Great News for the Sarasota Real Estate Market!
Sarasota Real Estate News
Home sales are up over last year! Sarasota had 360 homes sold this September compared to last September, which had 234 homes sold. That is up almost 54% and faired better than the state of Florida, which saw a 24% increase.
Homes under contract for the month of September stood at 584, which is a 9% increase over last month with 536. These numbers include single family homes, condos, townhomes, villas, and duplexes.
The Sarasota home prices are now coming more in line to where they should be due to all of the bank owned properties and short sales selling at terrific prices. The median sales price for homes is down to $201,250, compared to last month's of $226,250. Condos have dropped to $190,000 from last month's $295,000.
Sarasota saw a drop in single family homes from 6,461 in August 2008, compared to September 2008 of only 4,253 homes. Condos were down to 2,098, compared to last month of 2,407.
The inventory has dropped for seven consecutive months, and it is at the lowest it has been since late 2005. Last year the absorption rate for single family homes was at 43 months, and now is only at 12 months. Condos are at 27 months, compared to 53 months last September.
Date: Tuesday, November, 11th 2008 @ 09:51:23 AM
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