Sarasota property sales hit their highest levels since 2005! May sales were at 766, the highest number of sales for the year. This number represents a 51.3% increase over May of 2009 and was the highest number of sales in any month since December of 2005. It truly is incredible to think that our area is doing so fantastically well! No surprises though, given the fact that Sarasota is one of the most sought after and beautiful places to live in the country! According to SAR (Sarasota Association of Realtors) President Erick Shumway, “The May 2010 statistics continued to show that the Sarasota real estate market is continuing a steady recovery”.
The home sale numbers for single family homes was 539, and condo sales were at 227. In May of 2009, single family home sales were at 375, while condos were at 131. Albeit these numbers may seem impressive to those who do not live here, we Sarasotan’s have every day to understand why. Sarasota, Siesta Key, Venice and her Islands, Longboat Key and Lido Key are the reasons why. Nowhere else do you find such beauty, culture, and such a great opportunity to live in one of the most pristine and prestigious areas of our country. The white powder, quartz sands of Siesta Key continue to rate as the top in the country and you will need to walk in it only once to understand why.
As far as what is selling…about 40% of our sales last month were distressed properties. This is down from late 2009, where it stood at about 48%. What does this tell us? That our market is getting back to where it should be. Add to this the fact that inventory dropped to 7.2 months and we are well on the road to recovery. Consider this: Inventory for single family homes was right around the 6,094 mark in May 2010 – the lowest level since the summer of 2005! In May of 2009, this number was 14.3 months! Inventory has been cut in half! What about condos you say? How about this: 9.7 months of inventory! Crazy, I know…it was at an astronomical 19 months in just May of last year! I have said this before and I will say it again…we are nearing equilibrium in our market. If you are a seller reading this (and in Sarasota), this is good news for you. If you are a buyer…you better get off that fence because the door is closing. Have you ever had those moments in your life where you have said to yourself, “If I had only just…” Don’t let it happen again. The opportunity is happening now.
Agents…our hard work is paying off and we are getting people into, and out of, their homes like no other time in most of our histories. Feels pretty good doesn’t it? If you are wondering about the Gulf oil…it isn’t here and is not projected to be in our area…ever. I will post on that Charlie Foxtrot (military terminology that I will let you try to figure out…ok, here’s a hint: “Charlie” is “Cluster”) in a subsequent blog.
Ciao to all!