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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.

365 Things to do in Sarasota Florida
365 Things to do in Sarasota Florida

Visit our 365 Things to Do in Sarasota Florida page on FaceBook.com and Click the “like” Button to Discover all of the wonderful things to do here.

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, FL Named Best Place to Buy Real Estate

The International Property Journal reports in their online blog that Sarasota, Florida is the “Best Place to Buy in the Western World.”  Those of us who live and work in Sarasota have been shouting and touting Sarasota’s amenities and beauty to the world for quite some time.  The report “ranks popular resort and second home locations around the world.”  Since Sarasota real estate prices have fallen tremendously in the past two years, Sarasota is the cheapest holiday home location in the western world according to the report.

Sarasota Florida’s warm climate, tropical breezes and magnificent waterfront vistas are a huge draw internationally.  Offering its residents cultural venues such as the Sarasota Opera, the Ringling Museum of Art and the Van Wezel Performing Arts Hall, Sarasota has become home to many professionals, sports and entertainment celebrities as well as baby boomers seeking a community that offers it all.  Sarasota, Florida is not longer known as just a “beach” resort, the world has found its “Best Place to Buy.”

Check out the full report:  http://internationalpropertyjournal.com/latest-news/109-best-buys-internationally.html

If you need assistance searching for Sarasota homes for sale, contact the John Allen Team at 941-544-6467 for experienced guidance in all areas of Sarasota including Siesta Key, Casey Key, Longboat Key, Lido Key and downtown Sarasota.