Presenting

18 | Michael Saunders & Company SaundersBEST | MARKET REPORT t the end of 2013, the final tally of properties sold during the year prompted us to predict that Southwest Florida's record level of property sales would spill over into 2014. Indeed that is exactly what happened. According to the REALTOR® Association of Sarasota & Manatee Counties—the newly-formed union of the region's two largest real estate trade associations—2014 closed with a flurry of sales in Sarasota County that propelled its annual total to an all-time record of 11,550 closed transactions; thus topping the previous record of 11,482, set in 2004, by 0.6%. Similarly, with 7,976 closed transactions in 2014, Manatee County came within 28 sales of topping its all-time annual record of 8,004 sales set in 2013. Additionally, Charlotte County's 6,291 closed sales in 2014 were 15% above 2013. One major reason for this historic level of home sales is the relative affordability of local properties compared with past markets. "While prices have recovered considerably over the past three years," the association's report concludes. "They have not risen to the levels of a decade ago, when some experts predicted prices had reached unsustainable (and unaffordable) levels." The report also concludes that today's record level of sales is being driven by solid market fundamentals having more to do with the region's impressive economic and jobs recovery rather than by any sort of unsustainable frothiness. These fundamentals include record low interest rates, solid new growth in every sector of the region's economy, unemployment at an eight- year low; and lower energy costs that have given a sudden surprise boost to household incomes. Additionally, the lifestyle attributes that make Southwest Florida such a desirable place to live, work and play have received more than their fair share of national and international media attention over the past couple of years. A lot of what's been written or said concludes that buyers can Today's record level of sales is being driven by solid market fundamentals. 2015 Starts Strong As 2014 Ends On An Historic Note A Continued on page 20

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