Now that we've closed the book on 2009, a year many people would like to forget, many real estate experts are making their predictions for 2010. Will 2010 be a good year for the Sarasota real estate market? Nationally, many economists seem to think things will improve.
Laurence Yun, the chief economist for the National Association of Realtors, recently released his predictions for the year ahead.
- Yun sees a 20 percent increase in sales for the first half of 2010 over 2009 for the same period.
- Yun expects inventory levels to continue to decline and that we will start seeing increases in home values by mid-year. Mr Yun points out that his predictions are based on mortgage rates staying in the 5 - 5.5% range
The Sarasota real estate market sales data has been very encouraging. Last month, sales were up 86% over the same period in 2008. Pending sales in the Sarasota market are also up significantly, a strong indicator for the next few months of sales. In addition, Sarasota home and condo inventory levels are at their lowest levels since late summer of 2005. Higher sales and pending transactions, stabilizing prices and reduced inventories point to a return to a healthy real estate market in 2010.
Price remains the biggest determining factor in a property's ability to sell. The homes and condos that will sell have realistic sellers who understand that this is no longer the hyper-market we saw in 2004 to 2006. Sellers who pay close attention to current (not past) values have a good chance of selling their properties.
Sarasota remains a very attractive place to live, visit and own real estate.