The distress sale market

For Sarasota and Manatee distress sales continue to drive the market.

Short sales (homes being sold for less than the lender/lenders of record owes) and foreclosures (homes the lender has already taken back) will likely be a predominate player in this market place for several years to come.

As of this writing there are 4835 single family homes actively for sale according to the Mid Florida Regional Multiple Listing service. Of those 2005 are distress property sales.

In the past 30 days there have been 577 single family homes sales with 319 of those being distress property sales. Either foreclosures or short sales.

Equity sellers. Those selling homes who have equity in their homes are competing against all those distress sales.

Until the backlog of thousands of distress sales in the Manatee and Sarasota market is cleared up it appears the market will stay flat as far as home prices go.

All the best
Greg Owens PA
Realtor
Keller Williams On the Water
941.931.6343
greg@teamworksfla.com
www.teamworksfla.com