According to the Sarasota Association of Realtors Monthly Report:
Pending sales remained above the 500 level once again in October, forecasting a stronger market for the winter real estate season in the Sarasota area. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months – a positive sign. In October 2008, 549 properties were reported pending, compared to only 446 in the same month last year.
Download the Comprehensive Sarasota Housing statistics report for October 2008.
Press Release: Sarasota Association of Realtors
November 24, 2008
Higher pending sales forecast busier season in local market
Pending sales remained above the 500 level once again in October, forecasting a stronger
market for the winter real estate season in the Sarasota area. Pending sales reflect
contracts executed by buyers and sellers, and current numbers indicate more closings
likely in the upcoming months – a positive sign. In October 2008, 549 properties were
reported pending, compared to only 446 in the same month last year.
Single family unit sales were also higher in October 2008 than in October 2007, while
only a little lower than September 2008. There were 306 single family homes sold in
October this year, compared to only 264 in October 2007, an increase of 16 percent.
Condominium sales were weaker in October 2008, with 63 sales reported, compared to
120 in October 2007.
Another important market tracker – the absorption rate of properties on the market – is
lower than last year at this time and has been steadily declining with decreasing
inventories since May. Absorption rate is the number of months it would take to sell the
entire remaining listed inventory in a particular category, based upon the sales for that
particular month. For October 2008, the absorption rate for single family homes stood at
18.2 months, compared to 18.3 months in September 2008, and 31.7 months in October
2007. For condominiums, the absorption rate was 28.7 months in October 2008,
compared to 33.5 months in September 2008, and 45.1 months in October 2007.
The single-family median sales price for the 12-month period ending October 2008 was
$257,000. This compares to $310,000 for the same 12-month period ending October
2007. For condominiums, the 12-month rolling median sale price was $320,000 at the
end of October 2008, and $357,000 for the 12 months ending October 2007, down about
10 percent.
“The strong pending sales in our market indicate that we should expect the winter season
to remain stable and stronger than the late summer and early fall,” said Helen Sosso,
2008 SAR President. “We are obviously living in historic times, particularly in respect to
our national economy. But people continue to look at real estate as a safer place for their
investment dollars in relation to other common investments. The stock market has
obviously tumbled, and other commodities, like oil, have seen their values cut in half in
only a few short months. Real estate has weathered the storm much better, and there are
incredible values in our market right now. Families seeking a home as a future
investment and a great place to live are still looking at Sarasota.”
