Home sales soared as inventory shrank

Tim Norwood figured he'd have a tough time finding a house for $150, 000, but he didn't realize just how difficult until he started driving around southwest Florida a month AGO.

“We are finding that as soon as the sign goes in the yard there are people standing there with money,” said Nordwood, who rent an apartment in West Bradenton and wants to find a house before getting married in July.” The minute it goes on the market there’s a contract.”

He’s looking for a fixer-upper but says Realtor “roll their eyes” When he mentions his top offer.
On Tuesday, the Florida Association of Realtor reported that Sarasota-Bradenton’s existing home prices jumped so high in 2004 that the market is catching up in raw dollars with the traditionally expensive Fort Lauderdale, which posted a 22 percent gain in median price to $279,500.

The local market’s median price rose 29 percent in 2004 to @244, 100.Moreover, 14,178 existing homes changed hands, 11 percent more than in the Miami market during 2004 and an indication that speculators were tilting prices towards a sell.