A total of 759 homes and condominiums were sold in the Sarasota real
estate market during April 2011, continuing a very strong spring surge. There were 533 single-family home sales and 228 condo sales. This recent sales rush has taken the market to it's highest levels since the fall of 2005 when sales started to decline with the nationwide housing bust.
While April, 2010 sales were at comparable levels, those sales were driven in large part by the federal home buyer tax credit program. Sarasota home sales this month are being driven by people making the decision that the Sarasota area is the “right place to buy a home,” and that “now is the right time to buy a Sarasota area home.”
Another impressive statistic is that the number of properties on the market at the end of April dropped to 5,258, continuing the downward trend from last month when there were 5,501 properties for sale on the market. Last year at this time, 6,160 properties, or a 8.6 month supply, were available. In January 2009, there were 25.3 months of
inventory for single family homes and 38.4 months of condo inventory. The drop to a 6.2 month supply of homes on the market, the lowest in 6 years, will likely begin to put upward pressure on prices as we move into the summer months.
Sarasota Association of Realtors President Michael Bruno said. “it’s especially encouraging to note that sale prices were also at their highest levels for both single-family homes and condos”. Median sales prices for Sarasota single family homes was $155,430 and for condos, the median sale price was $185,500. Distressed property sales represented only 36% of sales, down from 43% in March and 47% in February. “This downward trend in distressed sales indicates that the worst of the housing problem is most likely behind us" commented respected Sarasota real estate agent Rich Stover of RE/MAX Alliance Group.
The Sarasota real estate is clearly emerging as a market leader as the real estate industry recovers. It also indicates to prospective buyers that now may be the right time to spend a week here in Sarasota looking over the inventory of new and resale homes for sale. This is a very opportune time to consider investing in a second home or maybe even your primary home. I invite you to call me at 941-266-1799 for more information and to schedule a visit to our area to find your second home or maybe even your primary home here on the Sarasota Sun Coast of Florida.
