The use of drones, or Unmanned Aerial Vehicles (UAVs), in real estate has skyrocketed in recent months. From 2014 the Federal Aviation Authority AA had placed a ban on all commercial drone activity so realtors had to rely on commercial pilots to take aerial photography or video of their new listings. Being able to use a drone made the process much more flexible and convenient, because it is less expensive and not so weather-dependent.

The new FAA rules allow commercial UAV activity with certain operational limits on height and speed, keeping the drone in the line of sight, and the need to have a remote pilot certificate or be supervised by someone with a certificate.

Here in Florida, aerial photography is a highly effective tool for marketing properties, and allows buyers an understanding of a home’s location in relation to bodies of water, golf courses, nature preserves, etc.

You can expect to see widespread use of aerial shots and videos in residential and commercial listings in the future.

Market Update

We are definitely seeing a shift from the frenzied seller-driven market of the past couple of years. The number of pending sales, which is a strong indicator of future closed sales, has been declining since the beginning of 2016. July’s single family homes sales figures are 22 percent lower than the previous year, and condo sales are down 24 percent. Inventory levels, the number of homes on the market, have been steadily creeping up since January, an increase of 19 percent from July 2015.

Technically, it’s still a seller’s market, but there are sure signs of the pendulum swinging in favor of buyers. A recent survey by realtor.com, 4 percent of buyers stated that the main obstacle when purchasing a home was finding one that suits their needs. If there were greater inventory to choose from, sales would be higher because buyers would be more likely to place their home on the market if they were able to find a new one that met their needs. This all makes sense.

Right now the median sales price in our market continues to rise (10 percent for single family homes and 8 percent for condos in Sarasota County) but the rate of that increase July slow as more inventory trickles on to the market. The luxury home market, defined as properties sold for more than $1million, is holding steady; 178 $1million+ residential homes and condos have sold year to date, compared with 181 in the same period last year.

Single Family Homes

Condos and Town Homes