Sarasota & Bradenton Home Sales Skyrocket in March 2010

Posted April 23, 2010

    The following article has been excerpted from the Sarasota Association of Realtors monthly report for March, 2010.

    Home and condominium sales in the Sarasota and Bradenton Florida real estate market, which includes Lakewood Ranch, Siesta Key, Longboat Key and Lido Key, reached 753 in March 2010, the highest total since December 2005 and over 56% more than March of 2009. There were also an astounding 1,060 pending sales, the highest total in the past 4 years.

    The most positive metric for the month was that the median sale price for both single family homes and condos rose again in March from the previous month and were also much higher than in March 2009.

    555 single family homes and 194 condos sold in March 2010, a huge increase over March 2009, when only 353 single family homes and 128 condos were sold. Pending sales, at 1,060, were about 30% higher than last March, a strong indicator for the next 2 or 3 months of sales. This activity includes the impact of sales to those wanting to qualify for home buyer tax credits which expire on April 30Th.

    Median sale prices in the Sarasota real estate market were also up in March; for single family homes - $170,000, up 11% over last years figure of $152,125. For condos, the median price rose to $210,000 up 24% from February, 2009's median price of $166,750.

    Perhaps the best news is that the level of distressed property sales dropped in March 2010 to 41% of overall sales, compared to 47% in February 2010, another very encouraging sign. A continued trend downward in short sales and foreclosure sales will indicate a market in full recovery and suggest that median prices may very well begin consistently climbing again. 2010 Sarasota Association of Realtors President, Erick Shumway said, "... Hopefully, the continuing growth in the national economy will propel the Sarasota real estate market even higher this year."

    The months of inventory unsold single family homes was 7.2 months, a huge drop from February's 10.6 months - and very near the buyer vs seller equilibrium level of about 6 months. At this time last year there was 17.1 months of unsold inventory on the market. There were 11.8 months of unsold condos on the market, the lowest level in years, and far below the 21.2 months last year at this time.

    Homes in the price ranges that are most attractive to first-time buyers have actually entered a "seller's market", likely a reflection of the effect of the $8,000 first-time home buyer tax credit.

    In summary, March, 2010 was a spectacularly good month for home sales and most likely a clear indication that the worst is over both in terms of price depreciation and the length of time required to sell a home.

    For prospective sellers, the Sarasota real estate news could hardly be better. For prospective buyers, however, this is a clear signal that if they want a home or condominium on the Sarasota - Bradenton SunCoast, time is working against them. They need to contact a Realtor like Brian Ward, find the home of their dreams, and get a deal done before prices start climbing beyond their reach again.

      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 or call me directly on my cell phone at 941-228-2321 for more immediate service.