Sales up are up and inventory currently sits at a six year low in Sarasota Fl real estate market.
Sales were up 24.2 percent from the previous month, and what’s even more impressive is that sales have increased 27.3% over last February. Median sales prices for both single and condominiums have continued decrease, but at a much slower rate. Foreclosures and short sales continue to equal about half the overall sales, and the driving force for decreased sales prices.
Sarasota home sales have increased 27% to 673 total sales. There were 472 single family homes closings
and 201 closings on condos last month. These were closings generated from Realtors belonging to the Sarasota Board of Realtors.
The drop in inventory to the 6 year low point (5,864) could mean upward pressure on sales prices moving forward, according to SAR President Michael Bruno.
“Traditionally and historically, fewer properties on the real estate market usually causes price appreciation,” explained Bruno. “It’s simply a matter of supply and demand. If there are more buyers competing for a smaller number of properties, selling prices are usually driven up. Hopefully, we’ll soon see a return to the traditional local appreciation levels of between 5 and 7 percent annually. That would represent a very healthy market.”
The higher sales totals combined with the lower inventory caused a sharp drop in the months of inventory to 8.0 months from 10.2 months in January 2011 for single family homes, and to 10.4 months from 14.1 months for condos. Only two years ago, in January 2009, there were 25.3 months of inventory for single family homes and 38.4 months of condo inventory. The market is considered to be in equilibrium between a buyers and sellers market once the figure reaches the 6 month level.
Click HERE for the complete press release in PDF format, plus six pages of statistical charts.