Sarasota Real Estate Market Sales Update

August 2010 Sarasota Real Estate Sales Rebound

Sales data just released from the Sarasota Board of Realtors show more positive signs than last months numbers. After a disappointing July, the Sarasota real estate market rebounded in August 2010. Sales were up nicely – 8% over July 2010 In addition, sales were up 14.3% compared to August 2009.

Total property sales this August totaled 567. “This compared to 525 sales in July 2010 and 496 sales in August 2009.” In August, 408 single family home sold. The median price reported was $154,500. Last month the median price was $155,000. In August 2009, the price was also $155,000.

Condos sales totaled 159 in August. The median price rose by 22 percent to $155,000 from July’s figure of $127,000. “For the last 12 months combined, the median sale price for condos was $169,900. Distressed condo sales have dragged the overall median price down substantially, with normal arm's length sales garnering three-times as much as bank-owned properties, and twice as much as short sales on average.”

Pending sales rose in August to too. There were 816 pending sales, a 25 percent increase over July. Fall is looking good for an increase in sales too.

Eric Shumway, pointed out that "it was very encouraging to see that the market recovered nicely after a drop in sales from June to July. After experiencing a five-year high in sales for the second quarter, everyone knew the loss of the homebuyer tax credit would have a negative impact. But we saw a big jump in sales for August, and prices held steady, so this market still has legs and the recovery appears to be a healthy one."

Contact the John Allen Team if you are interested in exploring current Sarasota real estate listings. Our agents specialize in luxury homes and condos on Sarasota’s barrier islands of Siesta Key, Casey Key, Longboat Key, Bird Key and Lido Key.

Click HERE for the complete PDF version of the press release, along with two pages of statistical charts.