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Area Sales Heating Up!

According to the Gulf Coast Business Review, the number of properties sold in January across Florida is up substantially from the 2010 figure. Condo totals were up 36% and single-family home figures were up 14%. The flip-side is that prices were down, 18% for condos and 7% for single-family homes. Sarasota/Bradenton figures were in line with Florida’s overall statistics with number of overall sales up 12%, but median prices down by 13%.

So have we hit bottom here? My personal feeling is that individual properties and sometimes neighborhoods are finding their bottoms individually. We have a smorgasboard of valuing activity here now in this market. Some of the higher demand areas of Sarasota single-family homes such as: Siesta Key, Longboat Key, Bird Key, West of the Trail, Southgate, Gulf Gate and others are definitely off their lows with regard to median pricing.   Other areas and properties probably still have some further re-pricing to go through.  It all depends on how many more distressed sales take place in that neighborhood or complex. Once again the old real estate adage: location, location, location holds true.

If you have any questions about buying or selling property in the area, please contact me.  Feel free to leave comments to any of my posts.

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