Sarasota Condo Sales Explode in October

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Condo sales in Sarasota and Manatee counties skyrocketed in October 2009 giving further evidence that a market bottom is in sight. 313 condos changed hands last month whereas only 185 condos sold in October of last year. Buyers are chipping away at the inventory of properties for sale in Sarasota, Florida.

Sarasota, Florida

A client of mine recently closed on a Longboat Key condo at a price level that we have not seen since about 2003.

According the Mid Florida MLS condo sales in Sarasota and Manatee counties skyrocketed in October 2009 when compared to the same month in 2008. 313 condos changed hands last month whereas only 185 condos sold in October of last year. The median condo price dropped from $170,000 to $147,900 while the average price declined from $301,967 to $238,327.

The increase in sales continues to chip away at the inventory of condos for sale in Sarasota and Manatee counties. A search on the Mid Florida MLS shows that there are 4,487 condominiums for sale in the two counties. Based on closed sales there is just over a 14 month supply of condos for sale in the two counties.

The Sarasota real estate market made the limelight last month when Barbara Corcoran, noted real estate expert, touted Sarasota, Florida on the Today Show as the #1 place in the country to buy a property. Realtors continue to report strong buyer activity.

"We have seen strong interest from Canadians and Europeans as their currencies have strengthened against the U.S. dollar," stated Marc Rasmussen, a Sarasota Realtor with Michael Saunders and Company. "Many of them have been vacationing in Sarasota for years and see a great opportunity to purchase a vacation property while their currency is strong." While there are still plenty of options to choose from Rasmussen reminds potential buyers that the number of Sarasota homes for sale continues to decline every month.

Condominium sales on the barrier islands also increased in October 2009. Siesta Key, Longboat Key and Lido Key all posted higher sales when compared to the same time period in 2008. On Siesta Key 22 condos traded hands compared to 17 the previous year. Longboat Key condos posted a huge gain with 27 sales last month compared to 17 last year. Naturally, the median price declined. On Siesta Key the median sales price went from $600,000 to $432,500 while Longboat Key price declined from $392,000 to $377,500.

"This is a positive sign as we go into our busy season," said Rasmussen. "A client of mine recently closed on a Longboat Key condo at a price level that we have not seen since about 2003. Prices of waterfront properties have not declined as much as the rest of the market but they have adjusted."

Sarasota, Florida has been a popular vacation spot as well as a winter getaway for many from the mid west and northeast. Gorgeous beaches, a vast array of cultural amenities, fabulous dining, numerous golf and tennis facilities, top notch medical and highly rated sought after schools attract people looking to enjoy the good life.

Marc Rasmussen has been selling real estate in Sarasota, Florida since 2000. For more information please visit http://www.LuxurySarasotaRealEstate.com

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