Local real estate professionals reacted to the final sales figures for 2006, released Thursday by the Florida Association of Realtors, by saying the market correction has plateaued and the local real estate industry is likely on the rebound.

The final statistics for existing single-family homes showed that sales in the Bradenton-Sarasota market fell 34 percent in 2006, while the median price fell 5 percent.

For December, sales were off 7 percent compared to the same month a year earlier, and the median sales price was $284,700, down 17 percent.

May Aston, of Remax/Gulfstream Realty and president of the Manatee Association of Realtors, was upbeat about prospects for this year, as were other local real estate professionals.

“I really do believe we have a busy season coming up now. One thing that doesn’t change is the beauty of our area and the beaches, which will continue to attract buyers,” Aston said. “I’m looking forward to a wonderful 2007. I’ve been doing this for 20 years. I’ve seen it go around, and we are on the way up again.”

Statewide, the real estate market saw a 28 percent decline in sales in 2006, and a 6 percent drop in the average sales price of existing homes.

Bradenton-Sarasota remained the state’s fifth most-expensive housing market, with a median sales price of $305,200 for the year, $56,900 more than the state median.

The sentiment of local real estate agents was mirrored on the national level.

The National Association of Realtors released a market outlook anticipating modest quarterly gains in 2007.

“Home sales appear to have bottomed out, having reached a cyclical low in September of last year,” said Chief Economist David Lereah.

Beth Barnett, of Coldwell Banker’s Lakewood Ranch Office, said she is beginning to see an uptick in sales interest.

“I’ve made four sales this month. My listings are getting more showings. I’m seeing a lot more activity. I have several buyers I’m working with right now. It’s the time to buy right now. I don’t think prices are going to get better. People will start buying when the prices start going up and then it will be too late,” Barnett said.

Homes that are priced correctly, just below what their neighbors are asking, are selling, she said.

“If sellers try to get last year’s prices, it won’t happen. The buyers are looking for the well-priced homes. They are asking intelligent questions,” Barnett explained.

Dave Eckel, owner of Wagner Realty, which has 10 local offices, said sales have been brisk so far in 2007.

“It’s almost like a curtain lifted. We’re seeing a marked increase in consumer demand. We expect to have a good year. Our January will be better than expected. We feel very strongly it will be a pretty good year,” Eckel said.

“We’re having many open houses and our showings are continuing to increase. The buyers are out there,” he said.

Patrick McGuire, sales manager for Buccaneer Realty, said he’s seeing a return to normalcy after the super-heated 2004-2005 and a year of market correction in 2006.

“What’s driving that plateau process is that builders are coming to the end of their pipeline. There is still a lot of inventory in the builders’ hands, but not as much as before. If you’re a buyer, there are some deals to be had. If you’re a seller, shortly you won’t have to compete with the builders,” McGuire said.

He predicted there would not be an upswing in pricing and appreciation until the summer.

Interest rates are still attractively low, and with deals to be had, “we’re able to convert people who were looking at renting to homebuyers,” McGuire said.

Paradoxically, while 2006 sales were down significantly from 2005, it is still expected to be the third-highest sales year on record nationally, according to the National Association of Realtors.

“The housing market transitioned to a more sustainable balance during 2006, coming off the record-setting sales pace and price gains of the previous five years,” said Nancy Riley, president of the Florida Association of Realtors.

Source: www.bradenton.com

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