Is the end near?

If you read the latest sales statistics for the Sarasota/Bradenton area that came out today you might think that the plummet in prices will continue.

The median sales price in Sarasota/Bradenton dropped 15 percent, from $287,600 to $244,300 and sales were were down 25 percent year over year.

Of course as a buyer's agent I think that is great news. It means more people can afford to get back in the market.

A couple of things in the statistics are worth watching.

The Bradenton/Sarasota market has taken quite a dive in sales and prices lately. The faster they go down the faster we hit bottom so if you see a smaller decline next month or a flattening out that might signal a turn soon to come.

For those home buyers sitting on the sidelines these next couple of months may be crucial.

Prices are dropping fast along with sales and inventory is high. Those are all signs if a strong buyer's market. If any of those factors start to change, it may mean we have hit bottom.

The two other things that are interesting in the state statistics, Jacksonville posted a 2 percent price increase and Miami's prices were virtually flat although sales were down by 53 percent.

The media is reporting only 360 home sales in Miami with 500 home sales in the Manatee/Sarasota area. That is something to take note of considering the average home price in Miami is $372,000 and $244,300 in the Bradenton/Sarasota area.

If the prices begin to stabilize in Miami watch the market for a halo effect in other coastal areas.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.779.5149