Palmer Ranch Market Update First Quarter 2006

Despite the external signs of the shift to a drastic sellers market, home and condo values are still on the rise in the Sarasota market in 2006. How ever, there is over 15 months of condominium inventory in the Palmer Ranch Market. Transactions are slowing, but market prices are maintaining their robustness with a very strong upward surge in Palmer Ranch home values- to the tune of 34%!

Here are the statistics:

Residential 2006 2005 Change
# of Listings Taken 161 80 Up 101%
# of Sales 28 54 Down 41%
Median Sales Price $557,500 $432, 500 Up 34%

Condominium
# of Listings Taken 156 60 Up 160%
# of Sales 18 35 Down 49%
Median Sales Price $284,950 $270,000 Up 6%

Even in a shifting market home ownership seems to pay a lot better than the bank. A word of advice to sellers. BE REALISTIC. Take a look up and down the street. If you see multiple For Sale signs, the market is competitive. Ask yourself what is that will sell your home. The answer is value. Buyers determine value by comparison shopping. Make sure your house stands out and priced well per square foot. No matter how much you advertise, if your house is overpriced, it will not sell. If you are wondering what your home is worth and how to get it to sell more quickly, give me a call or email me: drew@srqlife.com.