Postive News Continues for Sarasota Real Estate Market

Good News Continues in Sarasota's Real Estate Market

The Sarasota Board of Realtors issued a press release yesterday to local media reporting that February property sales rebounded by 28 percent in Sarasota.

The release pointed out that pending sales are also very high, which is a good indicator for stronger real estate market ahead.

According to the statistics pulled from the Sarasota MLS, our local market saw a big jump in February 2008 in overall property sales. Read our last month's report.

There were 423 property sales reported in the Sarasota MLS, compared to only 329
sales in January 2008. In addition, pending sales climbed to 654 in February,
the highest level in nearly a year (March 2007 was the last month with higher
pending sales at 706).

There were 294 single family homes sold by SAR members, along with 129
condominium units. While sales numbers were strong, the median sale price for
homes and condos continued to fluctuate. Single family homes saw a small rise in
the median sale price, from $265,000 in January 2008 up to $285,000 in February
2008 - a 7 percent increase. But condominiums saw a drop in the median sale
price from $303,500 in January 2008 to only $230,500 in February 2008 - a 24
percent decline.

Helen Sosso, 2008 SAR President said: "we've been receiving strong anecdotal evidence from brokers that traffic has picked up significantly." The Herron Group has noticed an increase in open house activity: West of the Trail, Venetian Golf & River Resort and in some of our Casey Key real estate listings.

Another bright spot in the February report was pending sales strength, standing at 654, the highest in the last 11 months. A year ago pending sales were at 706 for the same time period. Pending sales have been on the rise since December 2007, when there were 374.

"Pending sales counts the number of signed contracts in a month, and is a leading indicator of sales activity."

Inventory levels were also slightly lower in February 2008 compared a year ago. Current inventory conditions may mark a great buying opportunity.