Sarasota Home & Condo Sales Skyrocket in March 2010
Excerpted from a report © Sarasota Association of Realtors
Posted April 17, 2010
 The following article has been excerpted from the Sarasota Association of Realtors monthly report for March, 2010.
Home and condo sales in the Sarasota Florida real estate market including Bradenton, Lakewood Ranch, Siesta Key, Longboat key and Lido Key, as well as Osprey and Venice FL in Southern Sarasota County, reached 753 in March 2010, the highest level since December of 2005 and over 56% more than March of 2009. There were also an astounding 1,060 pending sales, the highest total in the past 4 years.
The most positive March statistic was that the median sale price for both single family homes and condos rose yet again in March from February and were much higher than in March 2009.
555 single family homes and 194 condos were sold in March 2010, an enormous increase over March 2009, when only 353 single family homes and 128 condos were sold. Pending sales, at 1,060, were about 30% higher than last March, a strong indicator for the next 2 or 3 months of sales. This activity includes the impact of sales to those wanting to qualify for home buyer tax credits which expire on April 30Th.
Sarasota Florida real estate market median home sale prices were also up in March; for single family homes - $170,000, up 11% over last years figure of $152,125. For condos, the median price rose to $210,000 up 24% from February, 2009's median price of $166,750.
Perhaps the best news is that the level of distressed property sales dropped in March 2010 to 41% of overall sales, compared to 47% in February 2010, another very encouraging sign. A continued trend downward in short sales and foreclosure sales will indicate a market in full recovery and suggest that median prices may very well begin consistently climbing again.
2010 Sarasota Association of Realtors President, Erick Shumway said, "... Hopefully, the continuing growth in the national economy will propel the Sarasota real estate market even higher this year."
The months of inventory unsold single family homes was 7.2 months, a huge drop from February's 10.6 months - and very near the buyer vs seller equilibrium level of about 6 months. At this time last year there was 17.1 months of unsold inventory on the market.
There were 11.8 months of unsold condos on the market, the lowest level in years, and far below the 21.2 months last year at this time.
Homes in price ranges most attractive to first time buyers are actually already in a "seller's market", most likely as a a result of the $8,000 first-time home buyer tax credit program.
In summary, March, 2010 was a spectacularly good month for home sales and most likely a clear indication that the worst is over both in terms of price depreciation and the length of time required to sell a home.
For prospective sellers, the Sarasota real estate news could hardly be better.
For prospective buyers, however, this is a clear signal that if they want a home or condominium on the Sarasota - Bradenton SunCoast, time is working against them. They need to contact a Realtor like Bob Henley, a respected Sarasota Florida real estate expert, find the home of their dreams, and get a deal done
before prices start climbing beyond their reach again.
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