We are currently at 7.3 months of inventory for single family homes in Sarasota! The market is considered to be at equilibrium when it reaches 6 months of inventory. The inventory has reached its lowest level in the Sarasota Real Estate Market since late summer 2005! This is fantastic news for the local real estate market. We are very excited to hear such positive news. The inventory recorded for the previous year, April 2009, was 15.2 months for single family homes. We are at 9.9 months of inventory for condos. This is of course a considerable drop from last April when we were at 19.1 months for condos. April 2010 recorded the highest number of sales in almost five years. We had 757 sales and 1,160 properties went under contract. 529 of those sales were single family homes and 228 were condos. 38% of the overall sales recorded for April 2010 were distressed properties. The number of short sales and foreclosures recorded as sales for March 2010 resulted in 41% of the market. A decrease in distressed property sales is encouraging news for the local market. The median sales price for single family homes and condos were also up from last year at $165,000 for single family homes and $193,975 for condos. I am elated to bring this wonderful news regarding the Sarasota Real Estate market to our followers! It is indeed time to buy!
