Sarasota Foreclosures Market Update

The buzz words in real estate today are bank owned, foreclosures and short sales. You can hardly read anything about real estate in the news or on the internet without hearing these words. They have a dramatic affect on the Sarasota Florida real estate market. To view what is actively for sale visit Sarasota foreclosures.

Sarasota County Foreclosures/Short Sales in August 2010

• 615 sales in August 2010
• 168 bank owned sales - 27% of total sales
• 140 short sales sold - 23% of total sales
• 308 distressed sales - 50% of total sales

Manatee County Foreclosures/Short Sales in August 2010

• 460 sales in August 2010
• 165 bank owned sales - 36% of total sales 
• 89 short sales sold - 19% of total sales
• 254 distressed sales - 54% of total sales

Longboat Key Foreclosures/Short Sales in August 2010

• 19 sales in August 2010
• 0 bank owned sales
• 2 short sales sold - 10.5% of total sales 

Siesta Key Foreclosures/Short Sales in August 2010

• 32 sales in August 2010
• 1 bank owned sale - 3% of total sales
• 4 short sales sold - 12.5% of total sales
• 5 distressed sales - 15.6% of total sales

Lido Key/Bird Key/Downtown Foreclosures/Short Sales in August 2010

• 30 sales in August 2010
• 4 bank owned sales - 13.3% of total sales
• 2 short sales sold -  6.6% of total sales
• 6 distressed sales - 20% of total sales

Lakewood Ranch Foreclosures/Short Sales in August 2010

• 50 sales in August 2010
• 12 bank owned sales - 24% of total sales
• 12 short sales sold - 24% of total sales
• 24 distressed sales - 48% of total sales

It is interesting to see how the Sarasota county foreclosures and short sales amount to 50% of the total transactions. However, the total percentage of distressed sales on Longboat Key, Lido Key, Bird Key, Downtown and Siesta Key are much lower than 50%. Keep in mind that Sarasota county runs roughly 40-50 miles south of the downtown area. It includes North Port which has a high concentration of distressed sales.

If you are looking to buy or sell a home in Sarasota give me a call at 941.812.6272.