Huge Increase in Condos Sales in November

There was an article in today's newspaper about the huge increase in condo sales in Sarasota, Florida. You can read it here. Highights of the article:

* In the Sarasota-Bradenton market, 239 condos changed hands, a 130 percent increase from the 104 sales that took place during the same month a year earlier.

* Realtors and analysts attribute the uptick to both the first-time buyer tax incentive, which was recently extended, and to the return of investors to the market.

*In Sarasota-Bradenton, the median condo price was down 20 percent to $141,100 in November from the same month a year ago.

Above is a chart of condo sales in Sarasota county for the last 3 years. The light green bars represent the inventory of condos on the market. The dark green bars are closed sales and the red line indicates pending condo sales. As you can see inventories have been decreasing for several years. Compared to 3 years ago our inventory levels are 30% lower, sales are 60% higher and pending condo sales are 141% higher. Compared to last year inventories are 15% lower, sales are 74% higher and pending sales are 204% higher. Obviously, lower supplies and higher demand lead to a bottoming out and a healither market. Things are looking better and better for the Sarasota condo market.

Give Marc Rasmussen a call at 941.812.6272 if I can help you buy or sell a home in Sarasota.

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