The Sarasota Association of Realtors recently issued a news release on home sales for the month of March, 2009.
The Sarasota real estate market saw sales rise to the highest level of the year in March 2009, besting the previous month by 33 percent.
In addition, the median sales price for single family homes rose after steadily declining since late last year, indicating a potential sign of the bottoming of the local market.
The overall sales level of 481 was the highest since June 2008, Of those sales, 353 were single family homes while 128 were condominiums.
The good news also extended to pending sales, which once again rose in March 2009 to 817. The last time pending sales climbed over 800 was in March 2006, when pending sales also were reported at 817. The total of 817 was 21 percent higher than the 679 pending sales reported in March 2008.
According to the Sarasota Association of Realtors®, 645 single family homes and 175 condominiums went under contract in March 2009. Pending sales have now exceeded the 500 level for the 15 consecutive months. The SAR report reflects a steady, strong pattern, and indicates that prospective home buyers are more active in the Sarasota market even in the face of difficult economic times.
"The recently enacted first-time homebuyers' tax credit of up to $8,000 will likely continue to boost sales this year," Bill Geller, president of the Sarasota Association of Realtors, said. Those who meet eligibility requirements and purchase a home this year prior to Dec. 1 are eligible for a tax credit of up to $8,000, and unlike the 2008 tax credit, this one does not have to be repaid.
Another important market tracker, the absorption rate of properties on the market, continues to track lower than last year at this time for both single family homes and condominiums, as hones for sale inventories have declined."
It won't be long before Sarasota real estate property prices start climbing again. Don't miss this opportunity. Call me at 941-266-1799 to learn more about how attractive the Sarasota Florida real estate market and the area itself really are.
