November 2009 Sales Up 86 Percent!

The Sarasota real estate market remained hot in November 2009 with overall sales nearly 86 percent higher than November 2008. Total sales stood at 578 in November, mirroring last month’s total of 574 and much higher than the 311 sales reported in November 2008. The breakdown was 417 single family homes and 161 condos sold last month.

The fall has proven to be a busy one for many local Realtors®, and the trend doesn’t seem to be slowing down. Pending sales stood at 793 in November, just below last month’s total of 839, and far higher than last November, when only 504 pendings were reported. The statistic is a strong indicator for the next two or three months of sales, as pending sales are an indicator of current buyer activity. Some experts had predicted pending sales might slow because of the uncertainty over the extension of the first-time homebuyer’s tax credit. But that fear has proven unfounded in the Sarasota market.

The tax credit was extended and expanded to include many other homebuyers on Nov. 6, so the home buying sales rush could easily continue through the season and into the first quarter of 2010. The recent statistics continue to point to a local market in a prolonged recovery period.

The median sale prices for single family homes and condominiums have apparently stabilized after the extended drop experienced in 2008. The median sale price for single family homes actually jumped by approximately 6 percent to $162,500 from October’s level of $151,000. The median represented only a 4.4 percent drop from the November 2008 median sale price of $170,000.

For information about the Sarasota real estate market, visit www.PremiumPropertiesSarasota.com.

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