Real Estate Sarasota - Market Update for November 2011 Closed Business

Please find below the latest statistics and information for Real Estate in Sarasota from the Sarasota Association of Realtors published this past week December 15, 2011. To view the article you can access it by visiting “Sarasota Association of Realtors November Sales”.

The Sarasota Real Estate market continues to show improvements with a declining inventory and stabilizing prices. We at Michael Saunders & Company at the Palmer Ranch Office are seeing a volume of sales that we haven’t seen since 2005. I personally have seen the effects of a low inventory creating a higher demand for properties across all price ranges. One of my listings came on the market and on the first day we had 6 cash offers. I am also seeing short sales closing much quicker with the lending banks than I have from the past several years. All in all it seems that banks are more aggressively willing to sell distressed properties, buyers are buying, and sellers who are being realistic with their pricing are moving their properties.

If you have any questions about the market or know of anyone interested in buying or selling a home in Sarasota please feel comfortable in calling me, Sara at (941) 586-4790 and I would be happy to help.

November 2011 sales up 12.7 percent over last year

SALES for NOVEMBER
November 2011 property transactions in the Sarasota real estate market totaled 602 up 12.7% over last November. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a destination location.

In fact, the Today Show’s real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a “beautiful beachfront community” that offers residents and visitors “a sophisticated, urban cultural experience” that is propelling sales and prices in 2011.

Overall, sales in 2011 continued on pace to exceed last year by a wide margin, and should put the Sarasota market at the highest level since 2005. In fact, at the end of November, overall sales were within 186 sales of exceeding all of last year. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller’s market.

CURRENT INVENTORY
Single Family Homes 3,031
Condos 1,641

The inventory of available properties for sale in Sarasota was at 4,672 in November, up slightly from October’s level of 4,525. The inventory sunk to a 10-year low of 4,408 in August 2011.

MEDIAN SALES PRICES RISE
The November 2011 median sale price for single family homes rose to $162,000 from the October 2011 median of $149,838, a rise of 8%. This month’s figure was also higher than last November, when the median was $160,100. The condo figure has been fluctuating for several months, and again dropped in November to $127,000 – lower than last month’s figure of $143,000 and last November’s figure of $159,000. The year-to-date median sale price was $155,000 for single family homes and $157,250 for condos. These figures have remained remarkably steady for the past year, indicating a stabilizing market.

PENDING SALES
Pending sales were up in November 2011 to 782 compared to last month’s figure of 772 and last November’s total of 764. Last month, 552 single family homes and 230 condos went under contract.

DISTRESSED PROPERTY
The distressed property market was relatively unchanged, but did drop slightly from 43 percent of the total market to 41.3 percent. At the height of the foreclosure crisis, that figure topped 51 percent in the second quarter of 2010.

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The preceding information was taken from the “Sarasota Association of Realtors November Sales” Posted by Sara Leicht - SaraSellsSarasota.com on December 17th, 2011

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