Real Estate Matters

November 2011 property transactions in the Sarasota real estate market totaled 602, up 12.7 percent over last November. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a destination location, according to the Sarasota Association of Realtors.

In fact, the Today Show's real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a "beautiful beachfront community" that offers residents and visitors "a sophisticated, urban cultural experience" that is propelling sales and prices in 2011.

Overall, sales in 2011 continued on pace to exceed last year by a wide margin, and should put the Sarasota market at the highest level since 2005. In fact, at the end of November, overall sales were within 186 sales of exceeding all of last year. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market.

The inventory of available properties for sale in Sarasota was at 4,672 in November, up slightly from October's level of 4,525. The inventory sunk to a 10-year low of 4,408 in August 2011.

The November 2011 median sale price for single family homes rose to $162,000 from the October 2011 median of $149,838, a rise of 8 percent. This month's figure was also higher than last November, when the median was $160,100. The condo figure has been fluctuating for several months, and again dropped in November to $127,000 - lower than last month's figure of $143,000 and last November's figure of $159,000. The year-to-date median sale price was $155,000 for single family homes and $157,250 for condos. These figures have remained remarkably steady for the past year, indicating a stabilizing market.

"The Sarasota real estate market has retained traction, and we hope the brightening national economic picture will help maintain and even push this market higher," said SAR President Michael Bruno. "There is an encouraging sense of stability and strength in our market."

Pending sales were up in November 2011 to 782 compared to last month's figure of 772 and last November's total of 764. Last month, 552 single family homes and 230 condos went under contract.

The distressed property market was relatively unchanged, but did drop slightly from 43 percent of the total market to 41.3 percent. At the height of the foreclosure crisis, that figure topped 51 percent in the second quarter of 2010.

"We were certainly happy to see that Sarasota was in the national spotlight on the Today Show, and in a positive way," said Bruno. "Very few communities in the nation can compete with Sarasota in terms of affordable home values, climate, culture, amenities and the wealth of properties offered here."

Information courtesy of Sarasota Association of Realtors