February sales stats for Sarasota real estate market
Posted by Shayla Twit on Saturday, March 13th, 2010 at 8:01am.Every month the Sarasota Board of Realtors releases the sales stats. Here are the highlights for February:
* Sales were up 49%!
* Total sales reached 528.
* The number of Pending transactions wwere 967, which is the 2nd highest total over the previous 4yrs and up 23% over Feb '09.
* The statistics continue to reflect a recovering Sarasota market.
* Median sale prices rose in Feb for condos, while slipping slightly for single family homes.
* The median sale price for a single family home was $150,000, down 4 percent from January's $156,250, but up 5.6 percent over last February's figure of $142,000.
* For condos, the median price rose to $169,000 from last month's level of $165,000, a 2.4 percent increase.
* Distressed property sales represented 47% percent of the overall market in February 2010.
* 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% higher than 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 health, 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."
* Property inventory level fell slightly in February 2010 to 6,329 from the January total of 6,342, which remains at near the lowest level since late summer of 2005.
* The months of inventory for single family homes was 10.6 months, a drop from last month's 11.5 months.
* The months of inventory for condos was at 15.4 months, or slightly higher than the 14.7 months last month, and far lower than the 28.4 months only a year ago.
* Once the market reaches the 6 month level it is considered to be in equilibrium between buyers and sellers.
* The first-time homebuyer tax credit, extended and expanded to include many other homebuyers on Nov. 6, expires at the end of April, noted Shumway. He urged potential buyers to contact local Realtors® and get a contract approved before the end of the month to ensure they can take advantage of the $8,000 and $6,500 credits.
"Oh, By the Way... if you or someone you know is considering a purchase or selling property, I would love the opportunity and am never too busy for any of your Referrals. THANK YOU."
Shayla Twit, Michael Saunders & Company, c 941.544.7690, w 941.951.6660, ShaylaTwit@MichaelSaunders.com
Shayla Twit
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