Sarasota Real Estate Inventory Update

The chart above shows the number of single family homes and condos for sale, under contract and sold over the last 5 years in Sarasota, Florida. The light green lines represent the number of homes and condos for sale. The red line shows the number of properties under contract and the dark green line represents the number of sold properties.

From an owner of Sarasota real estate and a Realtor selling in Sarasota it is great to see the sharp decline in inventory, the rise in pending sales and closed sales. It looks like we still need to absorb some of the inventory in the market. Based on closed transactions we currently have jut over a 10 month supply of properties for sale. Real estate "experts" profess that a 6 to 7 month supply is normal. If we get a large number of foreclosures to hit the market, like some expect, inventory levels could go back up again. However, since prices have fallen so much I think they will be absorbed much more quickly.

July 2009 Sarasota Real Estate Market Statistics

• Inventory in July of 2009 is 31.4% lower than July of 2008
• Number of properties sold in July of 2009 is 16.4% higher than July of 2008
• Pending sales in July of 2009 are 57.1% higher than July of 2008
• As of July 2009 there were 7,183 properties for sale in Sarasota county
• In January of 2007 Sarasota had 13,001 properties for sale in Sarasota county.
• Average sold price in July of 2009 - $281,000
• Sold price/List price - 89%
• Median price - $150,000
• Average days on market - 145

I am happy about the positive news. The prices have dropped dramatically in Sarasota, Florida. It is hard to think that they can drop much further. It appears that the Sarasota real estate market is bottoming. Time will tell.

If I can help you buy or sell a home in Sarasota, Florida call me at 941.812.6272.

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