Only three much larger metropolitan areas outpaced local sales, according to numbers released Tuesday by the Florida Association of Realtors.
Despite an 18 percent fall in the median price of an existing home, Bradenton/Sarasota remained the fifth most expensive market in the state. The median price of $245,600 is down more than $52,000 from the first quarter of 2007 but remains more than $43,000 above the statewide median for the first quarter of 2008.
Local experts agree that Bradenton-Sarasota will be among one of the first areas to rebound from the market slow down.
"We're seeing a lot more activity and activity means eventually there will be contracts," said Ron Cornette, Wagner Realty's director of training and marketing.
Since January, the Manatee Association of Realtors has recorded a slow but steady increase in the county's number of sales. Homes are still staying on the market longer before they sell but many feel that directly relates to the several years worth of supply potential buyers have to choose from.
"They're just being a little bit slower, a little bit more cautious but that is a good thing," said Debbie Roth, president of the Manatee Association of Realtors.
Roth was surprised by the single-family home numbers due to the amount of activity she and other Realtors are seeing, but the figures on condos were what she expected.
The number of condo sales slipped 18 percent from the fist quarter of 2007 and the median price fell 35 percent to $204,700.
"Condos are slower to revive because there were so many more of them on the market," Cornette said.
Every quarter, the University of Florida's Bergstrom Center for Real Estate Study surveys industry experts to get a forecast. The study released last month showed real estate professionals are remaining confident.
"It sounds like an old song re-sung but our respondents are still keeping the faith in the real estate market," said Wayne Archer, director of the university's real estate center, in a press release.
