Sales up and prices down, maybe not everywhere

Existing homes sales were up in February across the nation and the state but not across Manatee/Sarasota counties.

There is a bright spot for buyers in the local market. The whooshing sound you hear is the air continuing to come out of the housing price balloon.

We're talking a 41 percent drop in the median home price year over year locally.

According to the Sarasota Herald Tribune the median price dropped to $144,000 from $254,200.

Our pricing is now at it's lowest since November 2001, according to the local newspaper.

Sales dropped in February for existing homes 7 percent year over year to 566 from 608.

It continues to be distress sales driving the market and prices. Foreclosures and short sales are setting the momentum.

The silver lining for sellers is that mortgage rates are dropping and first time home buyers are back in the market in a big way.

All the best
Greg Owens PA
Keller Williams Realty of Greater Manatee
941.932.6343
greg@teamworksfla.com