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First quarter 2017 real estate market report

by Roger Pettingell

Sales picking up the pace on Longboat

Reports for quarter rolling in show strong sales, following national trend

REALTALK #123 (April 4, 2017)
First Quarter 2017 - March set the pace for strong sales as discussed in this real estate market report, REALTALK #123 (April 4, 2017)

With just a few weeks remaining in the peak selling season, 2017 is shaping up to be a strong year. Bolstered by last month sales, March came in like a lion and went out like one too. There may have been many reasons for home buying jitters and I typically point to the stock market when that occurs. But the stock market hit record highs so other factors must figure in to sluggish sales the first two months of 2017. It’s possible buyers were looking to the uncertainty that comes about with the inauguration of a new president.

So the figures are coming in for the first quarter. According to a report by the Realtor Association of Sarasota and Manatee, inventory was the highest it has been since April of 2012. The National Association of Realtors painted a similar picture. Although sales actually slid, the organization reported that February’s mark was 5.4 percent higher than in the same month last year. Prices increased nationally to an average of $228,400, partially due to low inventories.

Evidence of price fluctuations is demonstrated in the chart below this REALTALKplus™ article, where home prices on Longboat Key took a dip in December of 2016 but rebounded to an median price of nearly $1.5 million by the end of March. I discussed this increase in my REALTALK™ #123 video on April 4, 2017. The average price for one of my sales in the first quarter was $1.4 million. If all my pending sales were to close today I would be on pace for another record setting year. The pattern was similar in 2016 when I closed $77 million in volume sales.

My average days on the market have followed a trend set in Sarasota and Manatee counties. In February, Manatee County reported an average of 76 days on the market, Sarasota reported 77 days on the market. My average days on the market is floating right around 79 for 2017.

So, is it a seller’s or buyer’s market? I would conclude that it is a good time for both sides. Sellers are getting near their asking price and buyers are getting a good value for money spent on homes. The sale to list price ratio is 95 percent in both counties.

Luxury homes are selling too. It might take a little more effort to sell waterfront property, finding that right buyer is always out there. I have seven properties over $1 million pending, the highest is a beautiful home at $6.495 million in Harbor Acres. This year I have also closed on seven homes over $1 million.

622 S. Owl Drive, Bird Key, Sarasota
New Bird Key listing - This home was featured in an article, April 2 in the Sarasota Herald-Tribune.

There are homes on the market here at or above $10 million. On Sunday Harold Bubil of the Sarasota Herald-Tribune wrote a nice article featuring my listing on Bird Key that is currently for sale at $9.995 million. It is a landscaped lot and a lot with a very warm and cozy home built by the owners at 622 S. Owl Drive. It could be separated into two lots. To ask that amount it has to be waterfront of which this property has 450 feet of it.

They all aren’t single-family homes. I have a residence at the Ritz-Carlton pending for $3.6 million and one at L’Ambiance on Longboat Key pending at $2.5 million. These two communities command high dollar for their residences as they are well-maintained and offer many amenities.

Please check out my newest listings that were put on the market last week. The home at 416 Bayshore Drive is on an acre of prime real estate in Osprey. The Little Sarasota Bay wraps around this parcel on two sides and the panoramic views are enhanced with walls of glass on this unique home. The second is in the Bayou Section of Longboat Key, behind the gates of Bay Isles. It’s a charming three bedroom home on the grounds of Longboat Key Club. Please contact me at (941) 387-1840 for an exclusive showing or if you have a property to sell or buy.

 

Address List Price Media Slideshow
416 Bayshore Dr, Osprey $1,395,000   Photo Slideshow
3490 Bayou Sound $850,000   Photo Slideshow
2016-17 Median price chart for Longboat Key
Median prices for homes sold on Longboat Key.

 

Call us at (941) 387-1840 for an exclusive showing

 

Strong International buying market

by Roger Pettingell

Five Countries Lead the Way in Purchases

NAR Report Shows International Buying is Increasing

International buyers, National Association of REALTORS® report
International Buyers - According to this NAR report, the red bar graph for each year shows the percentage of foreign investments.

The international market for buying property in the United States is growing. I devoted the REALTALK™ segment last week on a National Association of REALTOR® report that shows the increased interest from foreign investors. In the twelve month period that ended in March of 2014, over $92.2 billion of properties in this country were sold to international buyers. That represents about seven percent of the total residential property sales market of $1.2 trillion.

The majority of foreign buyers that call on my services are from Canada, Germany and the United Kingdom. Nationally, the Russian market is strong in Miami and the Chinese market prefers the west coast for its proximity to China. According to the NAR report, Canada, China, Mexico, India and the U.K. accounted for 54 percent of foreign purchases. Florida leads the market with 23 percent of homes purchased in the United States.

REALTALK #28 on international buyers, National Association of REALTORS® report
International Buyers - These buyers are representing a bigger share of the real estate market.

Nearly 80% of the buyers that purchase property through my office are cash buyers and are purchasing upscale properties. The report shows that foreign investors prefer cash with 60 percent of purchases. They prefer the luxury waterfront market and are reported by NAR to have a mean purchase price above that paid by domestic buyers.

My marketing to international buyers is mostly automated. I have an account with Proxio, which promotes my properties to the international community by translating my listings into 19 different languages. Through my single property sites such as this new listing at 415 L’Ambiance #B802 (www.415LAmbianceB802), website visitors can select to have the pages translated into any one of 80 different languages with a selection below the listing details on the right. I also have select pages on my longboatrealestate.com website translated, such as the Deutsch page for Über Roger Pettingell where my biografie appears in German. I am also purchasing Google and Facebook online advertising to promote properties for sale, concentrating my target on the countries mentioned above.

Countries of international buyers, National Association of REALTORS® report
Leading the way - Buyers from these five countries lead the way in foreign purchases.

However, my best form of advertising to the international market might be through past clients who recommend my professional services to their friends. There is an Austrian client who has made over 10 referrals on my behalf. A referral tells the international community that they were satisfied with the sale and they can feel confident that I will perform a good service for their friend too.

The listing above refers to this residence that is new on the market at 415 L'Ambiance. It is an eighth-floor condominium with stunning Gulf to bay views from nearly every room. It is a great place for foreign investors. Call me today for your exclusive tour, (941) 387-1840. Happy holidays.

Property Address Price Video Photos
415 L'Ambiance Drive, #B802 $1,795,000 Video Photo Slideshow
1060 Bogey Lane $465,000 Video Photo Slideshow

 

Housing Market in Florida Making Positive Strides

by Roger C. Pettingell

For the state of Florida some truly welcome news according to reports from realty experts indicates that things are back on the rise for real estate markets. All the numbers appear to point to a growing recovery for the state, and that could certainly mean that the time to invest could be coming sooner than you might initially think.

According to the National Association of Realtors, across the state home sales numbers are going up, meaning inventories are declining in areas everywhere. This means a major increase in home prices are likely to follow, and could present some great opportunities for homeowners in the future.

There's no doubting, however, that the increase in activity in the market means things are improving across Florida. As well, with gains in employment as well at the tourism and healthcare industries, the overall economy is showing new signs of strength.

That's important for the real estate market, since both of these arenas are so vital to keeping the market stable. With everything looking to be on an upward trend, no doubt we'll be seeing some brighter times ahead for real estate owners and investors in Florida. 

If you are looking to buy or sell a home in Sarasota, Longboat Key or the surrounding area, call Roger Pettingell today at 888.309.5714.

Photo via: phanlop88 on Freedigitalphotos.net
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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.