Is the Real Estate Market Up or Down?

Everywhere we go, people want to know, “Is the real estate market up or down?

We’ve been asked that question at dinner parties, social events, and even by fellow Realtors outside our market. Well the easiest statistics to follow are easily found on the MLS.

The Manatee/Sarasota County Florida multiple listing statistics which includes, Bradenton, Lakewood Ranch, Palmetto, Ellenton, Parrish and Sarasota, shows 9045 single family homes were sold in 2009 as compared to 9986 single family homes in 2010. I would have to say that is an upsurge in sales. Total residential sales including townhomes, villas, condominiums and manufactured homes equaled 13136 in 2009 and 14705 in 2010. Again an upswing in sales. This is a staggering difference to 2008 with a total of only 10921 sales and 7881 of them being single family homes.

With these types of statistics, it is obvious that the real estate market is definitely on the rise in the number of sales.
Is it all good news?

Another important statistic to review is the sales prices. The average home sale price in 2008 was $310,700 with $177 sq ft average, in 2009 the average sales price dropped to $231,873 with $107 per sq ft price, 2010 showed an average single family home sold for $226,619 with $105 per sq ft. The drop in prices has slowed but they are still showing a downward trend. So the real estate market is down?

Obviously, the buyers are buying more homes and they are getting homes at declining prices. The mantra is that “Now is the Time to Buy”. Prices are low, interest rates are low and the great unknown is when are the prices going to start rising.

As sellers capitulate competing with short sales and foreclosures and a bottom forms, is demand poised to rebound?

Is the market going up or down, what are your thoughts?

Please contact us, Marie Avery and Terri Ayers, at 941-358-1818, if you have any questions about our Florida Real Estate market.

About Marie Avery-Withers