November, 2009 Sarasota Florida Real Estate Market is HOT

Excerpted from a news release - © Sarasota Association of Realtors

Posted December 20, 2009

    The Sarasota Association of Realtors issued an press release on the status of the Sarasota Florida real estate market remained "hot" in November with overall sales up by nearly 86% over the same month in 2008. Total sales were 578 housing units mirroring last month's 574 units sold and much higher than the 311 home sales in November, 2008.

    Pending Bradenton FL and Sarasota home sales, those 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 and short-sale condo and home sales account for nearly half of the single family home sales and one-third of condominium sales and continue to put downward pressure on prices making Sarasota and Bradenton FL area homes and condos very attractively priced.

    "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 Sarasota Association of Realtors 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 versus 40.5 months reported in November, 2008. The inventory of unsold homes and condos 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, Longboat or Siesta Key, its time to contact a reputable Realtor like Brian Ward before its too late to capture these bargains.

    Brian Ward can 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.

    For information on homes for sale in the Sarasota real estate market, including Bradenton and Lakewood Ranch, as well as our Island Keys, Longboat, Siesta and Lido Key, I invite you to request my free Sarasota Home Buyer Information Package or call me directly at 941-228-2321.