The Sarasota Association of Realtors just released the February 2010 Sarasota real estate stats and property sales were up 49% over February 2009. In addition, pending sales (properties under contract) spiked up to 967, the second highest in the past four years. The pending sales figure at 967 is a strong indicator for the next few months that real estate in Sarasota continues to improve.
Total property sales hit 528 in the Sarasota real estate market in February 2010 continuing to show a recovery in our area. Median sales prices rose for condos according to the report and single family homes were stable.
Distressed property sales are still a significant part of the increase in Sarasota real estate sales. In January and February 2010, distressed property sales represented 48 and 47 percent of the overall sales. There are a high percentage of short sales and bank-owned foreclosure sales in Sarasota’s market according to the MLS report which “continues to be the single biggest factor holding back the overall median sales prices.”
SAR President Erick Shumway state for the report that “despite the national economic doldrums, lingering high unemployment, and other negative factors, our local real estate market remains strong compared to recent down years.” President Shumway also indicated that “the near future looks very promising” for Sarasota real estate sales with pending sales rising to nearly 1,000. Property inventory fell to near the lowest level since late summer of 2005.
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