Sarasota-Bradenton home sales 2nd in '07

Another positive article about our housing performance locally as compared to the state of Florida! Things are definitely looking a bit better, and activity has certainly improved in January!!!


MANATEE --Realtors sold more houses in Bradenton-Sarasota in December than did their counterparts in all but three of Florida's 20 major housing markets.
Only Jacksonville, Orlando and Tampa-St. Petersburg - all more populous areas - reported more sales.
Miami and Fort Lauderdale both reported fewer sales and more drastic declines in sales than did Bradenton-Sarasota, according to statistics released Thursday by the Florida Association of Realtors.
For the year, Bradenton-Sarasota tied the Naples/Marco Island metropolitan statistical area as the state's second best performing market.
The latest statistics, which showed that local sales were down 10 percent in December compared to the same month a year earlier, were a major improvement over the statewide average, which was down 31 percent.
"We are one of the best markets in the state of Florida, which is exciting," said Dan Forbes of Re/Max Gulfstream's Forbes Team.
Many Realtors are cautiously optimistic that the market may be on the road to better days.
"All the agents I'm talking to said the last quarter of 2007 is the best they've had in two years," said Debbie Roth, president of the Manatee Association of Realtors.
There are still bargains to be had and local agents say most the movement has been in the $250,000 and below and $500,000 and above price ranges.
"Our median sales price appears to be stabilizing as well," Forbes said.
Locally, the median sales price in December was $246,900, down from $288,200 a year ago.
For the year, the Bradenton-Sarasota median price was $285,700, more than $52,000 above the statewide 2007 median.
"There are still some homes that are selling the same week or even day they go on the market," said Coldwell Banker agent Patrick McGuire.
Key factors to a sale like that are presentation, price and getting the right buyer to drive by on the right day.
"As an agent in this market, the best marketing tool you have is a great price," McGuire said.
"If you are looking for the key to the health of the real estate market, you have to look at inventory level," McGuire said.
During the boom, there were several times where there was less than two months' supply of inventory. As the market waned and more for-sale signs started popping up, inventory levels surged to 37 months' supply levels. In December, the numbers had come down considerably to about 27 months' supply, McGuire said.
Another figure that helps gauge the overall health of a market is the percentage of the asking price a buyer gets for the home after negotiations. During the boom years, many buyers were scared of losing their dream home to another offer and the number hovered around 97 percent or 98 percent. In 2007, the number stayed at 92 or 93 percent until December when it fell to 89 percent.
"This is the first time I've ever seen it fall below 90 but it's possible that it's an anomaly," McGuire said.
Forbes estimates home prices are 30 percent below what they were in 2005.
"Real estate is on sale right now," Forbes said.
That said, perception is truly reality as far as the market is concerned.
Some believe if Amendment 1 passes, more people will want to buy.
"Whether it technically helps, I think psychologically it will help," Forbes said.
So far things are moving more swiftly in 2008. Roth has two sales lined up and is seeing a lot of interest from international buyers.
"We are on sale to them because of the value of the dollar," Roth said.
Roth has had quite a few parents of IMG Academies, many of whom were previously renting, come in to look for homes because of the good prices.
"I think everyone is cautiously optimistic," McGuire said.
Lawrence Yun, senior economist for the National Association of Realtors, said despite the market troubles in 2007, the year closed out as the fifth highest on record.
In December, interest rates for a 30-year, fixed-rate mortgage average 6.10 percent, down from 6.14 percent the same month a year earlier, according to Freddie Mac and the Florida Association of Realtors.