Sarasota Real Estate Market remains stable in August. Inventory declines to ten year low! The inventory of available properties in the Sarasota real estate market has been dropping for the last nine months and hit a ten month low in September. Only 4,408 properties are currently on the market for sale. In addition to this, sales in Sarasota for the last ten months have consistently exceeded 500 per month. There were a total of 601 sales recorded in August, including 445 single family homes and 156 condos.
The total inventory of available properties has declined to a ten year low! This includes 2,817 single family homes and 1,591 condos. This is amazing considering there were 17,102 properties on the market in March of 2007!
The months of inventory has dropped again to 6.3 for single family homes and 10.2 for condos. A six month level of inventory is considered by most to definitely be a seller's market.
The overall percentage of distressed sales rose slightly in August 2011 to 41.2% from 38% in July 2011. No one really knows where this is going.
Yet there are many uncertainties in today's real estate market, especially the Sarasota real estate market. There is the "big unnkown" of how many foreclosures are yet to come on the market. Rumors of a large shadow inventory of homes have been circulating for months. In addition, there is a pent up demand of seller's who have held off from placing their homes on the market for various reasons.
With most lenders still very cautious, it has not been easy for even well qualified buyers to get mortgages. An unusually large percentage of buyers are paying cash.
Whatever the future holds for the Sarasota real estate market, our glorious weather and great amenities, both natural and man made, will continue to draw buyers from around the world. The Sarasota real estate market is one of a kind and likely to recover faster that most in Florida.