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2008 was marked by changes and challenges galore. The global impact has been profound. As with all challenging situations, this one comes with some positive side effects in the housing market for those who can take advantage of the opportunities. - For buyers, the price of homes has dramatically changed, making it possible to get far more home for your money.
- If currency exchange rates play a role in your buying decision, the change in pricing has helped balance the losses in the exchange to US dollars. The result - you may very well be able to purchase the same house you wanted last year, for today's money.
- Mortgage rates have continued to drop and are now at historic lows. Mortgage brokers and bankers tell us that financing is readily available for those who qualify.
The article below, from the Sarasota Association of Realtors, reports the most recent local statistical and narrative information from the area MLS. December 23, 2008 Local November pending sales remain in healthy range Pending sales reported by members of the Sarasota Association of Realtors® in November 2008 again topped the 500 level for the 11th month in a row. Pending sales stood at 504 in November 2008, compared to 489 last November. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate a consistent and steady pattern of sales activity. In fact, the Sarasota market activity has remained steady in the past few months during a period when state and national home buying activity has shown weakness. In another positive sign, single family home sales in the Sarasota market were actually higher for the first 11 months of 2008, compared to the same period in 2007. A total of 4,250 single family homes changed hands so far this year, compared to only 4,214 last year. The condominium market has been slower, dropping by 20.6 percent for the first 11 months of the year. Overall sales came in at 346 in November 2008, which was somewhat lower than the 402 properties sold in November 2007, and the 369 sales reported last month. However, the late summer and early fall months are traditionally the lowest period of home sales in the Sarasota market, before the return of tourists and seasonal residents after Thanksgiving. "We are certainly seeing positive signs in our market, with reports of multiple offers on many properties," said Helen Sosso, 2008 SAR President. "I continue to stress that right now, and historically, the real estate market is a safer haven for investment. Oil and stock market futures are dropping, while real estate has leveled off. We are also observing the Fed's interest rate drop, and lower mortgage rates than we've seen in months. Many great high quality properties are available in our market at prices we haven't seen in years, so for those seeking a home in a wonderful community, and for future financial security, Sarasota is the place to be." The median sale price for single family homes also leveled off in November, coming in at $170,000, compared to last month's median price of $172,450 - only a 1.4 percent drop from October 2008. The median condominium sales prices have been fluctuating widely throughout 2008, and settled at $195,000 for November 2008. Another important market tracker - the absorption rate of properties on the market - is lower than last year at this time for both single family homes and condominiums. 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 November 2008, the absorption rate for single family homes stood at 24.01 months, compared to 39.4 months in November 2007. For condominiums, the absorption rate rose to 41.7 months in November 2008, but was still lower than the 48.4 months reported in November 2007.
There are many other factors that continue to make Sarasota a great choice for potential home buyers, including the affordable cost of living, tremendous natural beauty, great education system, fabulous restaurants, recreational and cultural opportunities, safe and clean environment, and world-class health care.
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