It's funny reading this reality versus what that tool mortgage broker wrote the other day about how Jacksonville is going to be fine and dandy. Not.
Important point too that all these crazy listing numbers we're now seeing do not include the FSBO listings. Someone do the research and let us know what those numbers look like.
As the number of home sales and the prices of existing homes in Sarasota-Bradenton continue on a downward spiral, real estate agents are taking a realistic look at the changing market. Sales in the area slumped 49 percent compared to last July as listings remain high.
There are more than 6,500 properties for sale in Manatee County alone, according to the Multiple Listing Service. The glut is forcing agents to take new approaches to the clients that are looking.
"That's a city in itself and that doesn't include the 'for sale by owners,' " said Ken Miller, agent with Re/Max Gulfstream.
Sales continued to tumble throughout Florida in July. Every market in the state showed a decrease in the number of homes sold as compared to last July, with only Naples seeing a bigger drop off in sales than the Sarasota-Bradenton market.
Numbers released by the Florida Association of Realtors on Wednesday showed sales in the local area dropped by 49 percent and prices are now starting to follow suit. Prices fell 11 percent from where they had been in July 2005.
In July of 2005, the median cost of an existing home was $338,100. The median price last month was $302,100. Statewide, home sales fell 33 percent in July, while the median price settled at $250,800.
August 25, 2006
Florida now in total housing meltdown mode: Home inventories through the roof, sales freefall 33%, prices crashing
Posted by blogger at 8/25/2006