Sales Snapshot 2010: The New Normal

Uncertainty dominated the real-estate market in 2009, both locally and nationally. The recession and financial collapse left many buyers hesitant, while sellers often didn’t accept the new reality. But local Realtors say 2010 was different: It was the year of the new normal.

“I think the year before was more of a transition year,” said Roger Pettingell, sales associate at Coldwell Banker Residential Real Estate. “This year, people understood what the new normal was going to be, with buyers looking for values and sellers being realistic, and there wasn’t as much of a struggle this year.”

Michael Moulton, broker associate with Michael Saunders & Co., said that although sales have been slow in the higher end, activity was strong in 2010 for Key properties priced under $1.5 million.

“I think that people in general are settling in like this is the new normal,” Moulton said.

Moulton also found sellers increasingly accommodating in 2010; in some cases, clients were willing to price their properties even lower than he suggested.

“I feel that people in general think that prices are near the bottom,” he said.

Tina Rudek, of Engel & Völkers Longboat Key/Anna Maria Island, also said that more buyers believed the market was nearing a bottom in 2010. And, Rudek said that 2011 is already off to a positive start: On her first day of work in the new year, a condominium that she had listed for the past three years finally went under contract.

“I think things are looking up, and I think 2011 is going to tell where we’re heading,” she said.

AT A GLANCE
The following residential real-estate sales data was compiled from January 2010 to December 2010.

Longboat Key
Condominiums
2010
Total: 226
High: $3.8 million*
Low: $115,000
Median: $495,000

2009
Total: 235
High: $3.33 million
Low: $97,000
Median: $450,000

Single-family homes
2010
Total: 73
High: $6.65 million
Low: $240,000
Median: $825,000

2009
Total: 79
High: $7,125,000
Low: $220,000
Median: $743,700

Lido Key/St. Armands Key
Condominiums
2010
Total: 73
High: $3.85 million
Low: $171,250
Median: $431,800

2009
Total: 43
High: $2,731,800
Low: $231,000
Median: $520,000

Single-family homes
2010
Total: 38
High: $8.4 million
Low: $260,000
Median: $650,000

2009
Total: 40
High: $7,423,500
Low: $300,000
Median: $625,000

Bird Key
2010
Total: 33
High: $4.2 million
Low: $410,000
Median: $889,000

2009
Total: 30
High: $4.75 million
Low: $400,000
Median: $637,500

Contact Robin Hartill at [email protected]