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Sarasota Florida Real Estate Sales Reported for February, 2010

Property Sales Soared by 49% and Pending Sales Spiked to Over 900

Posted March 17, 2010

    The Sarasota Association of Realtors (SAR) just issued it's monthly report on the Sarasota real estate market. The following has been excerpted from that report

    Overall home and condominium sales in the Sarasota FL real estate market in February 2010 totaled 528, including 379 single family homes and 149 condominiums, up nearly 49% over February, 2009 when only a total of 354 homes and condos were sold. Pending sales were also strong in February at 967, the second highest total recorded in the past four years.

    These statistics continue to reflect a recovering Sarasota real estate market. Median sale prices also rebounded for condos in February and remained stable for single family homes. The increase in sales very likely reflects a rush of buyers to qualify for the Federal home buyer income tax credits before its 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.

    According to a friend of mine, Janet Dugan, a well-known Sarasota real estate realtor/nroker, distressed property sales represented 47% of the Sarasota real estate sales in the month of February, nearly the same as the January percentage. 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 homes for sale inventory 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 homebuyer 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 competent Realtor® like Brian Ward, a Bradenton real estate expert or Dick Plumb a specialist on Lakewood Ranch homes for sale and get a home purchase contract signed very soon to ensure you can take advantage of the $8,000 and $6,500 tax credits. For waterfront properties you may want to contact Siesta Key real estate expert, Judie Berger or Connie Belmont who is an expert on Longboat Key real estate. Remember that to qualify you must have a sale contract finalized by April 30 and closing must occur on or before June 30, 2010.