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Virtual Tour of 804 Pierre

by Roger Pettingell

Virtual Tour of 804 Pierre located in Sarasota, Florida.

1007 Beach Residences

by Roger Pettingell

Virtual Tour of my new listing at 1007 Beach Residences in Sarasota, Florida.

Numbers…Love ‘em or Leave ‘em!

by Roger Pettingell

Reported numbers can be created to say anything we want them to, so they must always be taken with a grain of salt.  This is particularly important when we study numbers about real estate property sales.  When we read headlines like the one below, “August property sales up; prices remain stable,” we are pleased and relieved.  That said, note that when Sarasota numbers are quoted, they represent homes in Englewood as well as homes on Longboat Key….this could mean a spread of millions of dollars in value and thousands of square feet!

How was the market for luxury waterfront homes in Sarasota during August….that’s the question my customers want answered.  In short, I would answer that August was, as it traditionally is, a slow month, with typically fewer showings translating into decent contract activity.  Certainly when you have fewer buyers around, you have fewer sales.  That said, our office on Longboat Key sold just under $20 million worth of properties during August, a number which is up 20% over last year of number of homes sold.  Prices remained stable for the month.

Read below to see what the overall Sarasota market did during August.

August property sales up; prices remain stable

The Sarasota real estate market rebounded in August 2010 after an expected slower July, following the expiration of the federal $8,000 homebuyer incentive. Sales were up 8 percent over July 2010, and up 14.3 percent over August 2009.
 
Property sales in August 2010 stood at 567 total sales. This compared to 525 sales in July 2010 and 496 sales in August 2009.
 
There were 408 single family home sales in August, with the median price at $154,500, almost identical to last month's figure of $155,000. The median price was also $155,000 in August 2009, and has been steady throughout the last 12 months ($161,000), fluctuating between a high of $170,000 and a low of $150,000.
 
Condos saw 159 sales in August, with the median price rising by 22 percent to $155,000 from last month's figure of $127,000.  For the last 12 months combined, the median sale price for condos was $169,900. Distressed condo sales have dragged the overall median price down substantially, with normal arm's length sales garnering three-times as much as bank-owned properties, and twice as much as short sales on average.
 
Pending sales also rose in August to 816, from last month's figure of 653, for a 25 percent increase. The rise bodes well for the closings in the early fall months.
 
"It was very encouraging to see that the market recovered nicely after a drop in sales from June to July," said 2010 SAR President Erick Shumway. "After experiencing a five-year high in sales for the second quarter, everyone knew the loss of the homebuyer tax credit would have a negative impact. But we saw a big jump in sales for August, and prices held steady, so this market still has legs and the recovery appears to be a healthy one."
 
The level of sales of distressed properties (foreclosures and short sales) dropped in August 2010 to 47 percent from last month's figure of 48.7 percent of the overall market. Distressed market sales were at a high in late 2009, and have hovered in the range between 44 and 48 percent since that time.
 
The property inventory level remained fairly consistent, remaining just over the 6,000 level in August 2010, which remains one of the lowest monthly levels since late summer of 2005.
 
The months of inventory for single family homes in August 2010 dropped to 9.5 months from 10.4 months in July. The figure was 10.3 months in August 2009. This figure represents the number of months it would take to sell all available homes at the current pace. For condos, the figure dropped to 13.5 months from 14.4 months in July 2010. It was substantially lower than the August 2009 figure of 20.5 months. Once the market reaches the 6 month level it is considered to be in equilibrium between a buyers and sellers market.

For a list of statistics, please click here.

September 2010 Sarasota Real Estate Report

by Roger Pettingell

IN this video Roger talks about what he is experiencing in the current Sarasota Florida real estate market climate.

Displaying blog entries 1-4 of 4

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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.