Real Estate Matters

According the latest statistics released by the Sarasota Association of Realtors, March 2010 property sales in the Sarasota market reached the highest total since December 2005 with overall sales 56 percent higher than March 2009. Pending sales were also very impressive with about a 30 percent increase over last March. This is a strong indicator that buyers are rushing to take advantage of the homebuyer tax credit which expires on April 30^th.

But perhaps the most telling statistic was the median sale price for both single family homes and condominiums rose in March from the previous month, and prices were much higher than in March 2009.

Another encouraging trend is the level of distressed property sales dropped in March 2010 to 41 percent of the overall market, compared to 47 percent of the overall market in February 2010. The downward trend in the percentage of short sales and bank owned foreclosure sales in the Sarasota market, if it continues, would be a indication of a market in full recovery, and should bring greater appreciation for the overall median sale price.

Also, the months inventory for single family homes was 7.2 months (the number of months it would take to sell all available homes at the current pace). This is a huge drop from February 2010, with 10.6 months and very near equilibrium. Note that last year at this time the months inventory was 17.1 months. Once the market reaches the 6 month level it is considered to be in equilibrium between buyers and sellers.

Homes in the lower price ranges have actually entered a seller’s market, with the month’s inventory supply at only 4.8 months for homes sold between $60,000 and $70,000 so far in 2010 and only 6.6 months for homes sold between $120,000 and $139,999 in 2010.

This is very encouraging news from the Sarasota Association of Realtors, and gives reason to consider buying now to take advantage of these low prices, low interest rates and attraction selection of homes to consider.

Our  next blog will take a look at the international buyer and Florida leads the nation in international buyers with Florida properties being bargains in the global market.

Cheers,   Bill