Sarasota Real Estate Market Update - January 2011
Posted by Sara Leicht on Tuesday, January 25th, 2011 at 5:49pm. This is the Sarasota Real Estate Market update for closed business in December with some year end numbers for 2010.
The year of 2010 has proven to be a very busy and productive year for real estate, myself and my fellow agents at Michael Saunders & Company. The Sarasota real estate market of 2010 saw an increase in unit sales over 2009 from 6,739 to 7,603, and in dollar volume a marginal increase of .5%.
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However, in one of the most challenging years ever Michael Saunders and Company agents closed company wide sales of $1.432 billion which is a 21% increase in dollar volume over 2009. Likewise our company closed 4,346 transactions which represents a 29% increase over closed transactions in 2009. I am very proud to be an associate with the leading real estate firm on the west coast of Florida, Michael Saunders & Company. To read more about how our company has out-performed the market click onto
“Outperforming the Market” .
This information is compiled and published monthly from the Sarasota Association of Realtors.
Sales surge in December 2010 and prices remain stable in Sarasota
In addition, the median sales price for both single family homes and condos was up in December 2010, indicating a recovering local real estate market.
Sales Numbers
The property sales breakdown in December 2010 was 500 single family home sales and 181 condos.
The statistics for December 2010 were even better than December 2009. The 681 total sales reported last month topped the 648 sales in December 2009. The median sale price for single family homes stood at $165,000., a small drop from last year’s figure of $170,000, but higher than the November 2010 figure of $160,100.
For condos, the median price rose slightly to $160,000 from the previous month’s $159,000, down from last December’s median of $199,000. But condo prices have sunk below the $150,000 level several times in 2010, so the current figure indicates a sign of improvement.
Pending sales remained strong in December 2010 at 789, compared to 764 in November 2010, and higher than the 739 reported last December, when the market was still strengthened by the homebuyer tax credit initiative. This statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity.
Inventory dipped in December 2010 to 6,047 from 6,207 - the lowest since August 2010 when 6,039 properties were on the market. The higher sales volume and lower inventory levels meant a major drop in the months of inventory to 7.8 months for single family homes (from 10.9 months in November 2010)., and 11.7 months for condos (from 13.3 months in November 2010). The market is considered to be in equilibrium between a buyers and sellers market once the figure reaches the 6 month level.
There was also more good news on the distressed property sales front, as short sales and foreclosure sales once again fell to 44 percent of overall sales, from 46 percent last month. For the entire year 2010, distressed sales made up 36 percent of overall sales.
Overall, 2010 sales were up 12.4 percent compared to 2009 – 7,603 to 6,739 total sales. The median sale price for both single family homes and condos for 2010 stood at $163,000. For 2009, the median sale price for single family was also $163,000, and for condos was $190,000.
Sales in the Sarasota market have now risen for two consecutive years since a low point of 5,820 sales in 2008. The level of sales is now at its highest point since 2005.
I hope you have enjoyed this latest Sarasota Market Update for closed business in December 2010.
Michael Saunders and Company
Licensed Real Estate Broker
8660 South Tamiami Trail
Sarasota, FL 34233
(941) 586-4790
E-Mail Sara: SaraLeicht@MichaelSaunders.com
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