Sarasota Real Estate Market Shows Improvement in 2009

    SARASOTA, FL, September 23, 2009 /24-7PressRelease/ -- August 2009 Sales in Sarasota up 20 Percent

The Sarasota Association of Realtors (SAR) reported "Total sales nearly reached the 500 level again, with 496 properties changing hands. The total included 382 homes and 114 condos. This compares to 329 homes and 86 condos sold in August 2008, for a 19.5 percent increase from last year at this time. The seasonal summer slowdown did not dip as low as was expected.

Sarasota Inventory Levels Declining

Inventory levels continue to decline and increased sales continue to point to Sarasota's path to recovery. According to the Sarasota MLS statistics, "there were 3,949 single family homes for sale at the end of August, compared to 4,067 for sale at the end of July, and down 11.8 percent from the 4,477 at the end of June. Condos experienced a similar decline, to 2,343, from 2,447 at the end of July and 2,587 at the end of June. Inventory remains at the lowest point in more than 5 years - a good sign for a market in recovery." The SAR report also indicates that "the number of months of inventory - the time it would theoretically take to sell all the current properties on the market - now stands at 10.34 for single family homes. This figure is slightly higher than the 9.04 for single family in July 2009, but significantly lower than the figure of 19.64 in August 2008.

Sarasota Real Estate Prices More Affordable

Prices for Sarasota real estate have continued to drop from their highs and are now at more affordable levels. The median sale price for Sarasota homes for sale is $155,000 in August 2009, compared to $185,000 in July 2009. The median sale price for condos was $285,000, much higher than the $212,000 figure seen in July, and almost at the $295,000 level reported in a year ago.

Pending Real Estate Sales Are Up

Pending sales have consistently been higher in the last few months with 830 properties going under contract in August 2009, compared to 802 in July 2009. Pending sales have dropped off slightly from the 929 reported in May 2009 and the near record 981 pending sales reported in April 2009. But the total of 830 was still 53 percent higher than the 541 pending sales reported in August 2008. Pending sales have now exceeded the 500 level for the 20th consecutive month and the 800 level for the sixth straight month. Generally, pending sales trend downward during the summer months, the slower sales season in the Sarasota real estate market.

SAR President Bill Geller said, "We are continuing to encourage our members to educate their clients and potential clients on the $8,000 tax credit for first-time home buyers, as we are rapidly approaching the expiration time of Nov. 30, 2009, when these types of sales must be finalized. With the higher levels of short sales and foreclosures remaining in our local market, we can reasonably expect our sales statistics to be skewed. However, we may be seeing a turning point in recent months, as the numbers seem to have bottomed out for single family prices."

Geller further stated that "... lacking a crystal ball, it is difficult to predict what will happen during the remainder of the year. But lower inventories, sales remaining above the 500 level, and higher pending sales figures all point to a return to stability.

"We appear to have weathered the storm well, and while tomorrow's economic weather forecast remains to be seen, I'm confident and enthusiastic about our future prospects," explained Geller. "People who live here and our visitors know that there is no place like Sarasota, and the selling points for this area are obvious."

Sarasota Florida is continuously referred to as a wonderful place to live, work, raise a family and retire. Sarasota's beautiful beaches, endless cultural amenities and comfortable climate year round are great reasons buyers and investors look at this coastal city. Sarasota real estate is currently on sale with price off 44% from the first quarter of 2006. Real estate choices range from elaborate waterfront estates on Sarasota's barrier islands to country club golf communities. Behind secured gated entrances, these country club owners enjoy outstanding recreational amenities while relaxing in a luxury environment.

Sarasota Florida's cultural amenities provide its residents a ballet, opera, and a symphony. Sarasota is also home to the world famous John & Mabel Ringling Museum of Art. Buyers from all over the world invest and live in Sarasota so it is no surprise that US News and World Reports just named Sarasota number 5 on their America's 10 Best Undervalued Places to Live list. Savvy buyers are taking advantage of greatly reduced prices and a wonderful selection of inventory. There is an opportunity now to own a place in paradise at a discount and enjoy the sunshine all year round.

Allen Real Estate Services, Inc. is a 30 year boutique Sarasota Florida real estate brokerage specializing in luxury homes, waterfront properties, condos and golf communities. For more information, please visit http://www.buysarasota.com

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