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!

For real estate investors or second home owners, the opportunity on Anna Maria Island for a return on their investment is fantastic. For instance, a home costing $450,000 can provide $80,000 of rental income a year and a home costing $650,000 can provide $120,000 of annual rental income. Please contact us to discuss how we can help you with an investment property or second home.

Compared to total sales of 528 in February 2010 , sales were up 27 percent to 673 total sales in February 2011. In February 2011, there were 472 closings on Single Family Homes and 201 closings on Condominiums last month by members of the Sarasota Multiple Listing Service.

For a Free Search of available properties in Sarasota, FL, please visit our web site. www.SarasotaFLAreaHomes.com

Lakewood Ranch is located on 33,000 acres, approximately 48 square miles, of which 9,000 acres are developed. There are more than 150 miles of intersecting sidewalks and trails as well as its own hospital, Lakewood Ranch Medical Center, Lakewood Ranch Golf and Country Club with 54 holes of golf,   clubhouse, athletic center with fitness equipment, 18 tennis courts, Legacy Golf Club with 18 hole daily fee, 80+ activity groups for different interests, and its own Main Street for shopping, dining and a movie theatre. Lakewood Ranch is the #2 rated Community in Florida and the average age living in the Ranch is late 40′s.

In the Sarasota Market we are experiencing a rapid recovery. Only two years ago, January 2009, our overall inventory of Single Family Homes was 25 months. At the end of January 2011, the inventory of Single Family Homes was 9 months. If we look at specific price bands, one price band was 5 months. A normal Market Equilibrium between Buyers and Sellers is 6 months of inventory.

To be even more accurate, we can look at specific neighborhood trends for our principals. Some neighborhoods have seen the bottom and are starting to appreciate based upon recent sales. Also, remember that the better properties sell first! Clearly, now is the time to buy!

For a Free Search of properties in the Sarasota, Florida area, please visit our web site at www.SarasotaFLAreaHomes.com

The following is the inventory of Single Family Homes in Sarasota. A normal market inventory level is 6 months. In the price bands under $150,000 the inventory is a 4 months supply. In the price band from $150,000 to $250,000 the inventory is a 6 months supply. In the price band  from $250,000 to $350,000 the inventory is 9.5 months supply. In the price band from $350,000 to $500,000 the inventory is a 9.5 months supply. In the price band from $500,000 to $750,000 the inventory is 13 months supply. In the price band from $750,000 to $1,000,000 the inventory is 16.9 months supply. Above $1,000,000 the inventory is above  24 months.  

Increased sales and a lower inventory indicate a very positive sign, as Sarasota continues to return to a normal market.

July 2009 sales were only slightly lower than the 610 sales in June 2009, when overall sales rose above the 600 level for only the second time in 26 months. The statistics all continue to point to a market in the initial stages of recovery.

Inventory levels continued to decline. 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 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. The trend is downward toward the figure of 6 months, which indicates a market in balance (anything below 6 months indicates a return to a seller’s market).

Prices have also returned to more realistic, sustainable levels, with the median sale price for single family homes 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 sales also remained at very high levels, with 802 properties going under contract 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 802 was still 37 percent higher than the 584 pending sales reported in July 2008. Pending sales have now exceeded the 500 level for the 19th consecutive month, and the 800 level for the fifth straight month. Generally, pendings trend downward during the summer months, the slower sales season in our market.

The statistic is a strong indicator for the next two or three months of sales, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers during the month.

“Our local market is maintaining an encouraging level of sales volume and lower inventories,” said 2009 SAR President Bill Geller. “As we enter the traditionally slower season, we can expect some drop off in activity. But we still have the first-time home buyer tax credit of $8,000 on the table, and that expires on Nov. 30, 2009. We strongly encourage local Realtors® to keep their clients informed about this and get them started in the real estate buying process in order to close the sales prior to the expiration date.”

Geller noted that as the national economy appears to be emerging from recession, according to most leading economists and the Federal Reserve Board, the local real estate market appears to be a leader in the recovery process.

“I’m very optimistic about our local real estate market, because we’ve always emerged strongly from down times in the past,” explained Geller. “We have 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.”

The median price of all single family homes sold in the last 12 months was $172,000, compared to a median of $260,000 for the 12 months ending in August 2008. For condominiums sold in the last 12 months, the median sales price was $212,010, compared to last year’s figure of $332,000. *

*A 12-month rolling median price is not as susceptible to the volatility that can occur within any particular month, which sometimes results in drastic statistical swings up or down from one month to the next.