As 2006 was about to come to a close, Sarasota’s existing home sales edged slightly upward by 2 percent in November, compared to same month of 2005.
According to reports released by Florida Association of Realtors, the increase might have been attributed to falling median prices, from $343,600 to $281,900 in 2006.
The positive trend, though relatively small, can be an indication of a new, promising stability in 2007. Florida, in general, has seen doom and small bust in the real estate market. The National Association of Realtors is confident of what might be the outlook of existing home sales. This development, if coupled with the leveling of interest rates and continuity of job growth in the region might liven up sales activity in the coming months.
This holds true with Sarasota real estate market. Despite its declining home sales in 2006, the output was just a reflection of the overall national trend affecting the whole region.
Florida has had its share of the regional struggles, especially due to natural calamities like hurricanes which perennially beset the state. Sales were volatile last year, but still the market was showing indications of stability. Sarasota homes are still being sought for and sellers were optimistic of a continuous positive trend.
The subtle rise in sales in November is predicted to repeat in the ensuing months and Sarasota real estate is one of the sectors which will gain a comfortable pace.
Realtors are not convinced that falling prices can accurately depict the real picture of Sarasota home sales. Those who were forced to sell their homes have to drop their prices below the market value in order to dispose their house in accordance to their own personal reasons. Such actions do not manifest the overall condition of homes sales across the region, so to speak.
NAR officials said the “constant fluctuation of the last few months throughout the United States may be coming to an end throughout the United States.”
History dictates that December is a “quiet month’ for real estate with the hustle and bustle of the holidays and the realization of travel plans for most people. Buyers are more occupied with buying gifts for loved ones rather than buying homes, according to realty brokers.
Despite the lull in December sales because of the holiday season, serious buyers will always be on the lookout for best deals. Once there is a home listing with a realistic price and is easily accessible to interested buyers, selling it is inevitable.
NAR expects home sales to remain constant in 2007 but other sectors believe otherwise as they predict a 10 to 15 percent increase of homes sales over the 2006 figures.
Sarasota is a popular tourist destination and is considered the “cultural heart of Florida.” It is predicted that its real estate market will fully recover when ‘baby boomers” begin buying second homes in places offering great vacation spots and Sarasota is indeed a good place to be.