Tuesday, November 25, 2008
Check this out for some good news...
Higher pending sales forecast busier season in local marketPending sales remained above the 500 level once again in October, forecasting a stronger market for the winter real estate season in the Sarasota area. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months - a positive sign. In October 2008, 549 properties were reported pending, compared to only 446 in the same month last year.Single family unit sales were also higher in October 2008 than in October 2007, while only a little lower than September 2008. There were 306 single family homes sold in October this year, compared to only 264 in October 2007, an increase of 16 percent. Condominium sales were weaker in October 2008, with 63 sales reported, compared to 120 in October 2007.Another important market tracker - the absorption rate of properties on the market - is lower than last year at this time and has been steadily declining with decreasing inventories since May. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month. For October 2008, the absorption rate for single family homes stood at 18.2 months, compared to 18.3 months in September 2008, and 31.7 months in October 2007. For condominiums, the absorption rate was 28.7 months in October 2008, compared to 33.5 months in September 2008, and 45.1 months in October 2007.The single-family median sales price for the 12-month period ending October 2008 was $257,000. This compares to $310,000 for the same 12-month period ending October 2007. For condominiums, the 12-month rolling median sale price was $320,000 at the end of October 2008, and $357,000 for the 12 months ending October 2007, down about 10 percent."The strong pending sales in our market indicate that we should expect the winter season to remain stable and stronger than the late summer and early fall," said Helen Sosso, 2008 SAR President. "We are obviously living in historic times, particularly in respect to our national economy. But people continue to look at real estate as a safer place for their investment dollars in relation to other common investments. The stock market has obviously tumbled, and other commodities, like oil, have seen their values cut in half in only a few short months. Real estate has weathered the storm much better, and there are incredible values in our market right now. Families seeking a home as a future investment and a great place to live are still looking at Sarasota."The current local market continues to demonstrate statistically that we have a great selection of more affordably priced housing for buyers to purchase. In addition, declining inventory levels normally indicate the market is returning to a more historical balance, which eventually leads to normal, long-term price appreciation.
Higher pending sales forecast busier season in local marketPending sales remained above the 500 level once again in October, forecasting a stronger market for the winter real estate season in the Sarasota area. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months - a positive sign. In October 2008, 549 properties were reported pending, compared to only 446 in the same month last year.Single family unit sales were also higher in October 2008 than in October 2007, while only a little lower than September 2008. There were 306 single family homes sold in October this year, compared to only 264 in October 2007, an increase of 16 percent. Condominium sales were weaker in October 2008, with 63 sales reported, compared to 120 in October 2007.Another important market tracker - the absorption rate of properties on the market - is lower than last year at this time and has been steadily declining with decreasing inventories since May. Absorption rate is the number of months it would take to sell the entire remaining listed inventory in a particular category, based upon the sales for that particular month. For October 2008, the absorption rate for single family homes stood at 18.2 months, compared to 18.3 months in September 2008, and 31.7 months in October 2007. For condominiums, the absorption rate was 28.7 months in October 2008, compared to 33.5 months in September 2008, and 45.1 months in October 2007.The single-family median sales price for the 12-month period ending October 2008 was $257,000. This compares to $310,000 for the same 12-month period ending October 2007. For condominiums, the 12-month rolling median sale price was $320,000 at the end of October 2008, and $357,000 for the 12 months ending October 2007, down about 10 percent."The strong pending sales in our market indicate that we should expect the winter season to remain stable and stronger than the late summer and early fall," said Helen Sosso, 2008 SAR President. "We are obviously living in historic times, particularly in respect to our national economy. But people continue to look at real estate as a safer place for their investment dollars in relation to other common investments. The stock market has obviously tumbled, and other commodities, like oil, have seen their values cut in half in only a few short months. Real estate has weathered the storm much better, and there are incredible values in our market right now. Families seeking a home as a future investment and a great place to live are still looking at Sarasota."The current local market continues to demonstrate statistically that we have a great selection of more affordably priced housing for buyers to purchase. In addition, declining inventory levels normally indicate the market is returning to a more historical balance, which eventually leads to normal, long-term price appreciation.
Labels: Some Good News
Wednesday, November 05, 2008
An ordinance creating a Downtown Improvement District in Sarasota won unanimous support from the City Commission this week. It will still need approval on second reading as well before a five-person board is appointed and begins meeting. We have a number of competing commercial centers in the area now and this is important to make sure downtown is still competitive, said City Commissioner Ken Shelin. The district would include 162 properties now owned by 110 owners. The ordinance allows for the DID and City Commission to assess property taxes with a millage as high as 2.0 ($2 per $1,000 of taxable value). That would raise about $500,000 if the maximum levy were issued now. John Moran, president of the Downtown Sarasota Condo Association, said the district could be made larger in the future, but was kept small for now to guarantee that a majority of property owners supported the effort. A prior drive for a district failed in the 1990s, when most involved say too expansive an area was proposed. Little opposition spoke against a district Monday night. Real estate broker John Harshman voiced concerns that now was not the time to consider a property tax increase on downtown landowners because of the bad economy. But all four commissioners present Monday voiced strong support for the effort as a whole. Commissioner Dick Clapp did demand provisions allowing the DID to hire uniformed security be removed, suggesting the DID instead hire police if they see a need for better security.
Labels: Creation of Downtown Improvement District
