Sarasota Florida Real Estate is HOT in November, 2009
Excerpted from news release - © Sarasota Association of Realtors
Posted on December 18, 2009
The Sarasota Association of Realtors (SAR) issued an article stating the the Sarasota real estate market remained "hot" in November with overall Sarasota home sales up by nearly 86% over the same month in 2008. Total sales were 578 housing units mirroring last month's 574 units sold
and much higher than the 311 home sales in November, 2008.
Pending sales, those under contract but not yet closed, were 793 slightly fewer than the October level of 839.
Some analysts expected a drop-off in sales as the first-time buyer $8,000 tax credit program came to an end. But, the extension of the $8,000 first-time buyer and expansion offering up to a $6,500 tax credit program to many non-first-time
buyers will likely continue to drive sales through at least April 30, 2010 when this extension of the program expires. The extended program requires that transactions be "under contract" by April 30, and be "close" on or before June 30, 2010.
Bank-owned foreclosure and short sale homes still account for almost half of all single family home sales and one-third of condominium sales and continue to
put downward pressure on prices making Sarasota and Manatee County homes and condos very attractively priced for now.
"We are experiencing a very active real estate market during the early part of our normal seasonal cycle when our Northern visitors and winter residents return"< said Bill Geller, 2009 President of the Sarasota Association of Realtors. He added, "Even during these periods of high unemployment and slower national economic activity, it is very encouraging to see the Sarasota area remain an
attractive place to purchase a home. The...trends indicate that the market is returning to health. Higher sales and pending sales, stabilizing prices and lower inventories all point to a return to a vibrant Sarasota real estate market."
The unsold single-family home inventory in November stood at 9.4 months, dramatically below the 27.6 months of inventory available for sale a year ago. For condo units,
the November, 2009 inventory stood at 14.6 months versus 40.5 months in November, 2008. Inventory is being quickly absorbed as the market recovers and that is a very positive sign
unless, of course a prospective buyer waits too long.
The chart below displays Sarasota - Bradenton - Venice real estate activity for November of 2009.
The Sarasota - Bradenton - Osprey - Venice real estate market is recovering rapidly from the doldrums of the past.
There are still bargains to be had, and with the added incentive of the extended tax-credit programs, if you've been dreaming of a
home in the Sarasota, Bradenton, Lakewood Ranch or on Lido, Longboat or Siesta Key, its time to contact a reputable Realtor like Bob Henley
before its too late to buy your dream home at these bargain price levels.
Bob Henley can assist you in effortlessly and quickly going through the process of buying a bank-owned
property or help you take advantage of the tax-credit program for first-time buyers and those who already own a home
and are hoping to move up to a bigger home or maybe a more prestigious neighborhood like a golf course or waterfront community in Sarasota, Osprey or Venice, Florida.
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