Things Are Looking Up for Sarasota Real Estate

The latest home sale figures for the Sarasota real estate market point to a slowly improving market here driven in part by the first-time buyer tax credit, but also by the substantially lower prices of homes and condos.

Total home and condo sales totaled almost 500 again in August compared to only 329 homes and condos sold in August of 2008. While sales were down from July's total of 595, this was an expected drop since Summer is traditionally the slowest period for home sales in the Sarasota - Bradenton area. Inventories of unsold homes are at the lowest level in more than 5 years. Pending sales, those under contract but not yet closed, in August were 820, more than 50% higher than the 541 pending sales in August of 2008.

The median home price in August for a single family home was $155,000 very close to the figures seen in January through May showing that prices are finally stabilizing. The median sale price for condominiums was $285,000 up substantially from the $212,000 in July also showing a stabilization, and maybe even the start of a recovery, in condominium prices.

These latest Sarasota home sales statistics continue to give evidence of a real estate market in the early stages of a recovery and point to a stabilization of home prices. "With high levels of foreclosures and short sales still remaining in the local market, we can reasonably expect sales statistics to be skewed" says Bill Geller, President of the Sarasota Association of Realtors. "However," he says, "we may be seeing a turning point in recent months as the numbers seem to have bottomed out ... People who live here and those who visit know there is no place like Sarasota..."

If you have dreams of moving to Sarasota, Bradenton, Longboat Key, Siesta Key, Lido Key or Lakewood Ranch in a waterfront or golf course community, or just owning a second home here, this is a great time to get involved with a knowledgeable Realtor before prices that have now stabilized start to move up again.