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 After running my search of new listings and closed transactions for the Sarasota market I see a big improvement in sales volume. I have been swamped with buyer traffic myself, and it seems that the market as a whole is experiencing the same trend. The only trend that will keep our property values from appreciating at this point is, the effect of buyers swarming the market and sellers seeing an opportunity to list quickly in hopes of a quick sale. In short, the more statistics that show “buy volume” going up, the more sellers pour into the market and see an opportunity to sale. I feel this will continue for some time until we can get this distressed inventory off the market (Foreclosures, short sales, bank owned REO/Loss Mitigation, etc.). Many sellers have pulled their homes off the market temporarily because of the lost cause due to buyer reluctancy; however, with months like March, sellers are coming back to the market. Here’s a look at the closed transactions in Sarasota County, plus Lakewood Ranch and University Park (Manatee County areas but readily shopped by Sarasota buyers).. Again, my numbers reflect MLS data only and closed transactions only.

Single Family Homes - 233

Condominium - 137

Multi-Family (Duplexes, Triplexes, etc) - 1

Lots & Acreage - 5

As you can see, this number is up quite a bit from Feb. and January. We had great weather and nice flow of seasonal vacationers that turned into buyers. Sarasota is easy to fall in love with once you sink your toes into the sand of Siesta Key and soak in that Florida sun. I attribute this spike to tourism as well the Federal Government cutting rates making mortgage interest less harsh on the weak dollar & our slow economy. However, let’s take a look at how many homes entered the market.. This number reflects new listings posted to MLS during the month of March.

Single-Family Homes - 766 (Not a typo..)

Condominium - 428

Multi-Family - 8

Lots/Acreage - 59

As you can see buying is up, but so is the number of sellers looking to bail out of their financial ties to their properties. Positively, we’re seeing more buyers floating around our open houses. I expect a strong April, as the market will slow down a bit as we enter summer. But, let’s not discount the fact that Europeans and the international market take strong interest in our Florida real estate during the summer months.

 Justin