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Summer Business Sizzles in Sarasota

by Roger Pettingell

This might turn out to be one of the best summers we have experienced in a long time in Sarasota!  The weather has been beautiful, especially for those who have been visiting our coastal areas and barrier islands.  Rarely are the temperatures higher than 92 degrees, and the cross breezes make it comfortable.  Not to mention the ability to jump in your pool, or better yet, the Gulf of Mexico or Sarasota Bay.
 
If you are a fisherman, the fish have been plentiful.  Our waterways have remained pristine, not a hint of oil in sight.
 
From a real estate perspective, things are looking up too.  Month after month we are reading reports from the Board of Realtors which tell of shrinking inventories, small price increases and record year over year sales.  While we are still in a Buyer’s market, the market trends are good news for a market which is trying to recover.
 
I have personally closed over $30 million of luxury waterfront properties so far this year (since January 1, 2010).  This summer has been very strong for me with over $7 million in closed sales.  The summer is an interesting time for sales in our area, kind of hit or miss.  We have far fewer Buyers in town looking for properties.  That said, when a Buyer does come to town looking for property, they are much more likely to make a purchase.  In fact, they come with the purpose of buying something, and they usually do.
 
Of interesting note has been the uptick in the number of high end, water front condominiums on Longboat Key.  There have been 14 closed sales over $1,000,000 in the past 90 days!  (See chart below).  This is a strong performance for our typical “slow” season.

Sarasota Market Continues Upward March

by Roger Pettingell

The national news might be bleak and uninspiring when it comes to real estate, but quite the opposite is true here in Sarasota.  According to the Sarasota Multiple Listing Service, property sales reached their highest level in five years! 

I am finding that many of our buyers are familiar with our area; they have been waiting for a “real estate bottom” to form, and they believe they have found one.  Prices are at 10-year lows, mortgage rates at 20-year lows, and there is a good selection of properties to choose from.

The following press release was just issued by the Sarasota MLS:

Property sales again reach highest level of the year in Sarasota real estate market
The Sarasota real estate market remained active and vibrant in June 2010, in spite of the loss of the federal home buyer tax credits, oil crisis rumors, and the sluggish national economy.
 
Property sales in June 2010 in the Sarasota market once again topped the 700 mark, with 776 total sales - once again the highest of the year and the highest total since December 2005 when 784 properties were sold. The figure of 776 sales topped the May 2010 total of 766, the previous high, and was 27.2 percent higher than June 2009, when only 610 homes and condos sold.
 
In June, 576 single family homes were sold, 28.3 percent higher than June 2009, when only 449 single family homes sold.  The median price was also trending higher at $175,000, the highest figure in 11 months.  Not since June 2009 has the market seen single family home values this high.
 
Condo sales in June were 200, a 24.2 percent increase over June 2009, when 161 condos were sold.  The median price of condos fell in June to $145,000, which primarily reflected distressed property sales.  Non-distressed condo sales saw a median price of $236,000, while for distressed properties, the median sale price was $88,000, about a third.
 
For the last 12 months combined, the median sale price for single family homes was $165,000. For condos, the median price over the last 12 months was $185,000.
 
Pending sales were once again strong, hitting 767 -  slower than the period during which homebuyers were eligible for tax credits.  The March and April pending sales figures both topped 1,000 and reflected a last minute rush to beat the federal homebuyer tax credit deadline.
 
"With the expiration of the $8,000 tax credit we had anticipated a potential drop off in sales, but the level of pending sales still shows strength in the market," said 2010 SAR President Erick Shumway. "The June figures are a testament to the strength of this market, and prove the old adage that all real estate is local. There are still a lot of serious buyers in our market, and we hope this very active period continues through the usually slower summer months."
 
The level of sales of distressed properties (foreclosures and short sales) rose slightly in June 2010 to 44.6 percent of the overall market, from 40 percent in May 2010. The distressed market topped 48 percent in late 2009.
 
The property inventory level dropped below the 6,000 level in June 2010 at 5,993, which is the lowest level since late summer of 2005.
 
Another interesting statistic in June was the fact that in nearly every price range below $250,000, inventory levels have dropped below a six-month supply, entering "seller's market" territory.  This generally precedes a period when price appreciation should be expected.
 
The months of inventory for single family homes in May 2010 dropped to 6.6 months, the number of months it would take to sell all available homes at the current pace. This was a significant drop from June 2009 - 10.0 months - and very near equilibrium. For condos, the figure rose slightly to 10.6 months, much lower than last June's figure of 16.1 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.

$27M in Closed Sales YTD For Roger Pettingell

by Roger Pettingell

Coldwell Banker’s Roger Pettingell is once again leading the pack with $27,403,000 in closed sales so far for 2010 (With another $4 million in sales pending).  This sales figure places him at the top of the Sarasota/Manatee County Multiple Listing Service for sales through July 21, 2010.  Of note is that Pettingell’s sales are 25% higher than the next agent on the list.
 
When asked why his sales are so strong in an otherwise challenging market, Pettingell says “I sell waterfront luxury properties in an incredible community. I offer extensive marketing to my sellers, both in print and on-line; I also make sure seller’s present their properties as good values for buyers.”
 
Pettingell has worked in real estate sales on Longboat Key for over 25 year and has consistently been one of the area’s top producing real estate agents.  In 2008, he was awarded the National Leadership Award by Coldwell Banker for being its top agent in the state of Florida.

Click HERE to read the original article in REAL® Magazine

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Why Choose
Roger Pettingell?

Experience

  • Over 33 years as a top producing REALTOR® on Longboat Key and in Sarasota.

Achievements

  • Number 1 single Coldwell Banker agent in all of Florida for 2008, 2010, 2012, 2013, 2014, 2015, 2016 and 2017
  • Number 1 Realtor on Longboat Key and Bird Key for 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Number 1 Realtor for all Sarasota in 2008, 2010, 2012, 2013, 2014, 2015, 2016, 2017 and 2018
  • Coldwell Banker Society of Excellence award in 2013, 2014 and 2016
  • Ranked among the top 250 agents in the country for 2014, 2016 and 2017 by REAL Trends as reported in the Wall Street Journal.

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About Roger Pettingell

Roger Pettingell of Coldwell Banker Residential Real Estate is your Longboat Key, Florida Luxury Real Estate Specialist. Roger provides his real estate expertise to sellers, investors, developers, and buyers in the Sarasota area including Anna Maria, Bird Key, Bradenton Beach, Casey Key, Cortez, Grand Bay, Holmes Beach, Longboat Key, Marina Bay, Osprey and Siesta Key. Search for homes, luxury homes, condominiums, investment property, development property, and vacant land and lots on the Longboat Key, Florida and the surrounding area.