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 "The Sarasota real estate market saw sales rise to the highest level of the year in March 2009, besting the previous month by 33 percent.
In addition, the median sales price for single family homes rose after steadily declining since late last year, indicating a potential sign of the bottoming of the local market.
The overall sales level of 481 was the highest since June 2008, and nearly equaled the level of 504 sales reported in March 2008. Of those sales, 353 were single family homes while 128 were condominiums.
The good news also extended to pending sales, which once again rose in March 2009 to 817. The last time pending sales climbed over 800 was in March 2006, when pending sales also were reported at 817. The total of 817 was 21 percent higher than the 679 pending sales reported in March 2008.
According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 645 single family homes and 175 condominiums went under contract in March 2009, compared to only 471 homes and 208 condos in March
2008. Pending sales have now exceeded the 500 level for the 15th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times.
"We believe the current climate of historically low interest rates, major incentives for first-time home buyers, and the many other government programs designed to stabilize the economy and the housing industry is all having a very positive impact," said 2009 SAR President Bill Geller. "Every downturn is followed by an upturn - we know this to be true historically. We've been through a difficult time in the real estate industry, and ... we are seeing the beginnings of a new, dynamic era."
"The recently enacted first-time home buyers' tax credit of $8,000 will likely continue to boost sales this year," Geller said. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid.
The median sale price for single family homes rose to $152,125 in March 2009 from $142,000 in February 2009 - a 7% increase. The median sales price for condominiums fell to $166,750 in March 2009 from $198,000 in February 2009, for a 15% drop.
Another important market indicator, the absorption rate of properties on the market, continues to move lower than last year at this time for both single family homes and condominiums, as hones for sale inventories have declined."
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