Sales Hit Seven-Year High In Sarasota, FL. Real estate sales for March 2012 in Sarasota, FL rose to a total of 831 properties, 596 single family homes and 235 condos. During the same period pending sales, or homes that went under contract, climbed to 1,191.
"This is amazing news, and our local brokers and agents should be extremely proud of all their hard work and diligence, helping buyers and sellers make their dreams come true," said Sarasota Association of Realtors (SAR) President Laura Benson. "The strength that the Sarasota market has demonstrated in the past few months has been remarkable, and I'm looking forward to a continuing resurgence in local real estate. Property sales drive so many other elements of the local economy, and that means more jobs, higher salaries, and a better overall community."
Median sales prices for single family homes rose to $174,900 and for condos rose to $192,000. The reason for this rise may be due to the lower number of distressed sales, foreclosures and short sales, which fell to 32 percent for the market in Sarasota, FL.
In addition, the inventory of properties available dropped to 4,463. At the current level of sales there is only a 4.8 month inventory of single family homes and 6.7 months inventory for condos. This is considered to be a very healthy real estate market where buyers and sellers are in balance and prices are beginning to rise.
While cash sales are still at 65% of all sales, the number of new loans continues to increase indicating lenders are beginning to lend again. Especially here in Sarasota, FL.
"The Sarasota market appears to be leading the nation into a new, dynamic period in real estate," noted Benson. "While no one can predict the future, certainly all the vital signs of the economy have been moving in the right direction for many months, so I'm very hopeful we will see continued growth in our area."
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