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Marketing News - April 22, 2010
Traffic is lighter, parking spaces easier to come by and a table at your favorite restaurant yours minus the wait. Sure signs that our annual tourist season is winding down.
Homebuyers, on the other hand, are still making their presence felt at closing tables throughout the region. Yet we wouldn’t presume to call an end to the challenging real estate market we’re in any more than we would declare the winner of the Superbowl after the first half. The ball game simply isn’t over yet.
Some segments of the market are vastly improved while others remain weak. One of the weak pockets is the market for high-end properties. That segment of the market was late to the correction, having remained relatively strong long after the lower end weakened. Now that scenario is reversed. The lower end is recovering while the upper end is weak.
That being said, we are pleased to report that our first quarter 2010 sales were nothing short of impressive; clearly indicative of an overall market in the midst of a sustained recovery. At Michael Saunders & Company, we sold $342.1 Million in properties between January and March—an increase of 72.3% over the same period last year. Unit sales were also up, by 80.9%. In March alone, we sold $149.4 million in properties, an increase of 52.4% over last March.
Although the lower and upper ends of our market are poles apart, buyers remain active throughout every segment, scooping-up the best priced properties in all price ranges. The common denominator for a speedier sale is aggressive pricing. Homes that actually sold throughout all price ranges in February did so at prices anywhere between 19 to 29% below their original list prices. Homes that sold in the $ 1 million-plus price range during February did so at prices anywhere between 26 and 31% below their original list price; or off their 2005 peak (Source: Trendgraphix). You can draw a straight line from an aggressively-priced home to a much speedier sale.
“It’s so nice to hear about new real estate offices opening for a change,” said a business reporter from the Sarasota Herald-Tribune upon hearing the news. We couldn’t agree more!
Traffic is lighter, parking spaces easier to come by and a table at your favorite restaurant yours minus the wait. Sure signs that our annual tourist season is winding down.
Homebuyers, on the other hand, are still making their presence felt at closing tables throughout the region. Yet we wouldn’t presume to call an end to the challenging real estate market we’re in any more than we would declare the winner of the Superbowl after the first half. The ball game simply isn’t over yet.
Some segments of the market are vastly improved while others remain weak. One of the weak pockets is the market for high-end properties. That segment of the market was late to the correction, having remained relatively strong long after the lower end weakened. Now that scenario is reversed. The lower end is recovering while the upper end is weak.
That being said, we are pleased to report that our first quarter 2010 sales were nothing short of impressive; clearly indicative of an overall market in the midst of a sustained recovery. At Michael Saunders & Company, we sold $342.1 Million in properties between January and March—an increase of 72.3% over the same period last year. Unit sales were also up, by 80.9%. In March alone, we sold $149.4 million in properties, an increase of 52.4% over last March.
Although the lower and upper ends of our market are poles apart, buyers remain active throughout every segment, scooping-up the best priced properties in all price ranges. The common denominator for a speedier sale is aggressive pricing. Homes that actually sold throughout all price ranges in February did so at prices anywhere between 19 to 29% below their original list prices. Homes that sold in the $ 1 million-plus price range during February did so at prices anywhere between 26 and 31% below their original list price; or off their 2005 peak (Source: Trendgraphix). You can draw a straight line from an aggressively-priced home to a much speedier sale.
“It’s so nice to hear about new real estate offices opening for a change,” said a business reporter from the Sarasota Herald-Tribune upon hearing the news. We couldn’t agree more!
Jane Rees
Luxury Homes For Discerning Clients
Signature Sotheby’s International Realty
Bus: (941) 586-3970 | Fax: 0000000000
Office: 50 Central Avenue Suite 110 Sarasota FL 34236
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