What. Goes. Up. Must. Come. Down.
Yeah, we've hit bottom already the MSM and REIC say.
Right. Sure thing. Believe that and I've got some swampland in Florida to sell you... Ah, those Gators...
Sarasota-Bradenton home sellers are cutting prices so aggressively that the median sales price was 18 percent lower this November than last, the biggest drop in the state.
Consequently, it seems, Sarasota-Bradenton home sales were up by 2 percent from a year ago, the best gain in the state.
Real estate pros said the numbers indicate the market is responding to price reductions. Stubborn sellers are budging, even if it means taking a financial hit. And buyers are deciding to buy rather than bet that prices will fall even more.
The numbers reflect "a significant uptick in showing activity and sales since the November elections as buyers gained the confidence to take action and sellers are willing to seriously consider reasonable offers rather than holding out for mid-2005 prices," said Chad Roffers, president of Sarasota's Sky Sotheby's International Realty.Roffers said the Sarasota-Bradenton market "hit the wall" earlier than other parts of Florida.
"Based on what I am hearing from my peers who run other markets for Sotheby's, we are leading the pack in emerging from what will have been an 18-month-long slump," Roffers said.
December 30, 2006
Home prices never fall, right? Wrong. Sarasota Florida home prices crash 18% (so far), How low will they go?
Posted by blogger at 12/30/2006