Sarasota Market Shows 30% Drop in Short Sales

Posted by Steve Del Viscio on Wednesday, April 11th, 2012 at 10:15am.

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 & 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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