Pending sales surge in January

The Sarasota Association of Realtors issued a press release yesterday - Pending Sales Surge in January, early 2011 appears promising. Highlights include:

• Pending sales in the Sarasota real estate market experienced a major climb in January 2011, from 789 in December 2010 to 1,013 last month for a 28 percent increase.
• It was the first time pendings have exceeded the 1,000 mark since April of 2010.
• Overall, sales hit the 537 mark in January, higher than last January’s total of only 506 sales.
• Last year, sales dipped in January but surged strongly in February, March and April. The dramatic rise in the pending sales last month, coupled with positive word of mouth reports from SAR members, predicts a potential repeat of last year, even without a homebuyer tax credit.
• Inventory remained at a very low level in January (6,072 available properties), only slightly higher than last month’s figure of 6,047.
• For the year 2010, overall sales were up 12.4 percent compared to 2009 – 7,603 to 6,739 total sales. Sales in the Sarasota market have now risen for two consecutive years since a low point of 5,820 sales in 2008.

The chart above shows inventory, sales and pending sales for the Sarasota Florida real estate market. The red line indicates pending sales. See the dramatic jump in January? That is a good sign for closings in February, March and April. Inventories were slightly lower. Our busy selling season is under way. We continue to eat through the inventory which will lead to the bottom of the market.

If we can help you buy or sell a Sarasota home or condo give us a call at 941.812.6272.