Sarasota Florida Real Estate Sales Reported for February, 2010
Property Sales Rose by 49% and Pending Sales Spiked to Over 900
Posted March 17, 2010
 The Sarasota Association of Realtors recently issued it's monthly report on the Sarasota real estate market. The following has been excerpted from that report
Overall home and condo sales in the Sarasota real estate market in February 2010 totaled 528, including 379 single family homes and 149 condominiums, up nearly 49%
over February, 2009 when only 354 homes and condos were sold. Pending sales were also strong at 967, the second
highest total in the past 4 years.
These statistics continue to reflect a recovering Sarasota
market. Median sale prices also rebounded for condos in February and remained stable
for single family homes. The increase in sales probably reflects the rush of buyers to qualify for
the Federal home buyer income tax credits before the April 30th expiration date.
The median sale price for a single family home was $150,000, down 4% from January,
but up 5.6% over February, 2009. For condos, the median price rose to $169,000, up 2.4% from January.
Distressed property sales represented 47% of the real estate market in February,
nearly the same as the previous month’s figure The high percentage of
short sales and bank-owned foreclosure sales in the Sarasota market continues to be the
single biggest factor holding back the overall median sale prices. Normal arm’s length property sales continue
to show median sale prices roughly 150% above the distressed property sale prices.
“Despite the national economic doldrums, lingering high unemployment, and other
negative factors, our local real estate market remains strong compared to recent down
years,” said 2010 SAR President Erick Shumway. “There are now several months of
positive numbers which indicate we are emerging with strength from the recent
downturn. While distressed property sales remain a drag on the overall market..., all
the other statistics are tracking in a very positive manner. Our local and even our
international buyers are proving the old adage that "you can’t keep a good market down
for long." And with pending sales at nearly 1,000 last month, the near term future looks
very promising.”
The inventory of homes for sale fell slightly in February 2010 to 6,329 from the January
level and remains at near the lowest level since late-summer, 2005.
The first time home buyer tax credit, extended and expanded to include existing home owners expires soon.
So, if you've been delaying a decision on buying a home or condo
in the Sarasota, Lakewood Ranch, Bradenton or Venice Florida real estate markets, it's time to contact a local
Realtor® and get a home purchase contract signed very soon to ensure you can take advantage of the $8,000
and $6,500 tax credits. Remember that to qualify you must have a sale contract finalized by April 30 and closing must occur on or before June 30, 2010.
© Sarasota Association of Realtors (SAR)
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