Sarasota Real Estate News

Sarasota Association of Realtors President Eric Shumway stated in SAR’s lastest update on the Sarasota real estate market in their press release of March 12:

Despite the national economic doldrums, lingering high unemployment, and other negative factors, our local real estate market remains strong compared to recent down years. There are now several months of positive numbers which indicate we are emerging with strength from the recent downturn. While distressed property sales remain a drag on the overall market health, all the other statistics are tracking in a very positive manner. Our local and even our international buyers are proving the old adage that you can’t keep a good market down for long. And with pending sales at nearly 1,000 last month, the near term future looks very promising.

Property sales totaled 528 in the Sarasota Florida real estate market in February 2010 rising nearly 49 percent over February 2009. Pending sales rose to 967 – the second highest total in the past four years. The statistics in the past several months reflect a Sarasota real estate market that is continuing to improve. “Median sale prices also rebounded for condos in February and remained stable for single family homes.”

The press release points out that “distressed property sales represented 47 percent of the overall market in February 2010, nearly the same as the previous month’s figure of 48 percent. The high percentage of short sales and bank-owned foreclosure sales in the Sarasota market continues to be the single biggest factor holding back the overall median sale prices.”

Buyers continue to have a great selection of properties as the property “inventory level fell slightly in February 2010 to 6,329 from the January total of 6,342, which remains at near the lowest level since late summer of 2005.”

Click HERE for the complete PDF version of the SAR press release. Two pages of statistical charts are provided also.

If you are searching for Sarasota real estate, visit our main site to view Sarasota information, virtual tours, photography of the barrier islands of Casey Key, Siesta Key, Bird Key, Lido Key and Longboat Key. Contact Annette Smith or John Allen if you have questions about and area or wish to make an appointment to view Sarsota real estate.

The Sarasota real estate markets reported improved stats for January 2010. The Sarasota Association of Realtors released their monthy report a few weeks ago and the headlines read:

January 2010 Property Sales 58 Percent Higher than January 2009

Property sales in the Sarasota market were 58 percent higher in January 2010 than in January 2009, and pending sales were also strong, topping the 800 mark for the first time since October 2009.

In sharp contrast to the first month of last year, January 2010 saw 506 overall sales, compared to only 319 sales in January 2009. In addition, pending sales surged by over 10 percent from December 2009 to a total of 815. The statistic is a strong indicator for the next two or three months of sales, as pending sales are an indicator of current buyer activity. Last January, pending sales stood at only 683.

Median sale prices in the Sarasota real estate market dipped in January 2010 for both single family homes and condos. The median sale price for a single family home was $156,250, down from last month’s figure of $170,000, but up slightly over last January’s figure of $149,950. For condos, the median price dropped to $165,000 from last month’s figure of $199,000, and significantly lower than last January’s figure of $220,000. For the last 12 months combined, the median sale price for single family homes was $160,000, while the median sale price for condos was $189,900.

The January median sale prices generally reflect the continuing high percentage of short sales and bank-owned foreclosure sales in the Sarasota market. The January percentage of distressed sales rose to 48 percent, from December 2009’s figure of 42 percent. Two distinct markets remain in force in Sarasota.

Normal arm’s length property sales continue to show median sale prices roughly 150 percent higher than distressed property sale prices. Bank-owned sales are bringing in a median price of roughly $80,000, while for short sales the price is roughly $120,000. For normal arm’s length sales in January 2010, properties were sold for a median price of approximately $250,000 – more than double the prices for distressed properties.

“Our market is rebounding from the recession, particularly in the category of normal arm’s length transactions,” said 2010 SAR President Erick Shumway. “We are seeing a stark contrast between these two markets, and this probably reflects the fact that some buyers don’t want to wait for additional months often involved in closing a purchase of a distressed property. Also, the condition of normal, non-distressed properties can be far superior to the short sales and foreclosures on the market. Once the number of distressed properties begins to drop substantially, we should see the median sale prices start to recover.”

The first-time homebuyer tax credit, extended and expanded to include many other homebuyers on Nov. 6, should continue to help propel sales in the first quarter of 2010. The credit expires in April, and local Realtors® are working hard to ensure their qualified buyers can take advantage of the $8,000 and $6,500 credits.

The property inventory level rose in January 2010 to 6,342 from the December 2009 total of 6,020, an expected increase during the traditional winter months when many snowbirds return to the Sarasota area. But the inventory level remains at near the lowest level since late summer of 2005 and the years prior to the boom period from 2003 – 2005.

The months of inventory for single family homes was 11.5 months, compared to 25.3 months in January 2009. For condos, the months of inventory was 14.7 months in January 2010, compared to 38.4 months only a year ago – a remarkable improvement in the health of the real estate market.
Sarasota Association of REALTORS®

We are busy doing property searches for our customers, planning our showing schedule and working on closing pending transactions successfully. Sales of Sarasota real estate for 2010 look promising!

If you are interested in scheduling showings, please contact Annette Smith or John Allen. Our showing calendar for Sarasota real estate fills quickly during the winter season!

Once again the Sarasota real estate markets has a good report. Statistics from the Sarasota Board of Realtors were released today and Sarasota bucked

the Sarasota bucks national trend with best sales report in 33 months
With 648 total property sales reported in December 2009, the Sarasota real estate market saw the most closed transactions since March 2007, a 33 month span. Overall sales in December 2009 were also 52 percent higher than December 2008, when only 406 properties changed hands, and 70 sales higher than the 578 sales reported in November 2009. Median sale prices were also up last month for both single family homes and condos.

For the full year 2009, the trend lines have been dramatic. Monthly home sales have climbed to the high 500s and low-to-mid 600s, compared to 2008 when sales often dipped to the low 400s and even into the 300s. The overall number of closed sales in 2009 stood at 6,699, compared to only 5,459 in all of 2008, for a 22.7 percent increase. In addition, the overall property inventory has plunged from the 10,000 to 13,000 range in 2008, down to the low 6,000 level at the end of 2009.

Sarasota’s warm weather and resort lifestyles are the big draw, and realtors in this area haven’t experienced a slowdown like other parts of the country.

Eric Shumway pointed out that “this is very good news, especially considering the fact that our market is showing considerable strength against a national backdrop of uncertainty.” The SAR 2010 President said “Sales are continuing to rise, and we’re starting to see a return of appreciation as the available property market tightens and buyers look more toward arm’s length sales instead of short sales and foreclosed properties.”

“The inventory level in December 2009 was at the lowest level since late summer of 2005 and the years prior to the boom period from 2003 – 2005.”

If our telephone and internet traffic is any indication, we’re in for a good sales of Sarasota real estate for 2010!

If you are interested in scheduling showings, please contact Annette Smith or John Allen. Our showing calendar for Sarasota real estate is heating up too!

Once again the Sarasota MLS statistics point toward better times for the Sarasota real estate market. Stats in a press released issued yesterday by the Sarasota Association of REALTORS® confirmed October 2009 overall sales beat October 2008 by nearly 36%. This upward trend in a traditionally slow time for Sarasota real estate could be the signs of a busy winter season.

Pending property sales also indicate that sales are improving according to the Sarasota MLS report. Pending sales don’t always close, but they are a good indicator of buyer activity in the Sarasota real estate market.

It looks like the overal national economic recovery along with the new tax incentive is helping our market and with the extension and changes in the $8,000 tax credit, we should see even more activity.

You can read the entire Sarasota MLS press release here.