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Graphs and statistics provided by the Sarasota Association of Realtors

If you have been following my statistic reports for the past 6 months or so, you will find that the news is fairly consistent. Home sales for June 2009 again show marked improvement. The Sarasota real estate market rose above the 600 homes sold level for only the second time in 26 months in June 2009, while the median sale price rose for both single family and condos.  This demonstrates a market in the initial stages of recovery. Inventory levels once again dropped, and the months of home supply on the market (a key indicator) – the number of months it would theoretically take to sell all the current properties for sale – now stands at singel digits (9.97 months for single family homes )and 16.1 months for condos.   The figures were 14.3 months for single family homes and 19.0 months for condominiums just one month ago in May 2009, and 15.2 months and 22.9 months in April 2009. The clear trend is toward the figure of 6 months, which indicates  market in balance .

The overall sales level of 610 sales included 449 single family homes and 161 condos, which bested last month’s total figure of 506 sales by 20.4 percent. June 2009 was also better than June 2008, which saw only 541 overall sales. The last time sales topped the 600 level was in May 2008, when sales hit 627. Prior to that, there were 653 sales in March 2007.

Pending sales also remained at very high levels, with 866 properties going under contract in June 2009. Pending sales have dropped off slightly from the 929 reported in May 2009 and the near record 981 pending sales reported in April 2009. But the total of 866 was 50 percent higher than the 579 pending sales reported in June 2008, and pending sales have now exceeded the 500 level for the 18th consecutive month,
and the 800 level for the fourth straight month. Generally, pendings trend downward during the summer months, the slower sales season. The statistic is a strong indicator for the next two or three months of sales, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month.

The inventory levels in the Sarasota real estate market in June 2009 continue to decline for both single family homes and condominium. There were 4,477 single family homes and 2,587 condos on the market in June 2009, compared to 5,380 single family homes and 2,488 condos the previous month.The overall decline was from 7,868 to 7,064 properties – a 10 percent drop.

All this is very good news that the Sarasota real estate market has great buying opportunities,  Rates are super, so it really does make sense to jump off the fence!