Please find below the market report from the Sarasota Association of Realtors for the closed December 2011 Business. This is not only the numbers for December but they have also included the year end perspective.
Overall the year 2011 sales are up 8.2 percent achieving the highest sale level since 2005 and prices have stabilized over this past year. This is good news for both the buyers and sellers. Sellers are realizing that if they want to move, because of the low inventory, houses that are coming onto the market are being seen quickly.
At the end of December I brought a new listing onto the market and had 6 offers in the first few days. With one of those offers being accepted as a cash closing in 2 weeks. This is not an uncommon story. The reason why we are seeing this kind of activity is because of vastly lower home prices, reduced inventory, and historically low interest rates.
If you or someone you know is interested in buying or selling a home in Sarasota please call or email me. I would be more than happy to discuss the current market conditions and availability of homes in your neighborhood.
The following information, statistics, and graphs were taken from The Sarasota Association of Realtors monthly report dated January 12, 2012.
To view the complete article please click onto Sarasota Association of Realtors Newsletter
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Property sales up 8.2 percent for full year 2011
For the full year 2011, property sales of members of the Sarasota Association of Realtors® jumped by 8.2 percent to 8,224, achieving the highest level since 2005. The surge in
sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.
Sales
Property transactions in the Sarasota real estate market jumped 7.3 percent in December 2011, compared to the November totals. Combined sales stood at 648, up from last month’s figure of 602 and the October 2011 sales of 577. 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.
Median Prices
The December 2011 median sale price for condos recovered strongly to $150,000 from November’s figure of $127,000. This was the highest level since August 2011. Condo prices
Pending Sales
Pending sales were at 694 in December 2011, down slightly from the November 2011 number of 782. Last month, 504 single family homes and 190 condos went under contract.
Distressed Property Sales
Distressed property sales continued to represent a higher percentage than normal in the local market for the fourth quarter of 2011. In total, 41.7 % of sales in the fourth quarter were distressed property sales (foreclosures and short sales). This was somewhat higher than the third quarter, when the overall percentage was 38.8 %, but well below the market high of over 50 % in the second quarter of 2010.
Median sale prices continued to show three distinct markets, with normal market transaction sales prices more than double those for bank-owned transactions. But the price gap has narrowed somewhat, particularly during the past two quarters. For the second quarter of 2011, foreclosed condos sold for a median price of $62,250, while market condo transactions saw a $270,000 median. For the quarter just ended, those prices were at $73,500 and $193,500, respectively.
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If you or someone you know is interested in buying or selling a home in Sarasota please call or email me.
I would be more than happy to discuss the current market conditions and availability of homes in your neighborhood.
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