The Sarasota Board of Realtors just released sales data for property sales in the Sarasota real estate market in July 2010. As expected “sales slowed to pre-tax credit numbers following the expiration of the federal $8,000 homebuyer incentive.”
In July 2010, there were 525 total sales which was a 47.8 percent declines from the June 2010 figure of 776 sales. The reported stated that “the sales figure was much closer to the 506 sales in January 2010 and the 528 sales in February 2010, when the homebuyer credit wasn’t a factor in the market.” Pending sales were lower too, dropping to 653.
Single family homes for sale in Sarasota sold dropped to 374, compared to 576 single family homes sold in June 2010. “The median price also trended lower at $155,000, compared to June’s figure of $175,000. The figure was more in line with the 12-month rolling median sale price of $162,000.”
Sarasota condo sales in July totaled151. This was down from last month’s figure of 200. “The median price of condos also fell in July to $127,000, which again primarily reflected distressed property sales. Non-distressed condo sales saw a median price of $227,500, while for distressed properties, the median sale price was $73,000 for bank-owned condos and $121,700 for condos involved in short sales.”
Eric Shumbway, 2010 SAR President pointed out that slower sales were predicted once the tax credit expired. He also pointed out that Sarasota is “not immune to economic forces which continue to limit the nations’ recovery.”
To read the full report, click HERE for the complete PDF version of the Sarasota Board of Realtors’ press release, along with two pages of statistical charts.