Category Archives: Market Data

Sarasota Real Estate Sales Continue Up in February 2012

As real estate sales in Sarasota continue upward, pending sales “hit an 11-month high in February 2012, demonstrating once more the health of the local industry as the buying season heats up. Median sale prices were also up substantially for single family homes and condos in February 2012 compared to this time last year – another positive sign for a successful home buying season.”

SAR President Laura Benson said “”I have heard nothing but positive reports from our members about the seasonal surge in our real estate market.” “Sales are up, prices are stable and much higher than last year at this time, and we are seeing multiple offers on many transactions. Pending sales are off the charts – we hit an 11-month high of 1,130 in February. This is all very encouraging news.”

As Sarasota real estate agents, we don’t have to tout Sarasota as this beautiful community with warm weather; the incredible vista of the Gulf of Mexico and Sarasota Bay along with the city’s cultural jewels continues to sell itself.

There was a slight holiday lull that didn’t last very long as buyers continued to be interested in purchasing properties while prices were low. “The 177 condo sales in February represented the highest level in the last eight months. If pending sales, which represent properties going under contract, produce the expected level of closed sales, we could see a major selling month in March 2012. That could repeat what we saw in March 2011, when sales hit the highest total since 2005.”

There was an overall 15% increase in property sales in February 2012 over sales in January 2012 as well as a 17 percent increase in pending sales from the previous month. These MLS sales figures both point to a robust selling season. Closed real estate sales reported “414 for single family homes and 177 for condos, lower than in February 2011, but higher than last month. In February 2011, 471 single family homes and 201 condos were sold.”

“The single family home median price climbed to $167,500 in February 2012 from last month’s figure of $162,000. For condos, the figure fell to $150,000 from the January level of $180,000. Last February, both single family homes and condos were selling at the median price of $137,500, so both of the current numbers reflect a stronger market than a year ago. Single family home prices were a whopping 21.8 percent higher than in February 2011. Condo prices were 9 percent higher than last February.”

“The inventory for February stood at 4,588, down almost 5 percent from January’s 4,711, and 20 percent lower than last February’s total of 5,864. With fewer available properties, the law of supply and demand indicates asking prices could be climbing higher in the coming months.

The inventory hit a 10-year low of 4,408 in August 2011, and has remained at or close to this low level since then. As the inventory has slid, the months of inventory has also dropped. The figure now stands at 7.2 months for single family homes, compared to 8.3 last month and 8.0 months in February 2011. The figure was 9.1 months for condos, compared to 11.3 months in January and 10.4 months last February. A figure of 6 months is considered equilibrium between a buyer’s and a seller’s market.”

Once again Sarasota real estate agents point out that real estate is local. Sarasota, Florida’s extraordinary waterfront location, climate, environment, cultural amenities, healthcare, education, shopping and dining are all part of the reason why SRQ is our home. Sarasota’s residents are pretty special too!

Sarasota Real Estate Sales Are Up

The Sarasota real estate market is making a nice comeback. When the housing bubble burst several years ago, many buyers took a break from one of south Florida’s most popular areas. Now, with Siesta Key taking honors once again in Dr. Beach’s Top 10 Best Beaches list, and Sarasota named as the Best Place to Retire by Portfolio.com in 2010, along with the unbelievable winter of 2011, buyers are back in full force. Florida was the only place in the United States that had no snow last month! With Sarasota’s near-perfect climate, beautiful beaches and incredible 80 plus golf courses, once again the Sarasota real estate market is on the move.

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Many Sarasota real estate buyers have been traveling to the area including the barrier islands of Casey Key, Siesta Key, Bird Key, Lido Key and Longboat Key for decades. They visited as children, then as adults and now as retirees or second homeowners. Many try to time the real estate market, and with lower prices, lower interest rates and a considerably good inventory of homes, condos, town houses and villas, now may be the right time to benefit from the opportunities in the Sarasota real estate market. Gulf front and bayside condominiums are at discount prices as well as golf and country club resorts which offer amenities galore: golf, tennis, swimming, fitness centers and an array of social activities. Country clubs communities like Lakewood Ranch, the Oaks, Prestancia and University Park appeal to families as well as retirees and baby boomers.

Known around the world for its cultural offerings, the area offers more than just a warm climate, beaches, and resorts.  Sarasota Florida is home to the Florida West Coast Symphony, John and Mable Ringling Museum of Art, Sarasota Opera House, the Sarasota Orchestra, Asolo Theater, Van Wezel Performing Arts Hall and much more. Sarasota’s cultural amenities are numerous and include 30 independent theaters.

You can shop till you drop in Sarasota. St. Armands Circle shopping showcases outstanding specialty shops, restaurants and fashion boutiques. Downtown Sarasota real estate focuses on the new urban lifestyle and residents enjoy antique stores, specialty shops and the art galleries of Palm Avenue as well as outstanding restaurants, cafes and bistros.

2010 Sarasota Real Estate Activity

The Sarasota MLS system currently reports that over 6,000 single family homes sold in 2010 in Sarasota County. In addition, another 2,700 condos, villas and townhouses changed owners. The MLS system currently shows inventory of 3,900 homes for sale and 2,600 condos, townhouses and villas.

BuySarasota.comIf you are interested in learning more about real estate on the southwest coast of Florida, visit www.BuySarasota.com. Our comprehensive website has detailed information on hundreds of neighborhoods and condominiums. We have a team experienced Sarasota Realtors ready to assist you with all of your real estate needs.

Phone: Contact the John Allen Team direct at 941-544-6467

Sarasota Real Estate

Sarasota Real Estate Sales Stats for September 2010

The Sarasota Association of Realtors just released statistical data for the September 2010 Sarasota real estate market.  The data mirrored the numbers that we saw in August. Both prices and sales were almost identical to the numbers from the previous month. In addition, the report states that September 2010 figures are “virtually identical” to the median price and unit sales from a year earlier in September 2009.

Eric Shumway, SAR President, pointed out that “we’ve observed a very steady local real estate market for the past 12 months.” August and September are typically our slowest months for real estate activity.

For the full report: click here http://www.sarasotarealtors.com/Sept2010stats.pdf

The Obama Administration & Congress Need to Make a Decision on Income Taxes

We are seeing many buyers that appear to be waiting to see what the Obama Administration and Congress will be doing with regards to Taxes. There is so much uncertainty out there because of the Obama Administration’s failure to make a decision and take action on setting the Tax Rates for 2010. In order to get the economy and real estate market going, the emphasis needs to be on restoring confidence to consumers and small businesses. Business and consumers seem to be waiting on this administration to make a decision. We are working with many buyers right now that are putting off large decisions (like buying a home), because they do not know what the repercussions will be on Income Taxes and Obamacare.

Foreclosure Moratorium

In addition, the foreclosure moratorium would be disastrous for the real estate market. Banks certainly need to be following the law. But allowing hundreds of thousands of delinquent homeowners to remain in their homes because of technicalities will only add to the challenges of the real estate market. So far, President Obama has been reluctant to place a nationwide freeze on foreclosures. Democrats like Nancy Pelosi and Harry Reid have pushed for a nationwide freeze on foreclosures. Many are speculating that this is an effort to win votes in the mid-term elections, despite the harm that a move like this would do to the economy. So far, the President has resisted the pressure from the left wing. Let’s hope that he stands strong.