A rocky road ahead

Yes all real estate is local.

In Manatee and Sarasota we are seeing a very interesting market.

Sales up, prices down or is it going to go the other way?

This is considered tourist season so we are seeing the usual increase in sales.

What is perplexing is inventory is down and average prices continue to fall.

The number of foreclosures are falling and at the same time almost 50 percent of homes are underwater, where the owners owe more than they are worth.

It all adds up to the market is continuing to try and find a balance.

We are not seeing the same free fall in prices as before and the continued sales and drop in the inventory is a healthy sign.

It may take several more months if not longer for the market to find a hard bottom and start bouncing back fortunately so it appears that is going to happen.

All the best
Greg Owens P.A.
Realtor
Keller Williams On the Water
941.932.6343
greg@teamworksfla.com
www.teamworksrealestate.com