I’m happy to report that the Sarasota real estate market continues to report an upward trend for May 2011. The huge influx of single family home and condo buyers has brought the market to new levels. Here are some of the highlights:
Total May Sales: 796 – This is the 2nd highest total reported in the last six years.
Median Condo Price: $218,750 – We haven’t seen those prices since October 2009.
Median Single Family Home Price: $159,000
Available Inventory: dropped to 5,010 (lowest in 6 years) – To put this in perspective, in April 2007, there were 17,089 properties for sale.
The increased sales rate combined with the lower inventory levels has resulted in an estimated 5.8 months of inventory for single family homes, and 7.4 months for condos. Once again, compare this with November 2008 figures, when inventory for single family homes was 24 months, and 41.7 months for condos.
These lower inventory levels actually tell us a lot about the market. In the past, when the averages start falling below 6 months, it’s common to start seeing multiple bids on single listings, and this added competition often results in natural price increases.
Short Sales and Foreclosures: dropped 38 percent in May – This is a big improvement compared to 47 percent in February 2011 and 51 percent in November 2010.
Maybe these record-breaking trends in Sarasota real estate is a sign that wary buyers are finally climbing off the fence and starting to take advantage of the amazing deals and favorable interest rates that are out there.
For more information about the Sarasota real estate market, or available listings, please don’t hesitate to Contact us at 941.284.4474 or Toll free 941.404.4737. One of our qualified Sarasota agents will gladly get back to you.