Spring Fever
It appears that there has been some “Spring Fever” affecting the real estate market in Sarasota. Statistics show sales are up and the inventory decreasing. It is too soon to tell whether this is has been motivated by the season or if it is the start of a trend towards the rebound of the housing market.
I can tell you from my personal experience as a state certified residential real estate appraiser that there have been recent sales in areas of the market that have been stagnant for the past few years. In the past 30 days there have been 5 sales of condominiums priced over two million dollars in the downtown area alone. I appraised one of the condominiums that sold in this price range and was pleased to finally have some comparables to work with.
Prices have come down to levels that are well below what they were before the boom took off in 2004. Just as the boom era prices were not sustainable, it is my opinion that the current low prices will not be either. Time will tell and hind sight is always 20/20.