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 While nationwide the housing market remains flat, the Sarasota Association of Realtors just reported
that for the full year 2011, Sarasota area property sales jumped 8.2% to 8,224, the highest level since 2005 and a 44% increase over the low point in 2008. The surge in sales was accompanied by stabilization in the median sale price, which now stands
at $155,925 for single-family homes and $156,800 for condominiums.
SAR President Laura Benson said, . . . (Sarasota) ,offers very affordable pricing. Combined with the high quality of homes and condos on the market, I think we clearly have the best values in Florida, without question." Sarasota is clearly the destination of choice for many of today’s home buyers.
Transactions in the Sarasota real estate market jumped 7.3% in December 2011, over November. At the same time, there has been a consistent drop in the available inventory of homes and condos for sale. At the end of 2011, there was 6.3 months of inventory for single family homes and 9.2 months for condos. The market for single-family homes is on the verge of becoming a “seller's market,” the first time this has happened in several years.
An available inventory of homes for sale of less than 6 months is considered a seller's market.
Distressed property sales continue to represent a higher percentage than normal in the market for the 4th quarter of 2011. In total, 41.7% of sales in the 4th quarter were distressed property sales (foreclosures and short sales). This was slightly higher than the 3rd quarter, when the overall percentage was 38.8%, but well below the market high of over 50% in the 2nd quarter of 2010. The increase in distressed property sales is a reflection of the fact that banks realize that the market is now healthier so they are putting more of their distressed properties back on the market expecting, and receiving, offers much closer to their actual value than could be expected earlier.
Overall, several positive forces are coming together here in the Sarasota – Bradenton real estate market. The lower inventory of homes for sale is stabilizing, and beginning to put upward pressure on, prices. People, in general are feeling more upbeat than at any time in the past 3 years according to the Consumer Confidence Index. And, there are more buyers in the Sarasota-Bradenton real estate market looking to buy a home or condo now at these historically low prices and interest rates.
"There is a real sense of optimism and excitement returning to the market," Benson noted. "We're entering the height of the season, and open houses have been bustling with energy and interest. Recent news of new home sales doubling in one community and setting records for annual sales in another are clear signs of the strength of the current Sarasota real estate market."
If you are visiting our area now or planning to come to Sarasota in the near future, I encourage you to call me at 941-266-1799 or E-Mail Me today.
You may also wish to visit my Sarasota real estate website to learn more about the many attractive golf course, in-town, and
waterfront communities in the Sarasota and Bradenton, Florida area including Lakewood Ranch, Anna Maria Island and our island keys,
Longboat, Lido, Siesta and Casey Key.
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