Janaury Sarasota Home Sales Continue at Strong Pace

January, 2013 Sarasota Florida home sales continued at a strong pace with 626 properties sold and closed (466 single-family homes and 160 condominiums), 22% above the January,2012 rate according to data published by the Sarasota Association of Realtors. While this was a drop from the number of residences sold in December, this decrease was typical of what happens in the post-holiday weeks every year.

There were 1,047 pending sales (contracts signed but not yet closed) in January, the highest level in 9 months, and considerably higher than the 963 pending sales reported in January, 2012. This statistic, which typically reflects the beginning of buying by “snowbirds,” suggests that sales in the months of February, March and April will also be strong.

The available inventory of homes and condos for sale remained near the lowest level in a decade, but rose somewhat in January 2013 to 3,846 from the December level of about 3,650. The figure was still 1,000 fewer properties than in January 2012.

With prices having moved up somewhat, more Sarasota – Bradenton area home and condo sellers have come back into the market raising the inventory of unsold single-family homes slightly to a 5.4 month supply while condo availability rose to 8.4 months of inventory. This slight increase in supply will tend to moderate price increases for a few months presenting prospective buyers an opportunity to buy before prices continue the upward march that began last summer.

Brian Ward, a respected Sarasota real estate agent reported that “over 35% of January sales were for distressed properties as investors and others bought up these properties which have tended to depress prices. At the end of January, only 470, or 12.2% of properties listed on MLS were posted as short sale or foreclosure properties, a substantial decrease from a year ago when distressed properties accounted for 17% of properties for sale.

The percentage of January closed sales which involved distressed properties rose slightly above the December level, but remained significantly below the 51% of sales in the 4th quarter, 2010. As the negative effect of distressed properties is removed from the market, prices will resume their movement upward. So, now is a great time to buy that Sarasota home or condo you’ve been wanting while prices are still reasonable.

Summing it up, January 2013 Sarasota real estate statistics reflect a strong Sarasota area real estate market with pending sales numbers indicating a continuation of the very positive trend we’ve seen since last Fall. For buyers, the recent increase in the supply of available homes and condos presents an opportunity for people to buy now before prices once again start marching upward.

If you’d like to receive information on homes and condos that specifically meet your criteria, sign up today for my complimentary Listing Book Service. Its absolutely free and provides you with 24/7 access to Sarasota MLS data just as if you were a Realtor. For an even more immediate response to any questions you have, call me on my cellphone at 941-228-2321.