“This is amazing news, and our local brokers and agents should be extremely proud of all their hard work and diligence, helping buyers and sellers make their dreams come true.” – SAR President Laura Benson

The Sarasota real estate market saw sales climb to a sevenyear 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.

“This is amazing news, and our local brokers and agents should be extremely proud of all their hard work and diligence, helping buyers and sellers make their dreams come true,” said SAR President Laura Benson.

“The strength that the Sarasota market has demonstrated in the past few months has been remarkable, and I’m looking forward to a continuing resurgence in local real estate.

Property sales drive so many other elements of the local economy, and that means more jobs, higher salaries, and a better overall community.”

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. The median sale price for condos was $192,000, a level
not seen since May 2011, and was 11 percent higher than last March. Single family was at $174,900, a level not reached since June 2011, and 9.8 percent higher than last
March. The reason for the price resurgence is likely tied to the lower number of distressed property sales. The total number of distressed sales, foreclosures and short sales, fell to only

32 percent from 37.4 percent in February 2012 – a three-year low. 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, a level not seen since last March.Another positive sign was the drop in the available inventory of homes on the market. The number fell to 4,463 from February’s total of 4,588. The level is close to the decade low figure of 4,408 in August 2011, and 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.

“It’s great to see that we’ve come so far from the days of 2008, when the months of inventory hit 25 months for single family and 40 months for condos,” said Benson. “The real estate agents who stuck with it through those difficult months are certainly glad they did, now that we’ve turned the corner.”

Single family home prices are now 21.4 percent higher than the low of the market reached 13 months ago, while condo prices are almost 30 percent higher than the low point.

Currently, only 701 properties for sale in the MLS are distressed listings (short sales and foreclosures), or roughly 15 percent of the market. In February 2012, the figure was 740 (16 percent of the market), and in January 2012 it was
812 (17 percent of the market). If this percentage continues to trend lower, we could begin to see median sales price increases going forward.

“The Sarasota market appears to be leading the nation into a new, dynamic period in real estate,” noted Benson.

“While no one can predict the future, certainly all the vital signs of the economy have been moving in the right direction for many months, so I’m very hopeful we will see continued growth in our area.”

SOURCE: Sarasota Association of Realtors®, Feb 2012

To prevent the hassle and heartbreak of forgotten possessions and lost information, make a check list containing the following items:

1. Jewelry, watches, and small valuables: These small, expensive and often irreplaceable items are best kept in a safe deposit box or kept with trustworthy friends or relatives on moving day.

2. Garage door opener: The old one won’t be of much use at your new house, will it? Be sure to leave it behind for the new owners. Also, make sure the old owners of your new house give you theirs!

3. Spare keys: Sets to your old house should remain with the new owners, but don’t forget sets to the new house! There’s nothing more frustrating than arriving at your new place without a way to get in.

4. Old address books: Yes, we all have fancy new smartphones, but it seems like families all have a well-worn phone book stashed in a spice drawer somewhere. These are practically family heirlooms of information, so don’t leave them behind.
5. Unfinished errands: Do you have any clothes at the dry cleaner? Books due to the library? What about other video game or DVD rentals? It can be a real hassle to settle up on these items from 100 miles away, right?

6. Medical records: While a lot of medical information is digital these days, you should make sure you don’t misplace your copies, including dental information and prescriptions. It’s easy to lose them at the bottom of a hastily thrown-away box.

The January 2012 holiday sales lull didn’t last long. The 177 condo sales in February represented the highest level in the last eight months. If pending sales, which represent properties going under contract, produce the expected level of closed sales, we could see a major selling month in March 2012. That could repeat what we saw in March 2011, when sales hit the highest total since 2005.
Overall, February 2012 saw a 15 percent increase in property sales over January 2012, and a 17 percent increase in pending sales from the previous month, both reaffirming numerous verbal reports of a very busy spring selling season in Sarasota. Closed sales stood at 414 for single family homes and 177 for condos, lower than in February 2011, but higher than last month. In February 2011, 471 single family homes and 201 condos were sold.

The single family home median price climbed to $167,500 in February 2012 from last month’s figure of $162,000. For condos, the figure fell to $150,000 from the January level of $180,000. Last February, both single family homes and condos were selling at the median price of $137,500, so both of the current numbers reflect a stronger market than a year ago. Single family home prices were a whopping 21.8 percent higher than in February 2011. Condo prices were 9 percent higher than last February. The inventory for February stood at 4,588, down almost 5 percent from January’s 4,711, and 20 percent lower than last February’s total of 5,864. With fewer available properties, the law of supply and demand indicates asking prices could be climbing higher in the coming months.

The inventory hit a 10-year low of 4,408 in August 2011, and has remained at or close to this low level since then. As the inventory has slid, the months of inventory has also dropped. The figure now stands at 7.2 months for single family homes, compared to 8.3 last month and 8.0 months in February 2011. The figure was 9.1 months for condos, compared to 11.3 months in January and 10.4 months last February. A figure of 6 months is considered equilibrium between a buyer’s and a seller’s market.

Distressed property sales continued to represent a higher percentage than normal in the local market in February 2012, with 37.4 percent of all sales from bank-owned foreclosures and short sales. But the figure was a drop from the 40 percent total in January 2012, and far below the record high of over 50 percent in the second quarter of 2010.

Currently, only 740 properties for sale in the MLS are distressed listings (short sales and foreclosures), or roughly 15 percent of the market. Last month at this time, the number was 812 out of 4,711 homes and condos on the market, or about 17 percent. If this percentage continues to trend lower, we could begin to see median sales price increases going forward.

“The lower number of distressed property sales, and the decreased number of foreclosures and short sales available will likely mean greater competition and higher asking prices,” noted Benson. “We are all hoping for a return to historic levels of distressed properties, which would be less than 5 percent of the market. But until that day, our members will continue to educate themselves on the existing market and help customers make sensible decisions.”

SOURCE: Sarasota Association of Realtors®, Feb 2012

You may be eligible for HARP if you meet all of the following criteria:

•The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.

•The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.

•The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.

•The current loan-to-value (LTV) ratio must be greater than 80%.

•The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

•Determine whether your mortgage is owned by Fannie Mae or Freddie Mac by calling Nicki Conway at 941-315-3331.

Read the Interview

Did you buy a home last year in Sarasota FL? Have you owned your home here for a decade? Do you have an accurate idea of how much equity you really have in your Sarasota home? If you were to sell today, do you know how much cash you’d have available moving forward?

Understanding the true equity you have in your home is a vital part of understanding your complete financial picture.  You may have a vague idea of what you think your home is worth, but do you really know?  And if you’re not sure, can you really be sure of your equity?

I often help clients get an accurate picture of their home equity through a three step process:

First, I use a comparative market analysis to establish a probable range of sale prices for your home.  This takes into account recent closings of similar properties in your Sarasota neighborhood or nearby neighborhoods as well as the unique features your home has to offer potential buyers.

Second, we look at your current loan and any other outstanding obligations which must be settled from the proceeds of the sale.

Third, I take into account any other fees or expenses incurred during the sales  process which would impact the free equity in the home.

Whether the actual equity turns out to be $1,000 or $100,000, my clients find a certain peace of mind knowing exactly where they stand.  The facts can help them plan for the future and make decisions about whether or not now is a good time to make any changes.

Are you curious about your home equity position? Contact me if you’d like to learn more: Call or text me at 941-315-3331 or email me at 941-315-3331.

Beach House on Holmes Beach

Here’s a rare and wonderful opportunity to step out your back door and be just a few steps to the sugary white sand beach.  This Anna Maria Island Beach Home is a delight the moment you step inside.  The views are spectacular from the main living area which has an open, great room layout.  The large kitchen has updated appliances and cabinets.  Downstairs you will have 1 Bedroom and 1-1/2 baths.  The master bedroom is upstairs and takes full advantage of the magnificent Gulf Views.  There is a 30′ Balcony off the Master bedroom to enjoy the views and the warm Gulf Breezes.  There is another bedroom and bathroom upstairs for your guests.  This home has been well cared for with a new roof in 2005, new composite deck upstairs, newer air conditioners (2), pavers on the outdoor patio, and newer appliances in the kitchen.   Don’t miss this great opportunity to own a home right on the beach!  Anna Maria Island has much to offer you…great restaurants, great fishing and boating and you will still be close to everything Sarasota has to offer.

Path from your Home to the Beach

Your Beach at 103 30th St

This home is offered for sale at $1.9 Million.  Call Nicki Conway at 941-315-3331 for more details or email me at nickiconway@gmail.com

A Home in Sarasota FL

Living next door to someone in Sarasota FL or anywhere, doesn’t really make you a neighbor.  It makes you a nearby homeowner.  One of the great opportunities we have in our communities is the chance to build real, meaningful relationships with the people who live closest to us.

While I understand the desire for privacy, I think it’s important we realize that regular, helpful communication with our neighbors makes us both safer and paves a smooth road for difficult conversations we might face with our neighbors in the future.

Small gestures such as a nice note about landscaping, an invitation to a potluck, or an “all hands on deck” community improvement project allow us to get to know our neighbors.  This is vital when you consider the people around you are the most likely to spot smoke in a fire, clue you in to suspicious activity, and have the opportunity to share vital local information.

What’s more, if you build a positive base with your neighbors, when the time comes to have a difficult conversation (such as a nuisance dog, kids running amok, or intrusive lighting issues), you’ll have a buffer of mutual respect and goodwill to draw on.

If your opening conversation with a neighbor is a complaint, you’re setting yourself up for a long, antagonistic relationship.  Who wants to live next to that?

It doesn’t take much to start off the right way.  Consider leaving a nice note in their mailbox, a small “thank you” gift for looking out for the neighborhood, or some other “olive branch” act that will build rapport.

I think a civil community depends upon our connection to our neighbors.  We all benefit when we depend on and trust one another.

If you’re looking for a home in Sarasota, Siesta Key, Longboat Key or Bradenton FL, you can begin by looking online at SearchforSarasotaHomes.com.  Of course, you will need to call me at 941-315-331 to help you find that perfect neighborhood!

A Home in Sarasota FL

This video will show you how to start the process of finding your home in the greater Sarasota area, including Siesta Key, Longboat Key, Lido Key and Bird Key.  You can click here to start your search:  Search the MLS

Find a Home in Sarasota: You Tube Video

www.SearchforSarasotaProperties.com