Real Estate Matters

According to the latest figures released by the Sarasota Association of Realtors, property sales in April were the highest since December 2005 and 50 percent higher than April 2009.

Pending sales were the highest is four years and about 18 percent higher than last April and is a strong indicator for the next two or three months of closed sales, as pending sales reflect current buyer activity.

Also in an article in today’s Sarasota Herald Tribune, condominium sales across Southwest Florida rose by 73 percent during the first quarter from the same period a year ago.

The level of distressed property sales (foreclosures and short sales) dropped again in April 2010 to 38 percent of the overall market from 41 percent in March 2010. This downward trend is a sign that the market is returning to a healthy scenario after topping at an astounding 48 percent in late 2009. The property inventory level remained steady in April 2010 at 6,160, the lowest level since late summer of 2005.

Another encouraging sign is the months of inventory for single family homes in April 2010 was 7.3 months and is a huge drop from 15.2 months in April 2009. A 6 month level is considered to be in equilibrium between buyers and sellers market.

These are all encouraging signs of the real estate market in the Sarasota area and mirror comments made by real estate practitioners and consumers alike, which makes presenting this information a real pleasure and hopeful signs of more optimism in the future .

Cheers,

Bill Geller