The Sarasota Florida Real Estate Market is HOT in November, 2009
Excerpts from a Sarasota Association of Realtors (SAR) press release - © SAR
Posted December 21, 2009
SAR issued an press release on the status of the Sarasota real estate market in November. Home sales remain "red hot" with home and condominium sales up by nearly 86% over November, 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 sales, Sarasota home sales under contract but not yet closed, were 793 in November, slightly fewer than in October when there were 839.
Analysts were expecting to see a drop-off in sales as the first-time buyer $8,000 tax-credit program wound down. 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 continue to drive home sales until 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 "closed" on or before June 30, 2010.
Bank-owned homes still 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 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 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. 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 following charts show Sarasota 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 Rich Stover, a reputable Sarasota Realtor, before its too late to procure your
dream home at these bargain prices.
Come to Sarasota this week and Meet Rich Stover who will lead you effortlessly and quickly through the process of buying a bank-owned
or short sale home or condo and/or help you take advantage of the tax-credit program for first-time buyers and those who already own a home
and are ready to move up to a bigger home or perhaps a more upscale area such as a golf course or waterfront community.
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