Maureen Horn   941-539-3384

                               Maureenhorn@michaelsaunders.com

                                   www.SearchHomesSarasota.com

                   Sarasota Florida

                              Weather forecast: 5 day 86F- 30c

As summer rapidly approaches, the weather warming, typically we get a slow down in real estate sales. Preliminary numbers seem to indicate the market continues to sail along full steam ahead. The most important number we watch at this time of year are the "Pending Contract" numbers. These numbers are a indicator of future "Closed Sales". As you will see in the March SAR report and Steve's numbers below the outlook remains the same as I have stated in previous newsletters. Sellers Market here is inevitable.

Another factor in gauging the market is New Construction sales and starts. The point to remember here is that the majority of New Construction sales are not reported on the MLS (Multiple Listing Service) and therefore not included on the Sales and Pending Sales report by the MLS or Steve current numbers below. There are hundreds of New Construction sales and Pending contract at this time. Just in Sarasota country New Construction Permits in the first quarter this year is 60% over the same period last year to the highest level in four years.

These numbers do not include Lakewood Ranch, ( Manatee County) the hottest area for New Construction. Nor do they include the new developments off the University Corridor area West of I- 75 which are also on fire due to a closer proximity to Downtown Sarasota and beaches.

Closed sales in Lakewood Ranch for New Homes in the first quarter were 35% above 1st quarter 2011. We do not have a report for New Construction Pending Sales in Lakewood Ranch but I can assure you it is huge. At least 200 homes are now under construction at this time in Lakewood Ranch.

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02-Res Customer Synopsis click link to preview

Why New Construction?

 Due to lack of inventory Buyers are disappointed with the existing homes that are currently for sale and/or gave up trying to buy a existing home due to competition.

 Buyers are finding a greater Value in New Construction especially under $500,000.

Steve's snapshot of sales and pendings above 400,000. is a good barometer and reflects what we are seeing in above median price range market.

Contact me for Information on New Construction Opportunities

                          Maureenhorn@Michaelsaunders.com 

                                       941-539-3384

SAR Report March 2012

March Sales Hit a 7 Year High, Medium Price is UP

The Sarasota real estate market saw sales climb to a seven year high in March 2012, with 831 properties changing hands during the month. Not since September 2005 has the local real estate association seen sales at that level. In addition, pending sales (which represent properties that went under contract during the month) reached the highest level in 12 month, another good indication that the current market surge will continue in the next few months.

Pending sales continue to soar which signals a likely continuation of a high number of closings in the next 60 to 90 days. A total of 1,191 properties went under contract in March 2012.
 

The strength that the Sarasota market has demonstrated in the past few months has

been remarkable.In addition to the high level of sales - 596 single family homes and 235 condos sold the median sale price for both categories hit a high for the year in March. 11% increase from March a year ago.

The combination of high sales and low inventory has dropped the months of inventory to eight-year lows. Not since 2004 has the market seen a figure of 4.8 months of inventory for single family homes and 6.7 months inventory for condos.

Lower inventory and higher sales normally result in greater competition for available properties, which tends to push prices up.

New Construction is still a value buy at this time. Builders have been stock piling land that they purchased way under value during the downturn and have been offering great pricing. "AT THIS TIME" is a key phrase. I have seen some small price increases as orders for new homes increase.

     See Maureen's Top Picks and Steve's current numbers below

Click TOUR to see more on Sarasota
  

Great Article about Sarasota in US Air magazine. A must read if

you are considering this area. Click LINK 

Relocation Guide complete guide may take a minute or two to load

Our goal is to provide the most up to date information regarding real estate in our area. We prepare this information and send this to you so that when you are ready to purchase, our hope is that you will call us to assist you with one of the most important investments in your life. Steve and I will provide you with all the information needed to make a decision and present different choices of property lifestyles. We would like to represent you in your real estate purchase.

Take advantage of todays prices Call Me for Details. 941-539-3384