Sales Skyrocket in March 2010; Local Sarasota, FL. Real Estate Market Appears Strong:

Great news for Sarasota, Florida Real Estate. We are also seeing increased activity on the Sarasota Barrier Islands and just got one of our Manasota Key Gulf front properties 7800 Manasota Key Road under contract.

Sales skyrocket in March 2010; local market appears strong according to the latest figures from the Sarasota Association of Realtors.

Overall property sales reached 753 in the Sarasota market in March 2010, the highest total since December 2005 and more than 56 percent higher than March 2009. Pending sales were also robust, standing at 1,060 - the highest total in the past four years. But perhaps the most telling statistic was that the median sale price for both single family homes and condos rose in March from the previous month, and prices were much higher than in March 2009.

Members of the Sarasota Association of Realtors® sold 555 single family homes and 194 condos in March 2010, a huge jump over March 2009, which saw only 353 single family homes and 128 condos sold. Pending sales, at 1,060, were about 30 percent higher than last March, when only 817 were reported. This statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity. This also reflects the continuing push of SAR members in the early spring months to qualify clients for homebuyer tax credits, which expire on April 30th.

Median sale prices in the Sarasota real estate market were also up in March 2010 for both single family homes and condos. The median sale price for a single family home was $170,000, up 13.3 percent from February's $150,000, and up 11 percent over last March's figure of $152,125. For condos, the median price rose to $210,000 from last month's level of $169,000, a 24 percent increase. Last year at this time, the condo median sale price was $166,750. For the last 12 months combined, the median sale price for single family homes was $162,950, while the median sale price for condos was $190,000.

The level of distressed property sales dropped in March 2010 to 41 percent of the overall market, compared to 47 percent of the overall market in February 2010. This was another encouraging sign as the spring continued to heat up the local housing market. The downward trend in the percentage of short sales and bank-owned foreclosure sales in the Sarasota market, if it continues, would be a harbinger of a market in full recovery, and should bring greater appreciation for the overall median sale prices.

"This was the best month we have had in four and a half years, and the numbers are very encouraging for our local real estate market," said 2010 SAR President Erick Shumway. "Local Realtors® have obviously educated their clients on the pending expiration of the homebuyer tax credits, and this has certainly helped promote sales. But we have also seen resurgence in sales across the price spectrum - not just for first-time buyers. Hopefully, the continuing growth in our nation's economy will propel this market even higher this year."

The property inventory level remained steady in March 2010 at 6,342, only slightly higher than February's total of 6,329 properties on the market. The inventory is still at the lowest level since late summer of 2005.

The months of inventory for single family homes was 7.2 months, the number of months it would take to sell all available homes at the current pace. This was a huge drop from February 2010's number - 10.6 months - and very near equilibrium. Last year at this time, the months of inventory was 17.1 for single family homes. Once the market reaches the 6 month level it is considered to be in equilibrium between buyers and sellers. For condos, the months of inventory level was 11.8 months, the lowest level in several years, and far lower than the 21.2 months only a year ago.

Delving deeper into the statistics, homes in the lower price ranges have actually entered a "seller's market," with the month's inventory supply at only 4.8 months for homes sold between $60,000 and $70,000 so far in 2010, and only 6.6 months for homes sold between $120,000 and $139,999 in 2010. This is a likely reflection on the homebuyer tax credit of $8,000 for first-time homebuyers.

Click HERE for the complete PDF version of the press release, along with two pages of statistical charts.

The Herron Group, Nick Herron & Kathleen Herron with RE/MAX Alliance Group would be glad to show you homes in the Sarasota area. Give us a call at 941.350.5035.
It is a good time to buy on Sarasota Barrier Island's of Casey Key, Manasota Key, Siesta Key, Lido Key, Longboat & Bird Key.

Beach, Bay or Back Nine...Live the Dream

Around town, in town, and at home on Casey Key

Around town…
The Sarasota Building Industry Association and the Home Builders Association of Manatee County have joined together to present their annual Parade of Homes for Sarasota and Manatee Counties. This year’s parade begins Saturday, Feb. 21 and proceeds through March 8. Admission is free and anyone can visit the 56 new model homes, 4 remodeled homes, and 11 new communities on the home tour. Visiting model homes is a refreshing way to see the latest design ideas, new green building practices, and creative inspiration for decorating.

In town…
Meanwhile, discussions are flying among Casey Key residents about whether this beautiful, eight-mile stretch of beach-to-bay bliss will become a city of its own. State legislators have agreed to introduce a bill that would allow Casey Key’s voters—563 of them—to hold a referendum to decide if cityhood is in its future. The pros and cons were tossed about during a recent fire station meeting held to debate the incorporation issue, with some saying they needed more control over police protection and building regulations, while others argued that the incorporation efforts were designed to discourage outsiders from coming onto this residential island. Time will tell!

At home…on Casey Key
If swimming keeps your waistline slim and trim, we’re offering a beautiful home on the north end of Casey Key—and it’s the place of your dreams. Perched on the Gulf near Blackburn Point Bridge, the home features two swimming pools. One pool has an unbeatable view of the ocean—just imagine yourself sipping iced concoctions with friends while the sun dips below the blazing horizon at sundown. Next morning, start your day right in the lap spa pool, each invigorating stroke breathing new energy into the core of your being. The property also offers two other buildings for garages, artist studio, or workshop. The home is located at 13 N. Casey Key, and if you are seeking a waterfront home and an active lifestyle, this property is calling your name!
Priced reduced to $3,500,000.

Call 800-789-6580 or email Nick Herron with The Herron Group, RE/MAX Alliance Group for more information about this incredible Casey Key home. Nick and Kathleen Herron are your experts for specialized, luxury island and waterfront real estate in Casey Key, Siesta Key, Lido Key, Longboat Key, and throughout the Sarasota area. Whether you prefer the beach, bay, or back nine, The Herron Group is your top resource. Can’t wait to talk more—give us a call today.