As highly educated consumers, my clients continually ask great questions about the local real estate market. It is our experience that providing real information is the best way to help you make informed decisions. Here are the salient points with respect to Q3 along with where I personally feel buyers can find good values in Q4.
So Where Was all the Action?
Residential sales for Sarasota County totaled around 1,800 properties. Less than the previous quarters, yet a number that indicates steady activity. The majority of sales, in fact 92 percent, were in properties under $500,000. In this segment there was lots of activity and this is great for both buyers and Sarasota realtors as it gives us lots of information to work with in determining comparables and accurate market values. We now have a really good sense of what a property will sell for in this recovering Sarasota real estate market based on square footage, location, etc.
Overview of Property Sales in Sarasota Q3
Overall the number of sales was down from Q1 and Q2. This is consistent year after year for the summer storm season in our resort community, but I think we can also attribute this to other factors:
- The government tax incentives for home buyers expired
- The Gulf Oil Spill
- The mixed economic data we are receiving
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Positive Indicators in the Sarasota Real Estate Market
The most positive indicator in Q3 for the health of the Sarasota real estate market was a decline in distressed sales as a percent of overall sales. These are short sales or sales of bank-owned properties and it is terrific for the Sarasota market that these decreased by 19 percent over the last three months. This indicates fewer homeowners are finding their homes unsustainable, and thus the entire market is more stable.
Where do I see the Most Opportunity in the Sarasota Investment Property Market in Q4?
Last quarter there were only 47 sales total for properties listed for over a million dollars. This is, in my opinion, the absolute best area for opportunities in the next quarter. With the cost of money still so low, and the likelihood that sellers are more apt to negotiate down in order to move their property, I feel there is a real chance to find great values.
