Sarasota Real Estate News

The Sarasota Association of REALTORS just published our monthly sales data. Once again the Sarasota real estate market sales hit another high in March of 2012. Property sales totaled 831 units. We have not seen that level since September 2005. Pending sales of properties that went under contract during March reached “the highest level in 12 months” which is a good indicator of future sales for the next few months. SAR President Laura Benson said: “This is amazing news, and our local brokers and agents should be extremely proud of all their hard work and diligence, helping buyers and sellers make their dreams come true. The strength that the Sarasota market has demonstrated in the past few months has been remarkable, and I'm looking forward to a continuing resurgence in local real estate. Property sales drive so many other elements of the local economy, and that means more jobs, higher salaries, and a better overall community." In addition to the high level of sales (596 single family homes and 235 condos sold), the median sale price for homes and condos also hit highs for 2012 in March. Condos had a median sale price of $192,000. This figure was 11 percent higher than March 2011. The median sales price for single family homes was at $174,900. According to the SAR report, prices most likely were on a rise due to a lower number of distressed property sales. The report stated “The total number of distressed sales, foreclosures and short sales, fell to only 32 percent from 37.4 percent in February 2012 - a three-year low.” A sign of good things to com is reported in the pending sales figures. These sales figures continue to rise paving the way for a continuation in closings for the next few months. SAR’s report also shows that there is a “drop in the available inventory of homes on the market.” Inventory fell to 4,463 from February's total of 4,588. This level of inventory, according to the SAR report “is close to the decade low figure of 4,408 in August 2011, and the combination of high sales and low inventory has dropped the months of inventory to eight-year lows.” Property prices tend to go up when inventory figures drop. The Sarasota real estate market has not seen an inventory level of 4.8 months for single family homes and 6.7 months for condos since 2004. President Benson said "It's great to see that we've come so far from the days of 2008, when the months of inventory hit 25 months for single family and 40 months for condos." "The Sarasota market appears to be leading the nation into a new, dynamic period in real estate," noted Benson. "While no one can predict the future, certainly all the vital signs of the economy have been moving in the right direction for many months, so I'm very hopeful we will see continued growth in our area." Sarasota MLS Statistics for March 2012 Inventory, Pending Sales & Condos Months of Inventory, Days on Market & Sales Volume

As real estate sales in Sarasota continue upward, pending sales “hit an 11-month high in February 2012, demonstrating once more the health of the local industry as the buying season heats up. Median sale prices were also up substantially for single family homes and condos in February 2012 compared to this time last year – another [...]

Once again, Sarasota, Florida earns top honors. Last week Sarasota was named Best Place to Retire in the Country by the website TopRetirements.com. Several other Florida cities made the Top Ten list including, Naples No. 3, St. Augustine No. 7 and Fort Myers No. 8. and Venice at No. 9. This year Sarasota gets another top spot! 2012 Best Places to Retire Sarasota, Florida San Antonio, Texas Naples, Florida Tucson, Arizona Asheville, North Carolina Beaufort, South Carolina St. Augustine, Florida Ft. Myers, Florida Venice, Florida Prescott, Arizona Sarasota’s beaches, affordable housing, shopping amenities such as St. Armands Circle were all reasons our city made the list.  Florida also has no state income which was a factor listed by the website. Founder of TopReitrements.com, John Brady pointed out that “the best cities and towns in America have good weather, access to healthcare, low property taxes,  and a certain “wow” factor. Sarasota certainly has those qualities. Just ask our residents who enjoy  Sarasota’s warm climate, beautiful white sandy beaches and outstanding cultural venues which include the John and Mable Ringling Museum of Art, the Van Wezel Performing Arts Hall, the Sarasota Orchestra  and the Sarasota Ballet. In addition, Sarasota offers an outstanding selection of shopping options as well as a fine group of restaurants, cafes and bistros. There is plenty to do in Sarasota for every lifestyle. Real estate in Sarasota is now very affordable with a median price home at $130,000.