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The statistics are in for March 2009 Sarasota Florida real estate sales, and again, some interesting news:
Sarasota single family homes sales statistics:
In March 2009, The Sarasota real estate market saw sales rise to the highest level of the year in March 2009. This was a 33% improvement over the next best month in the past twelve. Banks are the primary force pushing these numbers up. They are finally getting serious about liquidating their inventory (not so for short sales though). In addition to this encouraging number, the median sales price for single family homes rose after steadily declining since late last year, indicating a potential sign of the bottoming of the local market.
Where is the bottom (No one knows for sure) but as I have been reporting for the past several months, all indicators are telling us that inventory is continually reducing, which means we are finally heading in the direction towards a more balanced inventory level.
Sarasota experienced 6042 active for sale single family home listings in March which equates to a 17 month inventory. A 6 month inventory level is the standard for a “balanced market”. (whatever that is…I haven’t seen it since 2001). What I will say is that even this number is improving. It was a 21 month inventory level just two short months ago. Inventory totaled 6266 in February, and 6319 in January, so our 6042 homes for March is still trending the right way for several months in a row! There were 353 homes sold in March with a median price of $217,000. Homes are typically selling at about 92% of list price. (that’s not what the initial offers are though, That I can say with certainty!)
Sarasota Condominium Sales Statistics:
As reported previously, I stick to my comment that Sarasota condominiums still have a lot of ground to make up before the market balances. There is a 21 month inventory, the median price is $256,000, and they are selling at about 90% of list price in general.
On average, Sarasota condos are taking about 186 days to sell. If you are looking to buy a Sarasota condominium, you are in a huge negotiating position. If you are selling, make sure you are pricing more aggressively than anyone else in your building! Buyers will not tolerate a “premium price” Heck, they won’t tolerate a mid range price. A matter if fact, if it doesn’t say “BANK OWNED” somewhere in the description, as a seller, you are already behind the 8-ball! You need a strong Realtor more than ever!
Summary:
Price your home right, market it in the best condition possible (time to really scrutinize the house…because the buyers will), and find yourself a real aggressive agent that is a go-getter. Homes are selling as you can see, but you must be aggressive! You need aggressive pricing, aggressive representation, and a great marketing plan.
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