The Sarasota Housing Market was very active in January according to Sarasota Association of Realtors Sales Reports
Great news in the Sarasota real estate market! Pending sales increased 28% from December to January 2011. This statistic indicates that sales will be strong for the upcoming peak months through march. This is the first time pendings exceeded the 1,000 mark since April of 2010, when the looming home buyer tax credit expiration date was fueling sales activity.
Overall, closing in January 2011 finished at 537 sales, up from 507 last January, however disappointing compared to the 681 sales in December. December was very active however, and many Buyers/Sellers attempt to close before the end of the year for tax purposes.
“The market is very lively right now,” said SAR President Michael Bruno. “I recently held an open house and had very high foot traffic compared to recent months, and I’ve heard from other Realtors® in the association who are experiencing the same thing.”
January 2011 experienced 384 single family sales and 153 condo sales. Median sales price was down in January 2011, as distressed property sales exceeded 50 percent of the local real estate market and pulled the overall median figures lower. The single family median sales price was $138,700, while the condo median dropped to $142,500.
“Clearly, we continue to see three very distinct markets in Sarasota,” noted Bruno. “Buyers who want to avoid delays and other potential problems and complications on distressed properties are willing to pay a higher price for homes and condos. We continue to look forward to the day when these distressed properties return to traditional levels in Sarasota. The rebound in the national economy appears to indicate that day is coming.”
Inventory remained at a very low level in January (6,072 available properties) The lower sales volume caused a rise in the months of inventory to 10.2 months from 7.8 months in December 2010 for single family homes, and 14.1 months from 11.7 months for condos.
Only two years ago, in January 2009, there were 25.3 months of inventory for single family homes and a very high 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
For the year 2010, overall sales were up 12.4 percent compared to 2009 – 7,603 to 6,739 total sales. Sales in the Sarasota market have now risen for two consecutive years since a low point of 5,820 sales in 2008.