The Season is Upon Us Once Again in Sarasota

In a recent blog, I pointed out several factors which I believe will lead to a very strong season for real estate in Sarasota.  To affirm that belief, I am attaching a recent article that reflects the fact that housing in our area has leveled off and is starting to move up again.  While there are still pressures on the market, I am confident that we are in a recovery mode.

Enjoy the article!!!

Local market enjoys sales, price rise in November 2010

November 2010 saw resurgence in the Sarasota real estate market, with more sales and higher median sale prices indicating a healthy seasonal boost. There were 534 total sales reported last month, compared to 487 in October 2010 and 553 in November 2009. The median sale price for single family homes rose to $160,100, from last month's figure of $147,500, and for condos the price stood at $159,000 - slightly higher than the October 2010 figure of $158,525. The stability in the median sale prices shows signs of improvement.

Overall sales rose by 9.7 percent in November 2010 compared to last month, but about 7 percent lower than last November, when the $8,000 homebuyer tax credit buoyed sales as the initial period was due to expire. Looking at the most recent five months, there has been a fairly steady trend in sales and prices, a sign of recovery.

Pending sales were also strong in November 2010, and at 764 were very near the total in November 2009 (793), when the market was strengthened by the homebuyer tax credit initiative. With no tax credit currently in effect, the high pending sales figure is evidence of a stronger market. This statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity.

The property sales breakdown in November 2010 was 369 single family home sales and 165 condos. Condo sales saw the biggest resurgence, growing 21.3 percent from October 2010.

 "There certainly appears to be a solid foundation for consistent, stable sales and prices as we enter the new year," said 2010 SAR President Erick Shumway. "While the foreclosure situation remains a potential barrier to quicker price appreciation, the local market seems to be absorbing that factor and adjusting to the new reality."