December sales stats for Sarasota real estate market
Posted by Shayla Twit on Wednesday, January 13th, 2010 at 2:24pm.Sarasota bucks national trend with best sales report in 33 months:
Here are some of the highlights...
* In December 2009, the Sarasota real estate market saw the most closed transactions since March 2007, a 33 month span
* Overall sales were also 52% higher than December 2008
* Median sale prices were also up last month for both single family homes and condos
* The overall number of closed sales in 2009 stood at 6,699, compared to only 5,459 in all of 2008, for a 22.7% increase
* For local Realtors®, the monthly and annual trend stands in contrast to the national picture. Sales nationally have slowed during the early winter months, but not in Sarasota.
* SAR President Erick Shumway said, "Sales are continuing to rise, and we're starting to see a return of appreciation as the available property market tightens and buyers look more toward arm's length sales instead of short sales and foreclosed properties."
* The median sale prices for single family homes have apparently stabilized, with sales prices jumping 4.7% to $170k
* Median condo sales prices also saw a rise to $199k, up from $178,750 in Nov
* Short sales and bank-owned property sales continue to impact median sale prices locally. Normal arm's length sales bring more than double the price on average than those for distressed properties. For the full year 2009, distressed property sales accounted for 40.7 percent of all sales, compared to 2008's total of only 21.2 percent.
* The inventory level in December 2009 was at the lowest level since late summer of 2005 and the years prior to the boom period from 2003 - 2005.
* December's supply of homes also fell to an 8.1month inventory for single family homes and 12.3month inventory for condos.
* During the same time last year, figures were 19.1 months for single family and 31.8 months for condos. ... a huge difference in a short period of time
* With a big finish seen in December, it appears the Sarasota real estate market has turned the corner and is heading toward even brighter days ahead.
"Oh, By the Way... if you or someone you know is considering a purchase or selling, I would love the opportunity and am never too busy for any of your Referrals."
SHAYLA TWIT, Michael Saunders & Company, c 941.544.7690, w 941.951.6660, ShaylaTwit@MichaelSaunders.com
Shayla Twit
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Posted on Wednesday, January 13th, 2010 at 2:39 PM.