November sales stats for Sarasota real estate market
Posted by Shayla Twit on Wednesday, December 16th, 2009 at 9:48am.Here are the highlights:
* SALES IN NOV WERE 86% HIGHER than Nov 2008!!
* Total sales came in at 578, versus only 311 sales in Nov 2008
* It consisted of 417 single family homes and 161 condos sold
* Number of Pending units is very strong, which is a great indicator for a solid start to 2010
* With the extension of the tax credit, in addition to the still low interest rates, it is a great time to BUY
* Median sales price for a single family home is now at $161,500, up from Oct's figure of $151,000
* On the flip side, median condo sales prices have been inconsistent. In my opinion probably in large part due to financing
* In any case, median condo sales prices for Nov were $178,750... down from $220,000 just the month prior
* Bank-owned and short-sale transactions account for HALF of today's market share
* These bank-owned and short-sales are bringing down the average sales prices
* Normal transactions [not short-sale or foreclosure] account for nearly twice the sales price of the distressed properties
* As we head into our busy season, we are realizing some great activity for the Sarasota market!!
* Inventory levels are at 6,226 properties... the lowest level since late summer 2005
* We currently have a 9.4 month inventory. A 6-month inventory is considered an equalibrium buyers'/sellers' market
Shayla Twit
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