Sarasota Florida Real Estate Sales Heating Up in 2009

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The Sarasota Florida real estate market is showing many positive signs as home sales rose 30% during July 2009 according to new figures released by the Florida Association of Realtors.

It was substantially healthier than last year at this time, with total unit sales up 29 percent to 595, and the months of home supply on the market once again dropping to levels not seen in three years.

The Sarasota Florida real estate market is showing many positive signs as home sales rose 30% during July 2009 according to new figures released by the Florida Association of Realtors. Similarly, the Sarasota Association of Realtors (SAR) recently released sales data showing the Sarasota real estate market in July 2009 "was substantially healthier than last year at this time, with total unit sales up 29 percent to 595, and the months of home supply on the market once again dropping to levels not seen in three years."

July 2009 Sales in Sarasota up 29 percent

Total unit sales in the Sarasota real estate market for July 2009 were up substantially from 2008 levels. In fact, total unit sales were up 29 percent to 595. There were 450 single family homes and 145 condos sold this year in July, compared to 331 single family homes and 145 condos sold in July 2008.

Sarasota Inventory Levels Declining

Single family homes and condo inventory levels are also declining. Existing home inventory dropped to levels not seen in three years. According to the Sarasota MLS statistics, "There were 4,067 single family homes for sale at the end of July, down from 4,477 at the end of June. Condos experienced a similar decline, to 2,447 from 2,587. Inventory is now at its lowest point in more than 5 years." 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 9.04 for single family and 16.9 months for condos. This is in stark contrast to last year at this time, when the figures were 26.2 months for single family homes and 35.4 months for condominiums." A six month or below figure in this category points to a return to a seller's market.

Sarasota Real Estate Prices More Affordable

Prices for Sarasota real estate have dropped considerably from their highs and are at more "realistic, sustainable levels, with the median sale price for Sarasota homes for sale at $185,000 in July 2009, compared to $190,000 in June and $250,000 a year ago. The median sale price for condos was $212,000 in July, compared to $250,000 the previous month and $252,500 a year ago."

Pending Real Estate Sales Are Up

Pending sales remain high and in July exceeded 500 for the 19th consecutive month. Sarasota real estate pending sales statistics are a strong indicator for the next two or three months of sales as these transactions should close during the next few months.

SAR President Bill Geller said, "Our local market is maintaining an encouraging level of sales volume and lower inventories." Geller indicated that the traditionally slower summer season sales could be expected to drop off somewhat, but with the incentive of the first-time home buyer tax credit which expires November 20, 2009, Realtors® have been informing customers who qualify for the tax credit and being sure they find a home and close their sale prior to the expiration of the credit. Lower priced homes are dwindling and buyers are now looking at more expensive properties.

Geller further stated that "I'm very optimistic about our local real estate market, because we've always emerged strongly from down times in the past." As Geller mentions, and they agree, "Sarasota has it all here - great weather, beautiful beaches and green spaces, amazing cultural amenities, and an incredible selection of homes and condos. There are very few places in the nation that have all that we have to offer."

Sarasota Florida is often referred to as a great place to live, work, raise a family and retire. It offers beautiful beaches, endless cultural amenities and comfortable climate year round. Sarasota real estate is on sale now with price off 44% from the first quarter of 2006. According to US News and World Reports, Sarasota is number 5 on their America's 10 Best Undervalued Places to Live list. Why not take advantage of the opportunity? An investment in Sarasota real estate could be a great long term option.

Allen Real Estate Services, Inc. is a 30 year boutique Sarasota real estate firm. For the best in professional Sarasota real estate services, please contact John Allen or Annette Smith at:

John Allen
Allen Real Estate Services, Inc.
7131 Curtiss Ave. Suite 1
Sarasota, FL 34231
941-544-6467
http://www.buysarasota.com/

Annette Ashley Smith
Allen Real Estate Services, Inc.
7131 Curtiss Ave. Suite 1
Sarasota, FL 34231
http://www.annettesellssarasota.com

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John Allen
Allen Real Estate Services, Inc.
(941) 544-6467
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