October 2009 Real Estate Update

Sales are Rising

As we follow the market trend nationally, we can see that the turnaround is firming up.

Existing home sales in July jumped 7.2% over June, making the fourth month in a row in which sales

are up. This is the largest sales gain on record since 1999. The Pending Home Sales Index is up for the sixth month in a row according to the National Association of Realtors (NAR) statistics. In a survey conducted by NAR of Realtor confidence, the results were a brighter outlook for buyer traffic and as

a result are most optimistic about the strength of seller traffic.

On Longboat Key we are experiencing much the same. We are starting off the month at a brisk pace. October 1^st – 7^th we already have 6 pending sales both condo and single family homes They range in

price from $139,000 (Neptune) to $1,695,000 (Water Club).  On the Sales side for the first five

days of October, there have been 6 closed sales. They range in price from $275,000 (Longboat Harbour) and $950,000 (Grand Bay). The average sales price is $455,833, the average Days on the Market is 216, average square feet is 1,522.

In the month of September there were 24 condos and single family homes on Longboat Key have gone under contract. They range in price from $185,000 to $2,349,000. The average list price is $686,245 with an average of 308 Days on the Market and an average of 1,790 square feet.

The Sarasota/Bradenton markets tend to be very “seasonal” markets with majority of sales occurring between Christmas and Easter. We expect the coming season of 2010 to be an improvement over this past winter as the message of affordability and very low mortgage rates continues to make headlines. 

We are also looking for new listings to add to our inventory. If you are considering the sale of your home when inventories are the lowest in two years and season is not far away, we would pleased to give you a complimentary Community Market Analysis and demonstrate how the Fynes/Fara Realty Team uses their worldwide marketing to effectively showcase your home to the greatest number of buyers worldwide! Our marketing along with the Coldwell Banker family and reputation is the reason our listings sell quicker and for the best possible dollar amount.

 

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