Sarasota Home Sales In April Continue to Improve

Posted May 13, 2009

    The National Association of Home Builders just reported that home buyers are returning to the market driven by historically low interest rates, stabilizing home prices, and a tax credit refund of up to $8,000 for those who have not bought a home in the past three years.

    In the Sarasota real estate market, home sales have come back to life. The median price of a single family home sold in April was $160,000, up slightly from $152,000 last month but down from $285,000 in April of 2008.  There were 367 homes sold up from 353 last month and 778 pending home sales in April, up from 642 last month and 515 this month last year, both reflecting growing numbers of buyers in the market looking to snap up homes at these attractive prices.  The months-of-inventory currently on the market shrank from 24.7 months in April of last year to 15.2 months this month.

    Sarasota area condominium sales have similarly rebounded. The median price of a condo sold in April was $182,750, up from $166,750 last month, but down from $235,000 in April of last year reflecting the reduction in prices that are, in part, driving the renewed interest of prospective buyers.  There were 138 condo sales closed in April versus 128 last month and 203 pending condominium sales in April, up from 175 last month.  The months-of-inventory of condos currently on the market shrank from 34.1 months in April of last year to 19.1 months this month.

    One can see the obvious upturn in home and condo buyer interest in the following charts based upon data from the Sarasota Association of Realtors.  Both Units Sold and Pending Sales are clearly trending upward.

    Sarasota real estate property prices are beginning to climb again. If you are interested in buying that dream home or retirement spot in Sarasota, don't miss this opportunity.

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    For a permanent home, vacation getaway or an investment property, the Sarasota real estate market, with its recent price correction, is hard to beat.  I invite you to request my free Sarasota Real Estate Package. For a more immediate response, call me directly at 941-228-2321.