Sarasota and Venice Real Estate Sales Skyrocket in January

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New data shows that the real estate market in Sarasota and Venice Florida is on the rebound.

Venice Florida

There are many people out there that have taken advantage of the buyer’s market and business has been booming for us.

Information recently released by the Sarasota Association of Realtors indicates that Sarasota real estate sales were 58 percent higher in January 2010 than January 2009. The pending sales surged by over 10% in the first month of the year as they topped the 800 mark for the first time since October 2009. Pending sales is good indicator for the next two to three months of sales. In January of 2009 pending sales were 683, compared to 815 in January 2010. This is further evidence that the Sarasota real estate market is recovering.

According to Trendgraphix Inc. Sarasota County has just over 7,000 properties for sale, which is 2.5% higher than that same number a month earlier. Marc Rasmussen, a Realtor in Sarasota says, “It is pretty common to see an increase in the number of properties for sale this time of year. Many people will put their property up for sale for the busy winter season.” Despite the small increase Sarasota County has 24% fewer properties for sale than from a year ago and 28% fewer properties than four years ago.

According to the Sarasota Association of Realtors the median sale prices in the Sarasota real estate market dipped in January 2010 for both single family homes and condos. The median sale price for a single family home was $156,250, down from last month's figure of $170,000, but up slightly over last January's figure of $149,950. For condos, the median price dropped to $165,000 from last month's figure of $199,000, and significantly lower than last January's figure of $220,000.

"Our market is rebounding from the recession, particularly in the category of normal arm's length transactions," said 2010 Sarasota Association of Realtors President Erick Shumway. "We are seeing a stark contrast between these two markets, and this probably reflects the fact that some buyers don't want to wait for additional months often involved in closing a purchase of a distressed property. Also, the condition of normal, non-distressed properties can be far superior to the short sales and foreclosures on the market. Once the number of distressed properties begins to drop substantially, we should see the median sale prices start to recover."

The Venice Florida real estate market also showed similar sales increases. According to Trendgraphix, Inc. the number of closed properties increased over 35 percent in January 2010 compared to the same month in 2009. The number of pending transactions increased a whopping 87 percent for the same time period.

Jason Painter, broker and owner of Program Realty says “Many of the sales we are seeing in the Venice area are coming from distressed properties, mainly bank owned properties; or as known in the business as REO properties. There are many people out there that have taken advantage of the buyer’s market and business has been booming for us.” According to the recent trends this buyer market may not continue to be the norm as it seems the REO market is drying up. “We are seeing a dramatic decrease in the number of new foreclosures, and with demand still high our inventory is going down by the day,” says Painter.

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