The statistics are in for January 2009 Sarasota Florida real estate sales, and again, some interesting news. lets start with:
Sarasota single family homes sales statistics:
In january 2009, Sarasota experienced 6319 active for sale single family home listings. At this time last year, there were 8538 homes on the market, so there is effectively a 25% reduction of inventory since January 2008. There were 250 homes sold in January, as opposed to 326 the previous month, so it appears many were scrambling in December to close before the end of the year, perhaps for tax purposes. In January 2009, the median 12 month average price was $235,000, with an uptick in inventory levels from 19 months worth in December 2008, to 25.3 months worth in January 2009. This increase can be attributed to the start of Sarasota’s peak season. Many sellers held off listing their home until the beginning of the new year to capitalize on the increased visitor traffic. There is some real promising news to report: The percentage of PENDING listings was 8.5% of inventory in January, which is almost double January 2008’s percentage of sales pendings (4.5%) . This is primarily attributed with the number of foreclosures and aggressive sellers who have reduced prices in order to sell. The median price of a home has reduced $65,000 since last January! Finally, the average sold price to list price was 93% vs. 92% last year, so the gap is narrowing as prices have reduced.
Sarasota Condominium Sales Statistics:
Sarasota condominiums still have a lot of ground to make up before the market balances. There were 2647 condos for sale in the Sarasota area in January 2008. The good news is that there were 5610 last year! (A reduction of 52.8%) There were 69 sold condos in January, and another 147 went sale pending, along with 145 taken off the market. The not-so-good news for condo sellers is that there were 415 new condo listings taken, so inventory rose in January. The median price has reduced from $255,000 in January 2008 to $220,000 in January 2009 (-13.7%). In January 2009, there was a total of 38.4 months of inventory, so it is still a severely unbalanced Sarasota condo market. (Great news only of you are a potential condo buyer!) Sarasota condos were averaging 91% of list price in January 2009 (equal to January 2008 ratios).
Summary:
The market is more active this year than last, but the only properties that have consistent activity are the ones that are aggressively priced and competing with sarasota bank foreclosures. Buyers are still in the driver’s seat, and will continue to do so until inventory levels drop from 25 months to 10 months. Therefore, if you are considering selling, pricing is by far the most important decision you will make. (besides picking the right realtor to represent you!)
If you are a potential buyer, all I can say is “what a great time it is to buy right now!” I have seen some incredible deals this past month. I actually viewed a condo walking distance from Siesta Key beach for 169,000! Unheard of!!! (…and it sold within 24 hours). With the new first time homebuyer tax credit program, it is even better! Combine that with the historically low interest rates, along with the massive reductions our market has experienced, and you have the perfect scenario to buy!
On a side note, I have good news! I did sell one of my listings at my open house this past month. There were actually 15 visitors in a 2 hour period, with multiple buyer’s interest. We were thrilled with the response! The open house was marketed aggressively a week prior using multiple methods to get the word out! In the end, the marketing was strong, the home was in impeccable condition, and priced accurately for the market. Buyers are extrememly price sensitive, so it is imperative to have all the ingredients mixed properly! Success!!!
SAVE Your Favorites & see MORE listing info
Register for free and use the Map Search feature! By registering, you can save your favorite listings for future reference. Also, when using the Map Search, the "Tools" tab offers so much more info, such as Zillow property value estimates, Google street views, the price history for each listing, school info, neighborhood info, and more!
Make searching easier. Try a Map Search!
