Strong Residential and Condominium Sales were reported in May, continuing the strong sales of the previous months in Sarasota. In May, Residential Properties sold were 298, while Condominium Properties sold were 215. These sales were across all price bands with the largest concentration in properties under $500,000.
Higher end properties are also actively selling while the principals purchasing those properties recognize the great value of those properties compared to several years ago.
New Listings for Residential Properties were 343, which increased only 2% from the previous month. New listings for Condo Properties were 175, a decrease of 25% from the previous month.
As of May 31, 2011, the available inventory of Residential Properties was 1,758 properties, a 5.9 month’s supply. For Condo Properties, the available inventory was 1,333 properties, a 7.2 month’s supply. A normal market condition is 6 months of inventory. This inventory level is a far cry from the 36 months of inventory that Sarasota was experiencing several years ago.
I know the national press reports that the Real Estate Market is soft. What we are experiencing in Sarasota, Florida is a far different story. The bargains across all price bands are being purchased, as the inventory continues to decline.
If you are considering a Real Estate purchase in the Sarasota, FL area, now is the time! Call (941) 400-9420 or email us today!