pad_pen.jpgReal estate sales for the month of January have been pulled & posted! It seems brighter days are just around the corner for motivated sellers and others trying to get out of distressed selling situations. However, the optimism is only speculation of months to come as January did see a slow down in property sales. This could be due to the Property Tax Referendum, voted on January 29, 2008, keeping many buyers on the temporary sidelines waiting for results. With that vote passing, many buyers should be jumping back into the market creating a quick spike in sales volume, not necessarily property appreciation. At this point, all we are looking for is that demand to come back to our market and light a fire under the seat of those stragglers trying to “time” the market and buy at bottom-shelf pricing. So, this is positive news!

However, the report here is on January and anything through the rest of season is pure speculation. January showed a minor decline in property sales as we tipped into the New Year. Property sales were down 19%, in comparison to January 2007 figures. There were 329 overall sales during the month of which- 221 coming from single-family homes, & 108 coming from condominiums. This number also reflects a 20% drop from December 2007 sales volume of 427. Statewide, numbers seemed to be a little worse with sales volume on single-family homes down 28%, and condominiums down 30%. So, in the overall snapshot of Florida real estate, Sarasota is making the healthiest recovery from our recent depressed history.
Looking forward, what should we expect? There was obviously some hesitation from buyers during the month of January, with the pending property tax reform vote coming up,” said Helen Sosso, 2008 SAR President. “Now that the issue is settled, and was favorable to the home buyer, we should see prospective buyers taking advantage of the historically low interest rates, the incredible property selection, and all of the attributes that always make our area a great place to buy a home and live.” I couldn’t agree more with President Sosso! I think we have always been mildly immune to nationwide bubble talks, & it always frustrates me when the media clumps together our market with the likes of Miami, Ft. Lauderdale, and the rest of the South East Coast of the State. We are in a totally different genre of lifestyle as well as taste here on the West Coast. The pace of lifestyle here is more conducive to a babyboomer looking to relax and not be rushed to do anything, (Just take 95 North or South from Lauderdale @ 5pm on a weekday and tell me how exciting that congestion is! No fun!) not too mention our superior beaches. Do I like Ft. Lauderdale and Miami? Absolutely! I try to visit once a month. But, do I want to rest here or there? Sarasota wins that election every time! This is my plug for Sarasota living and will continue to be that; regardless of sales statistics, or any other objective measure of where people are spending their money. Let’s focus on moving forward and having a wonderful season! I’ll take care of selling the homes.

May the buyers float through our doors with wings made of cash, & sellers greet them with homes of fresh Florida air & smiles that flash! Now that’s a winning combination.

Justin