40% of Sarasota County 4th Quarter of 2008 Residential Sales were Foreclosures

I just pulled the sold reports from the Multiple Listing Service of Sold Properties in Sarasota County for the fourth quarter of 2008 (9/1/08 - 12/31/08).  The MLS shows that 2,033 residential properties closed during this time period, 603 of these were bank owned and 228 were in foreclousre (short sales).  That is a total of 40.87% of all residential sales in the Sarasota MLS were either bank owned or facing foreclosure.

Analysing the "pending sales" the foreclosure percentage is even higher.  As of today, January 3rd, 2009, the MLS shows there are 1,130 total sales pending, 578 of these are bank owned or in foreclosure, and 275 are actually bank owned.  So 51.15% of all pending sales are in foreclosure or bank owned.

Finally I looked at the active listings.  The MLS shows that in Sarasota County  there are 9,166 active residential listings; 552 are bank owned properties and 1,812 properties on the market in Sarasota county are in foreclosure or bank owned.  That is only 19.76% of the active listings are in foreclosure or bank owned, yet 50% of all pending sales are bank owned or in foreclosure.

The market is telling me something.  I will provide more info the average cost per sq. ft., list price to sale price ratio, and Days on market (DOM), comparing foreclosure to non-foreclosure proeprties in the coming days.

Adam Robinson
http://Sarasota-Foreclosures.com

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