In the 2nd Quarter of 2012, the Sarasota real estate market achieved the highest level of sales in seven years. There were 2,604 home and condo sales from April through June. The 864 closed transactions in June alone represent the second highest number of home and condominium sales since September 2005. The only higher point was in April of this year when sales were slightly higher at 886. As expected with the migration north of our snow birders, the number of pending sales (properties undercontract but not yet closed) dropped just slightly in June after four months in a row when pending sales topped 1,000.
The available inventory of homes and condos on the market dropped again to another 10-year low of 3,816. The June inventory of homes for sale was a 4.1 month supply of single family homes and a 5.2 month inventory for condos. Whenever the number of housing units on the market falls below a 6 month supply, pressure begins to build and prices start to rise. Demonstrating this market dynamic, the median sale price of single family homes in June was $178,500 while the median price on condominiums was $195,000, both numbers well above their 12 month running averages. Even as prices have begun to move upward, the most attractive waterfront and golf course homes and condos in excellent condition and reasonably priced are not only selling quickly, they are receiving multiple offers, something not seen for several years.
Laura Benson, President of the Sarasota Association of Realtors reported, “The only things holding back this market at all right now are the remaining inventory of distressed properties which tend to hold prices down somewhat, and tight credit policies, which limit the number of qualified purchasers.”
Given the attractiveness of Sarasota with its warm weather, gorgeous beaches, outstanding shopping and dining, great golf courses and an extremely active arts and cultural environment, Sarasota remains a special place attractive to people of all ages. Upscale Sarasota luxury waterfront properties have remained popular regardless of the economic situation. Sales of luxury waterfront properties will continue to accelerate as the economy improves. People move to Florida to enjoy an elegant, yet casual lifestyle in a semi-tropical climate on or close to a beautiful beach and there's just no better place for that than right here in Sunny Sarasota.
If you'd like more information about Sarasota homes for sale, give me a call - I'm happy to help. You can reach me at 941-232-4053 or email me at andree@YourSarasotaRealEstate.com
Posted by Andree Huffine on
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