It just keeps getting better and better! Sarasota Real Estate is moving! We are currently at 10.6 months of inventory for single family homes in the Sarasota area. This is a drastic change from the previous year with 24.1 months of inventory for single family homes in February of 2009. We currently have 15.4 months of inventory for Sarasota Condos. February of 2009 we had 28.4 months of inventory. This is also a drastic change in a one year period. Are we at equilibrium yet? Not exactly…Equilibrium between buyers and sellers is when we have 6 months of inventory on the market.
528 properties closed in February of 2010 and the highest record of pending sales in 4 years was recorded last month with 967 properties under contract. Pending sales for February 2010 were 23% higher than February 2009. Distressed properties accounted for 47% of the market share in February 2010. You can still get a great deal on a property, however you must act fast. These distressed properties, especially bank owned properties, are not sitting on the market. Buyers are also acting fast to take advantage of the $8,000 first time home buyer tax credit being offered. The $6,500 tax credit open to move up or repeat buyers is also a great incentive to buy property in our little hidden paradise called Sarasota!