June sales stats for Sarasota real estate market
Posted by Shayla Twit on Tuesday, July 20th, 2010 at 10:32am.Property sales again reach highest level of the year in Sarasota real estate market:HERE ARE THE HIGHLIGHTS.....
* Even though the tax credit expired April 30th, the Sarasota market remains alive and well!!
* June sales marked 776 total SOLD.... again the highest number since December 2005.
* June SOLDS included 576 homes at a Median price of $175k and 200 condos at a Median price of 145k.* During the last 12-month period, the median price of both single family homes and condos fell. $185k to $175k for single family homes and $236k to $145k for condos.
* The number of Pending transactions also remain strong, at 767 contracts getting ready to close; compare to March and April figures of 1000 Pending contracts. Change in stats are due mostly to the last-minute tax credit rush.
* "With the expiration of the $8,000 tax credit we had anticipated a potential drop off in sales, but the level of pending sales still shows strength in the market," said 2010 SAR President Erick Shumway. "The June figures are a testament to the strength of this market, and prove the old adage that all real estate is local. There are still a lot of serious buyers in our market, and we hope this very active period continues through the usually slower summer months."
* Number of distressed properties {i.e. short-sales and foreclosures}, rose slightly in June to 44.6% of the overall market..... from 40% in May.
* The current figure of inventory numbers are at 6,000 units.... the lowest levels since the late summer of 2005.
* Interestingly enough, in most properties under $250k, inventory levels have dropped below a 6-month month supply = equilibrium in the market place.
* Single family homes in the Sarasota market dropped to 6.6 months in May for single family homes and rose to 10.6 months for condos.
IF YOU OR SOMEONE YOU KNOW HAS QUESTIONS OR NEEDS MORE INFORMATION on the Sarasota market, I would love to assist any way I can.
"Oh, By the Way... if you or someone you know is considering a purchase or selling property, I would love the opportunity and would take great care of any of your referrals. THANK YOU."
SHAYLA TWIT, Michael Saunders & Company, ShaylaTwit@MichaelSaunders.com, c 941.544.7690, w 941.951.6660
Shayla Twit
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