The Sarasota Association of Realtors® released data yesterday showing Sarasota real estate sales jumped by 8.2 percent to 8,224 in 2011. This is the highest level since 2005. “The surge in sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.”
Real estate is local and the Sarasota, Florida area is the considered the “place to be” by many homebuyers. “For the overall year of 2011, the resurgence in sales was dramatic, and represents a 44 percent increase over the low point of the downturn in 2008, when only 5,820 properties changed hands.”
New SAR President Laura Benson said "This is really incredible news, and demonstrates how far this market has improved in only three short years." "Now, we also offer very affordable pricing. Combined with the high quality of homes and condos on the market, I think we clearly have the best values in Florida, without question."
Property transactions in the Sarasota real estate market jumped 7.3 percent in December 2011, compared to the November totals. Combined sales stood at 648, up from last month's figure of 602 and the October 2011 sales of 577. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market.
Inventory of properties for sale in Sarasota was at 4,567 in December. November 2011 inventory of available properties was 4,672. Inventory of available properties in Sarasota slid to a 10-year low totaling 4,408 in August 2011. As the inventory diminished, “the months of inventory has dropped and now stands at 6.3 months for single family homes and 9.2 months for condos. A figure of 6 months is considered equilibrium between a buyer's and a seller's market.”
For the complete press release and statistical charts, contact the John Allen Team at BuySarasota.com.