Sarasota Home Sales Are Picking Up

Buying a South Florida home seems to be suddenly back in vogue again as home prices continue to fall to levels not seen in a long time.

First-time buyers are finally being able to afford a home of their own. Retirees with cash are also getting into the game, pulling their money out of the stock market and investing in South Florida real estate at prices they thought they might never see again. With mortgage rates at historic lows, even traditional real estate investors are returning to the market. No, they re not "flipping properties" this time. These investors plan to either live the home themselves or rent them until the Florida real estate market recovers from its disasterous recent past.

Pending home sales in Sarasota remained above 500 for the third month in a row. 306 single fmily homes sold in October 2008 versus only 264 in October of 2007. Single fmily homes sold for an average of $257,000 according to the Sarasota Association of Realtors. Pre-foreclosure sales go for even less as Florida job losses and falling home and condo prices sent another 90,000 homes into foreclosure across the state in the past quarter. There wwas just over an 18 month of supply of homes on the market in October 2008 versus almost 32 motnhs worth of supply in October of 2007.

On the dowside, however,with the U.S. economy as a whole slumping badly and the huge supply of existing and pre-foreclosure short sale and bank-owned homes and condos already on the, prices may stay low and not begin to recover until well into 2009 or even later.

If you have been thinking about buying South Florida real estate, this is a great time to get serious about it. In the Sarasota market, for example, you may want to contact Rich Stover, Sarasota FL real estate agent or Andre Huffine, Bradenton realtor, For golf course homes, you may want to visit the website of Connie Belmont Sarasota golf course homes expert. For waterfront homes, Judie Berger is your Siesta Key real estate specialist.