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Beautiful Sarasota! Once again we’re in the news... |
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Among a group of the Top 25 Small Cities for Art, Sarasota was named number 5 in this article in American Style Magazine. As you know from earlier newsletters, this distinction is one of many, just this year – and not really news to those of us who already know and love Sarasota.
As for real estate news, the latest report from the Sarasota Association of Realtors bears out the following:
•Sales rose again in April, at least in part due to the rush to purchase and close before the end of the Homebuyers’ Tax Credit.
•Inventory levels have continued to drop for both condos and single family homes, with absorption rates (the number of months required to sell the current inventory at the current pace of sales) dropping about 50% of April 2009’s rates.
•Median sales prices for both condos and single family homes have remained fairly steady over the past 12 months, still higher overall than April 2009.
•Additionally, distress sales are making up a lower percentage of total sales.
The combination of these factors points to sellers having a stronger position in the negotiation process than they have had over the past 4 years, particularly sellers who have their homes priced competitively (according to recent sales statistics.) Sellers who have over-priced their homes will either need to negotiate aggressively or see their properties remain on the market for extended periods of time – giving buyers an upper hand in these negotiations. Of course, in the end, it always comes down to this – the value of a property is whatever price a seller and a buyer are willing to agree upon.
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