While early fall is characteristically a slower season, Sarasota real estate sales are still breaking records and have increased substantially from the same time last year.
The market is holding its own nicely, in preparation for the next busy season, which usually occurs when our sunny climate beckons those in the cold Northern regions.
Property Sales On the Rise:
- Total Single Family Homes Sold: 430 (same time last year: 404)
- Condos Sold: 140 (same time last year: 143)
Available Inventory:
Months of Inventory increased slightly. This wasn’t surprising after a huge drop in August.
Sarasota Available Inventory for September 2011:
- Single Family Homes: 6.7 months (same time last year: 9.9)
- Condos: 11.1 (same time last year: 15.1)
Median Sales Price
- Total Single Family Homes Sold: $165,000 (same time last year: 155,500)
- Condos Sold: $140,000 (same time last year: 150,450)
Still showing an overall recovery, condo prices have ridden a roller coaster ride of highs and lows in the last few months. Prices have ranged from $185,000 in June, down to $145,000 in July, up again to $165,000 in August, and now finally settling in at $140,000 for September. With more buyers turning their interest from luxury units to smaller, lower priced condos, these numbers will probably continue to fluctuate.
Distressed Sales
Although foreclosures are preventing the market from rising to its full potential, this area is also showing some gains. September reported distressed sales at 43% – a huge improvement from 51% in November 2010.