Sarasota Florida Home Sales Hit a New High in May

Posted June 26, 2010

    The Sarasota Association of Realtors (SAR) issued a news release on Sarasota Florida home sales in May, 2010.  The following article draws upon information in that recent SAR report.

    Home sales in the Sarasota - Bradenton Florida real estate market once again hit the highest point since 2005 as the median home price continued its steady pace upward as has been the trend for the past several months. There were 767 home sales, the highest for this year topping the April figure of 757 sales and the sales volume for May, 2009 of 506 sales. Pending sales (those homes under contract but not yet closed) were 857. In May, 2010, 539 single family homes and 227 condominiums were sold. The median sale price for a single family home continued to trend upward at $169,000 up 8.4% over May, 2009's figure of $155,000.

    The level of distressed property sales (foreclosures and short sales) rose slightly in May to 40% of the overall total up slightly from the April level of 38% of total sales but down from the 48% level we saw in late 2009, so the overall trend even in distressed sales is downward and that is a good sign of a market returning to normal.

    The following chart displays the month by month statistics for Home Sales, Median Sales Price and Pending Sales.

    The following chart displays the relevant information for Single Family Homes and Condominiums respectively for May, 2010, May, 2009, the Prior Month (April, 2010) and Year-to-Date.

    The May home sales statistics continue to show that the Sarasota real estate market is continuing a steady recovery," said 2010 Sarasota Association of Realtors President Erick Shumway. "Median prices are higher than last year at this time and we remain optimistic," he said.

    Unlike other areas of the country, the Sarasota and Bradenton FL real estate market has returned to normal after a rough year or two, but there are still good properties for sale at bargain prices.

    If you've been wondering when would be the best time to buy that Sarasota or Bradenton Florida home or condominium you've been dreaming of, right now is that time.

      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 at 941-228-2321 or toll-free at my Sarasota RE/MAX Office at 800-966-2334.