is definitely a dearth of REO's on the market right now! If they all wait, doesn't it make sense that when they all do decide the time is right and they release their REO's we will then have the"flood" of properties they are all saying they want to avoid! I always read that the "plan" is to release the properties the "next" quarter or the "next" fall or after the "next" report shows an improving housing market. But since I have been hearing that for the last three years I have to believe there is no "next" time since there is no real analysis going on.It makes sense that the people who bought &amp; speculated in the 2003-2006 bubble have gotton out by this time. Who continues to pay a mortgage for 6-9 years that you can't afford! So that is why we don't see a huge number of REO's and short sales in 2012. The largest part of the problem has already been dealt with by now. Sarasota, by all indications, has worked it's way through the foreclosure crisis and the "next" report we hear from the pundits will be just that. There will be no mention of their previous (and wrong) predictions. Instead they will be writing about what the ending of the crisis "means" and what to expect "next"! ]]> </description>
            <pubDate>Tue, 05 Jun 2012 07:54:02 -0500</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-home-sales-in-april-hit-7-year-high.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-home-sales-in-april-hit-7-year-high.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SARASOTA HOME SALES IN APRIL HIT 7 YEAR HIGH!</title>
            <description> <![CDATA[ 
                                                                        April 2012 sales hit a new seven-year high


There seems to be no stopping the Sarasota real estate market! April 2012 saw yet another seven-year high for monthly sales, hitting 886 total closed transactions. The figure topped last month's 831 sales by 6.6 percent. It was the highest number of sales since August 2005, and when there were 908 total sales. 


The breakdown was 589 single family home sales and 297 condo sales. Last April, the totals were 546 homes and 226 condos for a total of 759 overall sales, so the jump was about 17 percent year-to-year.  


In addition, pending sales (which represent properties that went under contract during the month) remained very high at 1,068, the third straight month that topped 1,000, and a major indicator of the future direction of the market. Last year's spring surge didn't slow down until July, and the numbers seem to indicate there remains strength in the current market dynamics.


 "We've had an incredible string of positive numbers in the Sarasota real estate market, and we hope for a consistently strong market going forward," said SAR President Laura Benson. "I'm hopeful that this will be the case, because we seem to be leading the nation into the real estate market recovery.. The national economy continues to improve, employment numbers are better, and we're in the perfect marketplace in Sarasota."


 In addition to the amazingly high level of sales, the median sale price for both categories remained at the highest levels of the year in April. The median sale price for condos was $191,750, almost identical to the March figure of $192,000, a level not seen since May 2011. Single family was at $175,000, just above last month's figure of $174,900, and a level not reached since June 2011. Single family home prices remain at a level 21.4 percent higher than the low of the market reached 13 months ago, while condo prices are almost 30 percent higher than the low point. 


The reason for the price resurgence is likely tied to the lower number of distressed property sales. The total number of distressed sales, foreclosures and short sales, fell to only 31 percent, down slightly from last month's 32 percent figure - a new three-year low.


 Currently, only 621 properties for sale in the MLS are short sales or foreclosures, down from last month's figure of 701 properties. This represents about 14 percent of available properties, down from last month's 15 percent figure. In February 2012, the number was 740 (16 percent of the market), and in January 2012 it was 812 (17 percent of the market). If this percentage continues to trend lower, we could begin to see median sales price increases going forward. 


The available inventory of homes on the market dropped to a new decade low of 4,283, even lower than the previous low of 4,408 seen in August 2011. The combination of high sales and low inventory has also dropped the months of inventory to near decade lows. The market now reflects a figure of 4.7 months of inventory for single family homes and 5.1 months inventory for condos. Months of inventory represents the time it would take to deplete the current inventory at the current sales rate. Lower inventory and higher sales normally result in greater competition for available properties, which tends to push prices up. 


"The decline in the available inventory has been remarkable, and competition for homes and condos generally creates upward price pressure," said Benson. "Buyers and potential buyers should understand that the current market scenario is clear - if you wait, you will miss out. We're at a decade low for inventory, the mortgage interest rates are at the lowest level since the 1950s, and Sarasota remains the nation's perfect place to relocate." 


Benson continued, "Every number indicates that we are seeing the virtual opposite of a perfect storm in local real estate. I would call this the perfect opportunity - a market in strong recovery, prices still very low compared to the price surge of 2003-2005, and interest rates at record lows. And SAR Realtor® members are certainly ready to help buyers and sellers achieve their dreams."


 
 ]]> </description>
            <pubDate>Fri, 01 Jun 2012 09:25:18 -0500</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-market-shows-30-drop-in-short-sales.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-market-shows-30-drop-in-short-sales.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>Sarasota Market Shows 30% Drop in Short Sales</title>
            <description> <![CDATA[ 
The number of properties on the Sarasota Multiple Listing Service that are listed as short sales continues to drop. In November there were 353 properties listed as short sales. As of April, there are only 244. That is a 30% decline! 


As I have been writing for the last 18 months, the doomsdayers who are predicting a flood of foreclosures and short sales continue to be wrong! Having followed the foreclosure market closely for the last 4 years I knew the number of distressed properties in Sarasota was on the decline. But "experts" keep saying that a flood of distressed properties is just around the corner. After hearing this for four years I think it is time to say we have turned the corner! And the view from there is bright.


I set up a search map in November to track the number of short sales &amp; bank-owned properties within the greater Sarasota area. That map has not been changed so the numbers don't lie. And I think it is nice to have some real "facts" to tell the story rather than making "predictions"! The facts say there has been a 30% decrease in short sales that are currently on the market compared to 5 months ago. 


Bank-owned properties have increased but only a total of 5%, hardly an avalanche! In addition, you might be interested to know that a 5% increase only takes the total number of bank-owned properties in the Sarasota area to 101. Yes, just 101 homes or condos are bank-owned in the area. (And 45 of those are listed for under $100,000). 


I'm sure if you asked the person on the street they would guess well over a thousand are bank-owned. It is all about perception and if you listen to the prognosticators you would think every third home is a distressed property. But as they say - never let the facts get in the way of a good story!


One other little secret - those of us who have followed the foreclosure market for a long time know the best deals ran out about 2 years ago. Yes, you still get a good deal with a bank-owned or a short sale but you don't get a "steal". They disappeared after banks realized there were a lot of people out there looking for these distressed listings and that they did not have to offer these homes at fire sale prices.


 


 


 


 
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            <pubDate>Wed, 11 Apr 2012 10:15:35 -0500</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-short-sales-on-market-continue-to-drop.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-short-sales-on-market-continue-to-drop.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SARASOTA SHORT SALES ON MARKET CONTINUE TO DROP</title>
            <description> <![CDATA[ 
Another month has gone by and the number of properties on the Sarasota market that are short sales continue to dwindle. When I started tracking the Sarasota market back in early November there were 353 properties listed for short sale. Each month that number has gone down and early in February it was down to 289, an 18% decline.


Foreclosures started at 96 properties in November and went down slightly to 84 then went to 94 and was 102 in early February. But hardly the huge surge that has been predicted for the last 2-3 years. The increase epresents a 6% uptick in 3 months.


I am especially surprised by the fall in short sales. One would expect that with so many homeowners behind on their mortgage we would see a big increase rather than a decline. Once again, I believe it is a sign that Sarasota has worked it's way through a lot of this mess. 


Yes, we will continue to see short sales &amp; foreclosures for probably years to come. But will we see the market taken over by them in Sarasota? I think not. I still firmly believe the worst is behind us and my numbers support that belief. 


The headlines &amp; the columns I read suggesting otherwise never seem to have numbers specific to Sarasota nor do they show any good timelines. Instead, they extrapolate from "Florida" numbers or talk about the court filings. But one home can have multiple filings against it so 6 court filings on one home do not translate to 6 foreclosures.


Once again, I'll report next month on what the "numbers" show for Sarasota rather than some nebulous numbers pulled from Realty Trac or some such reporting bureau. 


 


 
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            <pubDate>Wed, 22 Feb 2012 09:19:29 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-short-sales-foreclosures-yet-to-explode.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-short-sales-foreclosures-yet-to-explode.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SARASOTA SHORT SALES &amp; FORECLOSURES YET TO EXPLODE</title>
            <description> <![CDATA[ 
Just checking in to update everyone on the increase (or decrease) of shorts sales and bank-owned properties in Sarasota. I have been keeping a detailed record as of the 10th of each month, starting last November. This was in response to all I hear &amp; read about in the media that we will soon be seeing a "flood" of bank-owned properties onto the market. 


I have been hearing this for 3 years now and have yet to see it happen. But if people keep saying it, it has to be true - right? So I decided to set up a geographic search area (basically the Sarasota area, from University Parkway to Nokomis) and check the numbers each month on the 10th.


So far I have statistics for November, December &amp; January. The results show the number of bank-owned properties has gone from 96 to 85 to 93 in the three months. Short sales have gone from 353 to 327 to 306.


In the three months then we have seen a slight decrease in bank-owned properties and a large (13%) DECREASE in short sales in the Sarasota area. But we all know that loads of properties are coming! We hear it all the time.


Certainly I know many more bank-owned properties were available 2-3 years ago. And the deals were better then as well. Banks have only gotton tougher in their negotiations. They know the numbers - it's a seller's market when it comes to foreclosures. Not what you hear or read in the media but that's the reality.


I'll update you next month.


 


 


 


 
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            <pubDate>Mon, 23 Jan 2012 13:03:12 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/sarasota-shows-strong-sales-stable-prices-in-2011.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/sarasota-shows-strong-sales-stable-prices-in-2011.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>SARASOTA SHOWS STRONG SALES &amp; STABLE PRICES IN 2011</title>
            <description> <![CDATA[ 
Sarasota Property sales up 8.2 percent for full year 2011; Prices stable - Good News!


 


For the full year 2011, property sales of members of the Sarasota Association of Realtors® jumped by 8.2 percent to 8,224, achieving the highest level since 2005. The surge in sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.


 


Once again, the market has demonstrated that Sarasota is a destination of choice for many homebuyers. For the overall year of 2011, the resurgence in sales was dramatic, and represents a 44 percent increase over the low point of the downturn in 2008, when only 5,820 properties changed hands.


 


"This is really incredible news, and demonstrates how far this market has improved in only three short years," said SAR President Laura Benson. "Now, we also offer very affordable pricing. Combined with the high quality of homes and condos on the market, I think we clearly have the best values in Florida, without question."


 


Property transactions in the Sarasota real estate market jumped 7.3 percent in December 2011, compared to the November totals. Combined sales stood at 648, up from last month's figure of 602 and the October 2011 sales of 577. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market. 


 


The inventory of available properties for sale in Sarasota was at 4,567 in December, down slightly from the 4,672 in November. The inventory fell to a 10-year low of 4,408 in August 2011. As the inventory has slid, the months of inventory has dropped and now stands at 6.3 months for single family homes and 9.2 months for condos. A figure of 6 months is considered equilibrium between a buyer's and a seller's market.


 


The December 2011 median sale price for condos recovered strongly to $150,000 from November's figure of $127,000. This was the highest level since August 2011. Condo prices have been fluctuating for several months, with the year-to-date median sale price at $156,800.


 


For single family homes, the median sale price dropped slightly in December to $160,000 from $162,000 in November 2011. For the overall year, the figures have remained remarkably steady, indicating a stabilizing market.


 


"There is a real sense of optimism and excitement returning to the market," Benson noted. "We're entering the height of the season, and the open houses have been bustling with energy and interest. Recent news of new home sales doubling in one community and setting records for annual sales in another are clear signs of the strength of the current market."


 


Pending sales were at 694 in December 2011, down slightly from the November 2011 number of 782. Last month, 504 single family homes and 190 condos went under contract.


 


Distressed property sales continued to represent a higher percentage than normal in the local market for the fourth quarter of 2011. In total, 41.7 percent of sales in the fourth quarter were distressed property sales (foreclosures and short sales). This was somewhat higher than the third quarter, when the overall percentage was 38.8 percent, but well below the market high of over 50 percent in the second quarter of 2010.


 


Median sale prices continued to show three distinct markets, with normal market transaction sales prices more than double those for bank-owned transactions. But the price gap has narrowed somewhat, particularly during the past two quarters. For the second quarter of 2011, foreclosed condos sold for a median price of $62,250, while market condo transactions saw a $270,000 median. For the quarter just ended, those prices were at $73,500 and $193,500, respectively.


 


"Realtors® and consumers have adjusted to the market realities, and it appears that pricing in all categories has become more reflective of the current conditions," said Benson. "We continue to watch and hope for a break in the distressed property cycle, and we anticipate the improving economy and lower unemployment rate will eventually bring these figures down to lower levels. The positive side is that our market offers incredible buying opportunities that won't last long."
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            <pubDate>Thu, 12 Jan 2012 09:29:48 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/november-sales-statistics-for-sarasota-continue-to-impress.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/november-sales-statistics-for-sarasota-continue-to-impress.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>November Sales Statistics for Sarasota Continue To Impress</title>
            <description> <![CDATA[ 
Below is the latest press release from the Sarasota Association of Realtors. It looks at the latest sales figures for single family homes and condos in Sarasota County for November. Onca again, numbers are up pretty much across the board, indicating once again our area appears to have hit bottom and is now in recovery mode."SARASOTA ASSOCIATION OF REALTORS - NOVEMBER SALE STATISTICS"November 2011 sales up 12.7 percent over last year


November 2011 property transactions in the Sarasota real estate market totaled 602, up 12.7 percent over last November. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a destination location.



In fact, the Today Show's real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a "beautiful beachfront community" that offers residents and visitors "a sophisticated, urban cultural experience" that is propelling sales and prices in 2011.



Overall, sales in 2011 continued on pace to exceed last year by a wide margin, and should put the Sarasota market at the highest level since 2005. In fact, at the end of November, overall sales were within 186 sales of exceeding all of last year. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market. 



The inventory of available properties for sale in Sarasota was at 4,672 in November, up slightly from October's level of 4,525. The inventory sunk to a 10-year low of 4,408 in August 2011.



The November 2011 median sale price for single family homes rose to $162,000 from the October 2011 median of $149,838, a rise of 8 percent. This month's figure was also higher than last November, when the median was $160,100. The condo figure has been fluctuating for several months, and again dropped in November to $127,000 - lower than last month's figure of $143,000 and last November's figure of $159,000. The year-to-date median sale price was $155,000 for single family homes and $157,250 for condos. These figures have remained remarkably steady for the past year, indicating a stabilizing market.



"The Sarasota real estate market has retained traction, and we hope the brightening national economic picture will help maintain and even push this market higher," said SAR President Michael Bruno. "There is an encouraging sense of stability and strength in our market."

 ]]> </description>
            <pubDate>Sun, 18 Dec 2011 11:24:33 -0600</pubDate>
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            <guid>http://www.sarasotacondosandhomes.com/blog/tracking-sarasota-short-sales-and-foreclosures.html</guid>
            <link>http://www.sarasotacondosandhomes.com/blog/tracking-sarasota-short-sales-and-foreclosures.html</link>
            <author>stevedelviscio@gmail.com (Steve Del Viscio)</author>
            <title>Tracking Sarasota Short Sales and Foreclosures</title>
            <description> <![CDATA[ Just like everybody else who reads the paper or listens to the news, I keep hearing about ALL the foreclosures that are going to be flooding the market when the banks decide to finally release them.The only problem is, I've been hearing and reading this for the last two and a half years. In the meantime, I watch the available inventory of bank-owned &amp; short sale homes &amp; condos continue to drop! But every month it is the same tune - "yes, short sales &amp; bank-owned properties are decreasing in availablity, but just wait until the banks open the floodgates!"So I am now keeping copious records on the numbers. On the tenth of every month I am recording the total number of short sale properties there are at that time on the market as well as the number of bank-owned properties. These two numbers include all single family homes, condos, townhomes, villas, half of a duplex and manufactured homes. The geographic area is Sarasota County but only from University Parkway in the north to Osprey in the south. Since all real estate is local, I try to worry about the Sarasota area, not Port Charlotte or Manatee. (Although those areas are seeing the same reduction in available inventories of distressed properties)I started on November 10th, when there were 96 bank-owned properties on the market and 353 short sales. On December 10th, the numbers were 84 and 327. So both were down about 10%.But fear not, I know the latest word is "the first quarter of the new year will see a big increase". For some reason, it's always "the next quarter" when the tsunami of properties will occur. But we shall see.I'll keep you posted. ]]> </description>
            <pubDate>Wed, 14 Dec 2011 13:36:52 -0600</pubDate>
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