Sarasota real estate sales were up 49 percent in February 2010, reaching a total of 528. Pending sales were also strong at 967. The statistics continue to reflect a recovering real estate market in Sarasota, with sale prices rebounding for condos and remaining stable for residential homes.
379 single family homes and 149 condos sold in Feb. A major improvement over February 2009's 260 homes and 94 condos. Pending sales were roughly 19 percent higher than last month and 23 percent higher than the in February 2009.
Median sale prices in Sarasota rose in February for condos, while falling slightly for single family homes. The median sale price for a single family home was $150,000, down 4% from January, but up 5.6% over last Feb. For condos, the median price rose to $169,000 up from last month's $165,000, a 2.4 percent increase. This time last year the median sale price for condos in Sarasota was $198,000. The median sale price for single family homes for the last 12 months was $160,000, while the median sale price for condos across the same period was $185,000.
Short sales and foreclosures accounted for 47% of the overall market in February of this year, much the same as January's 48% mark. The high percentage of short sales and foreclosures in Sarasota continues to be the single biggest factor holding down median sale prices.
The property inventory level fell slightly in February to 6,329. Down only 13 units from January's total of 6,342, which remains at the lowest levels we've seen since the summer of 2005.
The months of inventory for single family homes was 10.6 months, a drop from last month's 11.5 months and far lower than the 24.1 months in February 2009. For condos, the inventory was 15.4 months, slightly higher than the 14.7 months reported in Jan. and far lower than the 28.4 months of a year ago. For comparison, a 6 month inventory is considered by most analysts to be a "healthy" real estate market.
The first-time homebuyer tax credit and it's extension for current homeowners having been in their home for 5+ years expires at the end of April. That deadline will likely drive some activity in the Sarasota market in the coming month as potential homeowners scramble to get a contract approved before the end of the month. Those credits are essentially free money for home buyers (in most cases) totaling $8,000 and $6,500 respectively. If you're interested in taking advantage of the tax credit give me a call and I'll be happy to assist you.
-Roger Pettingell