Indicating improvement in the Sarasota real estate market, the Sarasota Board of Realtors issued a press release yesterday to local media reporting that February property sales rebounded by 28 percent in Sarasota. The release pointed out that pending sales are also very high, which is a good indicator for stronger real estate market ahead. According to the statistics pulled from the Sarasota MLS, our local market saw a big jump in February 2008 in overall property sales.
Helen Sosso, 2008 SAR President said: "we've been receiving strong anecdotal evidence from brokers that traffic has picked up significantly." We've alsonoticed an increase in open house activity: West of the Trail, Venetian Golf & River Resort and in some of our Casey Key real estate listings. Our Internet traffic has more than doubled in the last months indicating lots of lookers.
Another bright spot in the February report was pending sales strength, standing at 654, the highest in the last 11 months. A year ago pending sales were at 706 for the same time period. Pending sales have been on the rise since December 2007, when there were 374.
"Pending sales counts the number of signed contracts in a month, and is a leading indicator of sales activity." Inventory levels were also slightly lower in February 2008 compared a year ago. Current inventory conditions may mark a great buying opportunity. Original article and detailed information reported on our Sarasota Real Estate News Blog.
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