Real Estate Sales Remain BriskPosted by John Allen on Sunday, June 24th, 2012 at 3:04pm.
Once again, the real estate sales data released by the Sarasota Association of REALTORS is excellent as property sales topped the 800 total units for the third consecutive month. We are seeing sales data hitting “levels not seen since the 2003-2005 surge.”
Total singled family homes sales reached 591 and 263 condominiums were sold in May, 7.2 percent higher than in May 2011 sales. April 2012 property sales totaled 886, the highest sales volume in seven years. May 2012 was just a little behind April, which was not a surprise as sales normally slow after Sarasota’s seasonal buyers return to other areas of the country.
The report also indicated that pending sales, properties under contract, for May “remained at the very high level of 1,075, almost the same as April's total of 1,068. It was the fourth straight month that topped 1,000, a major indicator of the future direction of the market.” In 2011, sales slowed by mid-summer and the last Board report indicates this year’s market has strength too.
SAR President Laura Benson stated "this is certainly the right time to be in the real estate industry in Sarasota. Interest rates hit record lows in May, prices remain relatively low compared to the record surge from 2003 to 2005, and all the wonderful attributes of Sarasota are attracting buyers from across the nation, and the world." We agree!
Highlights of the May 2012 SAR Report:
- 2012 Median Sale Price: $185,000
- April 2012 Median Sales Price: $175,000
- May 2012 Home Inventory: 3,917
- April 2012 Home Inventory: 4,283
Inventory levels are now at a 4.3 months for single family homes and 5.2 months for condos. “These levels represent the number of months it takes to deplete current inventory at the current sales rate.” As President Benson indicated “the market is tightening, and when available properties are at such low levels, the result is greater competition for available properties. This tends to escalate prices, so if you’re in the market for a homes, now is the time to act.”
Sarasota recently has been honored by multiple publications positioning it prominently as a “hot” destination city. Our sales figures continue to affirm these accolades.
For a complete review of the SAR press release, click here. There are also several pages of statistical data.