The Sarasota Florida Real Estate Market is HOT in November, 2009
Excerpted from a © Sarasota Association of Realtors News Release
Posted December 21, 2009
The Sarasota Association of Realtors (SAR) issued an press release recently showing the Sarasota real estate market remained "hot" in
November with home sales up by nearly 86% over the same month last year. 578 housing units were sold mirroring last month's 574 units sold
and way above the 311 home and condo sales that occurred in November, 2008.
Pending sales, home and condo sales under contract but not yet closed, were 793 slightly fewer than the October level of 839.
Some analysts expected a drop-off in sales as the first-time buyer $8,000 tax credit program came to an end. But, the extension of the $8,000 first-time buyer and expansion offering up to a $6,500 tax credit program to many non-first-time
buyers will likely continue to drive sales through at least April 30, 2010 when this extension of the program expires. The extended program requires that transactions be "under contract" by April 30, and be "close" on or before June 30, 2010.
Bank-owned foreclosure homes still account for nearly half of the single family home sales and one-third of condominium sales continuing the
downward pressure on prices that has persisted for several months making Sarasota and Manatee County homes and condos very attractively priced for now.
"We are experiencing a very active real estate market during the early part of our normal seasonal cycle when our Northern visitors and winter residents return"< said Bill Geller, 2009 SAR President. "Even during these periods of high unemployment and slower national economic activity, it is very encouraging to see the Sarasota area remain an
attractive place to purchase a home. The...trends indicate the market is returning to health. Higher sales and pending sales, stabilizing prices and lower inventories of unsold homes - all point to a return to a vibrant real estate market."
The inventory of unsold single-family homes in November stood at 9.4 months, dramatically below the 27.6 months of inventory available for sale a year ago. For condo units,
the November, 2009 inventory stood at 14.6 months vs 40.5 months in November, 2008. Inventory is being quickly absorbed as the market recovers and that is a very positive sign
unless, of course a prospective buyer waits too long.
The charts below display Sarasota and Bradenton FL real estate activity as of November, 2009.
The Sarasota - Bradenton real estate market is recovering rapidly from the doldrums of the past.
There are still bargains to be had, and with the added incentive of the extended tax-credit programs, if you've been dreaming of a
home in the Sarasota, Bradenton, Lakewood Ranch or on Lido Key, Longboat Key or Siesta Key, its time to contact Andree Huffine
before its too late to get in on these bargains.
Andree Huffine, who has received extensive training in handling distressed home sales, will lead you effortlessly and quickly through the process of buying a bank-owned
property or help you take advantage of the tax-credit program for first-time buyers and those who already own a home
and are hoping to move up to a bigger home or maybe a more prestigious neighborhood like a golf course or waterfront community.
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