September 2010 Real Estate Market

September 2010 property sales a mirror image of August
September 2010 looked a lot like August 2010 in the Sarasota real estate market, with sales and prices virtually identical to the previous month. In fact, September 2010 was also virtually identical to September 2009 in overall sales and median prices.

Property sales in September 2010 stood at 547 total sales, compared to 567 last month and 554 last September. Prices were also virtually identical. September 2010 saw a median sale price of $155,000 for single family homes and $150,450 for condos. This compares to $154,500 last month and $165,000 last year for single family homes; and $155,000 last month and $162,500 last year for condos. In effect, the market has essentially stood still for 12 months, with minor fluctuations in prices month to month. There was an expected spike in sales experienced during the three months of the federal $8,000 homebuyer tax credit period.

"We've observed a very steady local real estate market for the past 12 months," said 2010 SAR President Erick Shumway, noting the market stability is a welcome trend.

The median sale price for single family homes over the past 12 months was $164,000, and for condos was $169,000. Last year at this time, looking back over the previous 12 months, the median sale price for single family was $165,000, and for condos was $200,000.

There were 404 sales of single family homes in September 2010, compared to 408 last month and 399 in September 2009. There were 553 pending sales last month, which reflect future closing activity. The inventory rose slightly, from 3,887 to 4,007.

Condos saw 143 sales in September 2010, compared to 159 last month and 155 in September 2009. There were 191 pending sales reported in September, slightly lower than last month's 217, but higher than the 185 reported last September.

Distressed condo sales have dragged the overall median price down substantially, with normal arm's length sales garnering three-times as much as bank-owned properties, and twice as much as short sales on average.

Overall pending sales dropped slightly in September to 744 from last month's figure of 816.

"The one factor that continues to be a drag on the median sale prices has been the level of distressed sales," said Shumway. "We continue to have a market heavy on short sales and bank-owned property sales. Once those percentages drop, we should see a return to clear property price appreciation."

The level of sales of distressed properties (foreclosures and short sales) rose in September 2010 to 54.6 percent, from last month's figure of 47 percent. This was the highest percentage since the distressed market began to show dominance locally. Distressed market sales previously reached a high just below 50 percent in late 2009, and have hovered in the range between 44 and 48 percent since that time. The median sale price for distressed sales continues to be less than half as much as for normal arm's length sales - in many cases approaching only a third as much.

The property inventory level has remained fairly consistent for months, hitting 6,163 in September 2010, which remains one of the lowest monthly levels since late summer of 2005.

The months of inventory for single family homes in September 2010 rose to 9.9 months from 9.5 months in August. The figure was 9.8 months in September 2009. This figure represents the number of months it would take to sell all available homes at the current pace. For condos, the figure rose to 15.1 months from 13.5 months in August 2010. It was also at 15.1 months in September 200. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.

Click HERE for the complete press release in PDF format, plus two pages of statistical charts.

Sarasota Association of REALTORS®

Bird Key | Opportunity Knocks

Bird Key, Sarasota, Florida.

For anyone interested in the intelligent rules in buying real estate, location, location, location, this is it. Currently, there are 45 homes on the market on Bird Key, out of the 505 that exist on this beautiful island. If you are looking for opportunity, you must check out 533 Bird Key Drive. Currently the lowest list price on the island, priced at $499,000. It is a Garden Home on a spacious lot with a private backyard. Circular driveway, side entry garage. The Bird Key Yacht Club offers tennis, boating, thriving social events and fine dining. St. Armand's Key and Lido Beach are right around the corner and the proximity to downtown make Bird Key an outstanding location in Sarasota. If you are curious about this fabulous opportunity, go to my site: http://www.srqhomesforsale.com/ and check it out!

Palm Aire Golf & Country Club | Welcome to the Villa

Palm Aire Golf & Country Club is located off University Drive, which is the dividing line between Manatee and Sarasota county. This villa, NOW PRICED AT $199,000, has impressive soaring volume ceilings. The owner of this 3/2 unit is an avid golfer and tennis player and is the original owner who maintained a high level of owner's pride since day one. The Villas of Eagle Creek is a small enclave of 32 villas, set amongst majestic pines and on a quiet culdesac. Enter the home through this ivy-covered archway and inside you will see a split floor plan; ceramic flooring and a screened patio with Mexican tile. The new roof and easy-to-install hurricane fabric panels neatly stored away. A 2-car garage, full laundry room and plenty of storage. Wait ... there's more. The option to join the Palm Aire Country Club, which is private member-owned and ranked among the best in Florida by Golfweek Magazine. Furniture package available, as well as the golf cart! The bonus here is that someone could take over the equity membership in the club for $100. To view details, go by my site: http://www.srqhomesforsale.com/

Promoting Sustainable Home Building in Sarasota

LOCAL REALTOR® ACHIEVES
NATIONAL ASSOCIATION OF REALTORS® GREEN DESIGNATION

September 2010

Sarasota, FL – Bernadette Caswell of Michael Saunders & Company Main Street office has been awarded the National Association of REALTORS®’ [NAR’s] Green Designation, the only green real estate professional designation recognized by NAR.

Caswell has achieved this prestigious designation after completing 18 hours of course work designed specifically for REALTORS®. The courses were created in collaboration with a multidisciplinary team of industry experts from across the country; ensuring designees gain comprehensive knowledge of green homes and buildings and issues of sustainability in relation to real estate.

More specifically, Caswell was trained in understanding what makes a property green, helping clients evaluate the cost/benefits of green building features and practices, distinguishing between industry rating and classification systems, listing and marketing green homes and buildings, discussing the financial grants and incentives available to homeowners, and helping consumers see a property’s green potential.

“Living green is about making healthy choices that are also easy on your wallet. NAR Green Designees have the necessary resources & relationships to effectively work with you on your next green project.” said Al Medina, Director of NAR’s Green Designation. NAR’s Green Designation was developed in response to growing consumer awareness of the benefits of resource-efficient homes and buildings. The designation helps consumers who care about energy efficiency and sustainable building practices identify REALTORS® who can help them realize their green real estate and lifestyle goals.

As an NAR Green Designee, Caswell has gained the knowledge and the tools necessary to become a trusted green resource for Sarasota. For more information about Bernadette Caswell, please visit http://www.srqhomesforsale.com/ or e-mail bernadettecaswell@michaelsaunders.com.

For more information about NAR’s Green Designation, visit http://www.greenresourcecouncil.org/