First-quarter results are being reported now and it appears that the country and region’s most respected real estate power brokers, pundits and analysts are betting more and more on a recovery in 2012. Granted, cautionary remarks are always added regarding the potential for the elections, hiring, overseas debt issues, “shadow inventories”, modifications to interest rates and other issues to cloud upward movement, the data is strongly pointing toward modest recovery through the year.
Economists who follow the real estate industry repeatedly state that markets are hyper-local. As has been reported in my previous several months of postings, the Sarasota-Manatee real estate markets have experienced many months of positive signs of a recovery. The peak selling season has proved that there is a considerable improvement in buyer confidence, inventories are dropping, sale prices are rising, foreclosures are declining, shorter listing-to-contract periods are occurring, and numbers of transactions have grown.
For the first time in six years, consistent upward trends are being posted reversing a constant decline of prices and sales. The Urban Land Institute’s semi-annual survey of 38 leading U.S. real estate economists and analysts offered an uplifting glimpse into projections for the next three years. The forecast states, “the beleaguered housing sector is expected to begin a turnaround in 2012, with signs of improvement already appearing in recent months.” The findings point to stabilized prices in 2012 and measurable increases to be seen in 2013 and 2014, along with increases in new home building of more than 14% in 2012. I found this comprehensive report fascinating and encourage you to peruse it here.
Michael Saunders and Company continues to be Sarasota’s real estate market leader. Last year the brokerage experienced a more than 6% increase in sales and controlled 17% of the market. The company ranked 56th in the country in sales volume, and the 4th highest in the state according to Real Estate Magazine’s 2012 Power Broker Report. As a consistently top-selling associate with the company, I am confident that the tools available to us will continue to produce exceptional results for our buyer and seller clients.
Based on the data available, forecasts from established experts, and the power of the region’s top broker to produce results, I am reasonably optimistic that 2012 will prove to be a year that offers much to be enthused about as we emerge from the years-long struggles in the Sarasota real estate market.