The halfway mark

Back towards the end of February our company founder Gary Keller told us that we had six months of the worst economy in our lifetime.

Well, we're coming up towards the halfway point and it is time to gaze into the crystal ball.

Are loans being made to homeowners? Yes.

Is inventory dropping in Sarasota/Manatee counties? Yes

Are sales up? Yes

Do we have some more room to fall in prices? Yes and no.

If you are trying to buy a single family home under 200k we are in a seller's market. That market in both counties is hot.

Over 200k, still a strong buyer's market, still room for prices to fall.

The direction we're headed in.

Well, if the under 200k market for single family homes is drying up. The next logical step is the 200-300k market to start heating up. That may take a while.

But if the first three months is any indication we are full steam ahead to raising the price point in both counties.

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

Creeping up

Have we hit bottom?

No idea.

Are moving in the right direction. Yes.

According the latest home sales figures from the Florida Association of Realtors and reported in the Herald Tribune the median home price went up in the Manatee/Sarasota county areas in March.

The media home price was up from $144k in February to $150k in March and sales were up 8 percent year over year.

Sure we're down a chunk from last March's median home price but we did rise from last month and inventory of available single family homes continues to drop.

We're not out the woods yet but the continuing drop in inventory and increase in sales, we might just be heading the right way.

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

Trend Ho!

No it is not time to crack open the champagne quite yet.

But the trend in Manatee County for less inventory and higher pending sales is continuing.

For resales of single family homes we are down to inventory levels that we haven't seen since the fall/winter of 2005 when the housing boom went bust.

According to the latest Trendgraphix statistics as off the beginning of March there were slightly more than 3,700 homes on the market, just over 14 months of inventory according to sold and around 8.6 months according to pending sales.

In November of 2005 those inventory levels were around 12 months each and we were just shy of 4,000 homes on the market.

Over the past several months there has been an ever growing trend of a drop in homes for resale.

That's the good news.

Again the overall market is still seeing the bulk of sales increases and pending in the under 200k market. That market is now teetering on a seller's market (less than five months of inventory is a seller's market, five to seven is a neutral market, and seven months and above is a buyer's market).

The feeding frenzy in that area, even among short sales, continues to gobble up the available inventory.

I believe a lot of buyers are going to be disappointed very soon after finding out that the inventory of well priced, good condition, good location properties, under 200k is shrinking quickly.

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