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Graphs provided by the Sarasota Association of Realtors
The statistics are in for April 2009 Sarasota Florida real estate sales:
Sarasota single family homes sales statistics:
If you have been tracking housing statistics for the Sarasota market, you will see that the market continues to show some very positive signs of overall improvement, primarily driven by the bank foreclosure/ short sale market. There were over 500 sales last month, a number we have not seen since June 2008. Condos continue to lag behind however, as 367 sales were single family homes.
Pending sales also support the positive trends in sales. 981 sale pendings (meaning homes under sales contract but not yet closed) are logged for April 2009. According to the Sarasota Association of Realtors, March 2009 pending sales topped 800 for the first time in three years, so the sales volume is very encouraging. The total of 981 in April 2009 was 21 percent higher than the 817 reported in March 2009, and 31 percent higher than the 756 pending sales reported last year (in April 2008).
Some other interesting numbers: There is a 56.6% reduction of inventory over last year in the single family homes category. The combination of more homes selling, and unrealistic sellers pulling property off the market means good things for market balancing efforts. Median price of homes rose over 5% over March’s average of $155,125 to $160,000 (but, it surely sank when comparing the median price of $285,000 at the same time last year). Lesson to be learned: Sellers really need to be realistic and not dwell on the past, or they will be an unsold statistic. There is currently a 15.2 month supply of inventory (which means if there were no more homes listed at all, it would take 15.2 months to sell the current inventory) One thing to consider though, is this is the ENTIRE market covering all price ranges. Homes in the 100-200k range are selling much faster than 15.2 months. The higher end priced homes will add many months to “average” numbers. Finally, homes are selling, on average, at about 92.4% of list price.
Sarasota Condominium Sales Statistics:
Sarasota condominiums are making some sales headway as well, but not at the pace that the single family homes are selling. There is currently a 19.1 month inventory supply, and the median price of Sarasota condos is $182,750. (interestingly, the median price was $166,750 last month, but I can assure you that the prices are not appreciating yet, not with a 19 month inventory supply) Last year at this time, the median priced condo was $235,000, so the prices have dropped quite a bit, and will continue to do so in my opinion until inventory levels get down under double digits. There are 203 condos that sold in April 2009, which is just about the same level as last year. Market time is longer for condos over single family homes as well, at about 206 days vs. days for homes. If you are looking to buy a condo get-away, this is still a huge opportunity to purchase in a buyer’s market. Get yourself a great deal!
Summary:
Inventory in the single family homes continues to drop, so if you are thinking of buying, try to jump in while the interest rates are hovering around 5% for qualified buyers. Realistic sellers are definitely willing to deal, and if you are a first time home buyer, you even have an $8000 government tax incentive (but you must buy before December 1st 2009). This is really the time to act if you have been on the fence for awhile. If you have any questions, please call me!
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