Sarasota home sales for September beat last September! The Sarasota real estate market continues to be solid in September with 570 sales, compared to 547 in September of 2010 and 601 in August of this year. Historically, the fall market is slower and isn't expected to pick up until our local season begins when seasonal homeowners and visitors cause a swell in local population and activity.
The Sarasota real estate market is definitely making positive news this year. Recently, Realtor Magazine Daily News reported that of the top 15 cities showing year-over-year increases in list prices, 10 are in Florida. The Sarasota-Bradenton market came in 6th! List prices are up 15.9%. Increases in list prices indicate that sellers are more optimistic that the market is heading up!
According to Sarasota Association of Realtors President Michael Bruno,"Overall, we had distressed sales at 43% of the total, which was a little higher than in August, but is still far below the 51% total in November 2010, almost a year ago. So we're hopeful that the worst is over for foreclosures and short sales."
Based on September's sales the months of inventory for single family homes is 6.7 and for condos is 11.1. A 6 month inventory is considered a healthy and balanced market.
On a cautionary note, the number of pending sales is currently down to 723. In August that number was 813. Again, September is a slower month and sales are expected to pick up once again as our population increases with the upcoming season. Additionally, foreclosure filings skyrocketed in Sarasota County in September. The effect this will have on the market in months to come is speculative.
Whatever the effects, the Sarasota real estate market should continue strong though out the last quarter of 2011.
For information on purchasing a property in the Sarasota real estate market, please contact me at email@example.com or call my mobile at 407-467-5151.