Sarasota - Bradenton Area Home Sales Drop Off in July

Opportunity To Buy Now at a Bargain Price As the Market Slows a Bit

Posted August 05, 2010

    According to Sarasota Association of Realtors (SAR) data, Sarasota area home sales in July were 525, down 48% from June's figure of 776 sales.  The sales volume returned to about the level in effect before the federal homebuyer tax credit program became a factor driving the real estate market.

    In July, 374 single family homes were sold, compared to 576 in June 2010. July condominium sales were 151, down from June's figure of 200.

    The median price for single family homes trended lower at $155,000, versus June’s figure of $175,000.  For the last 12 months combined, the median sale price for single family homes was $162,000.  For condos, the median price over the last 12 months was $175,000.

    “We are seeing what was predicted – a slower period following the expiration of the tax credits and the rush of buyers to the closing table,” said 2010 SAR President Erick Shumway.  “There logically had to come a time when sales would taper off from the high levels we hadn’t experienced in almost five years.  We are not immune to the economic forces which continue to limit our nation’s recovery ... but we remain confident that better days are ahead.”

    The months of unsold single family homes on the market rose in July to 10.4 months from 6.6 months in June. This figure represents the number of months it would take to sell all available homes at the current pace.  For condos, the figure rose to 14.4 months from 10.6 months, still lower than the July, 2009 figure of 16.9 months.  A 6 month supply of homes on the market is considered equilibrium where neither buyers nor sellers have an advantage in negotiating over price.

    What does this mean for you as a potential buyer of a home on condo in a Sarasota or Bradenton FL waterfront or golf community? It means that home sellers will be back to being more amenable to negotiating on price if they really want to sell their property.  So, if you've been thinking about buying a home here in our "Sun Coast Paradise" before the winter winds start blowing up North in a few months, this would be be a great time to come to Sarasota.   Let a true professional Buyer's Agent Realtor like Brian Ward show you homes that fit your needs and desires perfectly at a price you'll be more than happy with.

      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.