January sales stats for Sarasota real estate market
Posted by Shayla Twit on Wednesday, February 17th, 2010 at 11:17am.Highlights for Sarasota's January sales stats for the area real estate market:
* January sales were up 58% from this time in 2009.
* And at over 800 properties Pending, this figure is the highest since Oct 2009. Pending sales means that they have a fully-executed contract and are awaiting a closing.
* When we compare Jan '09 sales to Jan '10, Sarasota saw an increase of 187 transactions; a strong start to the new year!!
* Median sales prices in the Sarasota market dipped in Jan for both single family homes as well as condos.
* Median RSF closed at $156,250 [down from $160k] and condos closed at $165k [down from $189,900].
* These prices are due to the high percentage of short-sales and bank-owned sales.
* The increase in distressed sales rose 48% from Dec '09.
* Interestingly, the median sale prices for standard transactions were 150% higher than the distressed property sales prices!
* Foreclosure sales are bringing in a median price of about $80k whereas short-sale prices are showing about $120k median.
* "Our market is rebounding from the recession, particularly in the category of normal arm's length transactions," said 2010 SAR President Erick Shumway. "We are seeing a stark contrast between these two markets, and this probably reflects the fact that some buyers don't want to wait for additional months often involved in closing a purchase of a distressed property. Also, the condition of normal, non-distressed properties can be far superior to the short sales and foreclosures on the market. Once the number of distressed properties begins to drop substantially, we should see the median sale prices start to recover."
* There is still time to receive the first-time buyer tax credit as well. You must have a contract by April 30th!!!
* Despite a slight increase in listings during Jan, our market inventory levels are still the lowest since summer of 2005.
* Single family homes have an 11.5-month inventory whereas condos have a 14.7-month inventory {which means this is the length of time it is taking for homes and condos to sell on average}.
* They say that an "equilibrium" market is a 6-mo inventory. We are still a far cry better than the 2005 figures!
"Oh, By the Way... if you or someone you know is considering a purchase or selling, I would love the opportunity to take great care of any of your Referrals. THANK YOU."
SHAYLA TWIT, Michael Saunders & Company, ShaylaTwit@MichaelSaunders.com, c 941.544.7690
Shayla Twit
Print
ShareBe the first to comment on this blog entry!
Leave a Comment
- Featured Properties
- Recent Blog Posts
-
June sales stats for Sarasota real estate market
Property sales again reach highest level of the year in Sarasota real estate market:HERE ARE THE HIGHLIGHTS.....* Even... Read MoreBuyer needs
If you or someone you know is considering a purchase, I would love to represent you or any of your referrals.* Wo... Read MoreSnapshot of current listings + Seller needs
SNAPSHOT OF CURRENT LISTINGS:1 - 2135 Lusitania Dr, single family home in Phillippi Gardens community Sarasota, $... Read MoreThe oil update... and May's sales figures for Sarasota real estate market
THE OIL UPDATE:* As I have had particular inquiries from out-of-state and out-of-country clients, I felt the need to k... Read More