INVENTORIES SOUTHWEST DROP

INVENTORIES OF PROPERTIES IN SOUTHWEST FLORIDA DROP TO LOWEST
LEVELS IN 39 MONTHS

Exerpt
As appeared
April 13th, 2009
Michael Saunders & Company

ALL INDICATORS POINT TO A MARKET ON THE MEND
“It’s an absolute perfect storm from a buyer’s point-of-view,” said Michael Saunders, founder and CEO of Michael Saunders & Company, in explaining the market dynamics behind the substantial uptick in sales and pending sales that continued unabated through March; to say nothing of the corresponding decline in available inventories, as measured by TRENDGRAPHIX for its latest report on monthly sales within the region’s MLS.

“Several key fronts have merged to cause buyers to shrug off fear, cast indecision aside; and respond to the notion that right now is the best time to buy properties since the turn of the century.” Saunders explains. “In addition to the lowest prices in recent memory, interest rates are presently hovering around 4.78 percent, lenders are back in their comfort zone lending again; and buyers who haven’t owned a home in three years are apt to qualify for a first-time homebuyer tax credit—of up to $8,000—as long as they purchase by December 1. In other words, the bottom that everyone has been looking for is beginning to form; and the smart money is back to considering prime location even as it searches for unprecedented values. The best-priced opportunities in the choicest locations are selling first and fast.”

TRENDGRAPHIX’s latest report for March—just released—shows that months of inventory based on closed sale transactions have dropped to their lowest levels in over 39 months according to the latest MLS data for March, 2009. In the Tri-County region of Sarasota, Manatee and Charlotte counties, inventories are at their lowest since December 2005.

COUNTY HIGHS AND LOWS
Sarasota County sales increased 26.2 percent from February to March 2009. Inventory decreased 2.4 percent during this same time period. Pending sales increased by 25.7 percent. 82.4 percent of the homes sold for under $300,000; 9.9 percent of the homes sold for between $300,000 and $500,000; and 7.6 percent of the homes sold for over $500,000.

Manatee County sales increased 32.2 percent from February to March 2009. Inventory decreased 1.7 percent during this same time period. Pending sales increased by 19.2 percent. 84.2 percent of the homes sold for under $300,000; 10.5 percent of the homes sold for between $300,000 and $500,000; and 5.1 percent of the homes sold for over $500,000.

Charlotte County sales increased 28.1 percent from February to March 2009. Inventory decreased 3.1 percent during this same time period. Pending sales increased by 42.9 percent. 93.3 percent of the homes sold for under $300,000; 4.8 percent of the homes sold for between $300,000 and $500,000; and 1.8 percent of the homes sold for over $500,000.