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Sarasota Real Estate Market Update

Posted by John Allen on Wednesday, September 23rd, 2009 at 2:01pm.

The Sarasota Florida real estate market is continues to improve month over month from the previous year. Home sales rose in August 2009 beating August 2008 by 20% according to new figures released by the Sarasota Association of Realtors (SAR).

August 2009 Sales in Sarasota up 20 Percent

SAR reported that the 500 level was nearly reached again with 382 homes and 114 condos selling. The summer months encountered a seasonal dip but nothing like what was expected.

Sarasota Inventory Levels Declining

Inventory levels in Sarasota are declining and along with the increased sales Sarasota real estate agents are encouraged that the market seems to be bottoming out. Prices for Sarasota real estate have dropped from their highs of several years ago and buyers are looking at more reasonable prices. The median sale price for Sarasota homes for sale is $155,000 in August 2009, compared to $185,000 in July 2009. The median sale price for condos was $285,000, much higher than the $212,000 figure seen in July, and almost at the $295,000 level reported in a year ago.

Pending Real Estate Sales Are Up

Over the last few months, pending sales have consistently been higher. In August 2009, 830 properties went under contract, compared to 802 properties sold in July 2009. For the 20th consecutive month, pending sales have exceeded 500.

SAR President Bill Geller said Sarasota seems “to have weathered the storm well, and while tomorrow’s economic weather forecast remains to be seen, I’m confident and enthusiastic about our future prospects.” “People who live here and our visitors know that there is no place like Sarasota, and the selling points for this area are obvious.”

If you are searching for Sarasota homes for sale, while inventory is still good and prices and interest rates are still low, give us a call at 941-544-6467. We can handle all your real estate needs in Sarasota and help guide you to a smooth closing.

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