Where is the Sarasota real estate market now?

Thinking about buying or selling in the Sarasota, Florida area? First, let's take a look at what happened in April of 2010. Below you will find a comparison between April 2010 and April 2009 for both Sarasota and Manatee counties. I pulled this information from our Mid Florida MLS system.

These numbers are for the entire Sarasota and Manatee counties. This includes North Porth and Port Charlotte. Obviously, the sales down there are going to pull the averages and median prices down. So keep that in mind when you look at the numbers above.

It is great to see the volume of sales up. That has been pretty consistent from month to month. What is interesting are the average and median home prices. April 2010 prices are higher than April 2009! That is a great sign for the market.

Sarasota Inventory Levels

Above are the monthly supply and demand figures for Sarasota county over the last 3 years. The light green lines represent the number of properties for sale. The dark green lines show the number of properties sold and the red line are the number of properties under contract/pending.

Wow. Take a look at that red pending line. It is great to see that. That is a good indicator of the number of properties that will close in the coming months. The dark green bars or sales are also looking great. Inventories are dropping nicely as well. 

Compared to 3 years our inventory figures are 47% lower, our sold properties are 27% higher and our pending properties are a whopping 80% higher!

Buying a Sarasota Home

As you can see from the above data the Sarasota real estate market has corrected and most likely bottoming out. It is hard to paint the entire market with one broad stroke. Depending on your price range and what you are looking for this is a good time to start looking.

We are probably pretty close to the bottom if not already there. I think some segments of the market have already bottomed. If your are a very picky buyer you need to start looking now as you will lose more and more options as the number of properties for sale decreases. 

Multiple Offers

Another good indicator of an improving real estate are multiple offers. They are becoming more common. I have experieced it with some buyers that I am currently working with and I hear the same from other Realtors.

Finding a Home

Please call us at 941.812.6272 if you are looking to buy a home. Better yet go to Find My Dream Home and fill out the form completely. This will give us in detail your needs and wants so we can find you that dream home in the Sarasota area.