Sarasota Area Home Sales Finish 2011 on a Strong Note

Information in part from a Report Copyrighted by Sarasota Assoc of Realtors

While nationally the housing market remains flat at best, the Sarasota Association of Realtors just reported that for the full year 2011, Sarasota area property sales jumped 8.2% to 8,224, the highest level since 2005 and a 44% increase over the low point in 2008. The surge in sales was accompanied by stabilization in the median sale price, which now stands at $155,925 for single-family homes and $156,800 for condominiums.

SAR President Laura Benson reported that "... (Sarasota) offers very affordable pricing. Combined with the high quality of homes and condos on the market, I think we clearly have the best values in Florida, without question." Sarasota is clearly the destination of choice for many of today’s home buyers.

Transactions in the Sarasota real estate market jumped 7.3% in December 2011, over November. At the same time, there has been a consistent drop in the available inventory of homes and condos for sale. At the end of 2011, there was 6.3 months of inventory for single family homes and 9.2 months for condos. The market for single-family homes is on the verge of becoming a “seller's market,” the first time this has happened in several years. An available inventory of homes for sale of less than 6 months is considered a seller's market.

Distressed properties continued to be a higher percentage of the market than than normal for the 4th quarter, 2011. 41.7% of sales in the 4th quarter were foreclosure and short sale distressed property transaction). This was slightly higher than the 3rd quarter, when the overall percentage was 38.8%, but well below the market high of over 50% in the 2nd quarter of 2010. The increase in distressed property sales is a reflection of the fact that banks realize that the market is now healthier so they are putting more of their distressed properties back on the market expecting, and receiving, offers much closer to their actual value than could be expected earlier.

Overall, several positive forces are coming together here in the Sarasota – Bradenton real estate market. The lower inventory of homes for sale is stabilizing, and beginning to put upward pressure on, prices. People, in general are feeling more upbeat than at any time in the past 3 years according to the Consumer Confidence Index. And, there are more buyers in the Sarasota-Bradenton real estate market looking to buy a home or condo now at these historically low prices and interest rates. President Benson noted, "There is a real sense of optimism and excitement returning to the market. We're entering the height of the season, and open houses have been bustling with energy and interest."? "New home sales doubling in one community and setting records for annual sales in another are clear signs of the strength of the current Sarasota real estate market." she added.

If you are visiting our area now or planning to come to Sarasota in this Winter season, we encourage you to call upon a local Sarasota Luxury real estate agent like Judie Berger at 941-928-3424 or Bradenton real estate expert, Brian Ward at 941 228-2321 today. You may also wish to E-Mail Judie Berger or E-Mail Brian Ward with your questions about the Sarasota - Bradenton real estate market.