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Notice |
March 2008 sales in Sarasota top 500 for first time since
July 2007
Pending sales highest in a year, indicating
improving market for summer
Overall property sales in the local market for March 2008 topped 500 for the
first time in eight months, according to statistics pulled from the Sarasota MLS
system. There were 514 property sales reported in the Sarasota MLS, easily
topping the February 2008 sales of 423.
There were 344 single family homes sold by SAR members in March 2008, along with
170 condominium units. This compares to 294 single family sales in February and
129 condominium sales, which means March saw an overall increase of 21.7 percent
over February.
Single family homes saw a small decline in the median sale price, from $285,000
in February 2008 down to $266,750 in March 2008 - a 6.3 percent decline. But
condominiums saw a small increase in the median sale price from $230,500 in
February 2008 to $235,000 in March 2008.
"Once again, the local Sarasota market is proving its resilience, even as the
state and national housing market statistics continue to show weakness," said
Helen Sosso, 2008 SAR President. "It is remarkable how our local real estate
practitioners are weathering this downturn, and proving once again the value of
a professional Realtor during difficult times. As we've been saying for more
than a year, this is a prime buyer's market, with historically low interest
rates, moderating prices, and an incredible, high quality inventory of homes on
the market."
One of the continuing bright spots in the March 2008 report was the strength in
pending sales, which stood at 674 - the highest level in the past year. In March
2007 pending sales were at 706. Pending sales have been edging upward since
December 2007, when there were 374 pending sales.
Pending sales counts the number of
signed contracts in a month, and is a leading indicator of sales activity. There
is a direct correlation between pending sales and closed sales that are reported
in the following month or two.
Inventory levels were lower in March 2008 at 10,025 single family homes,
compared to 10,596 in March 2007, and down slightly from February 2008, when
there were 10,035. Condominium levels also decreased from the March 2007 level
of 6,180 to 5,702 in March 2008, but up slightly from the February 2008 level of
5,588.
The days on market, which translates to the average time it took to sell a
property, was at 152 days for single family homes, slightly higher than the 144
days in March 2007, but lower than the 160 days in February 2008. Average days
on the market for condos was 181, a healthy drop from the 199 days reported in
March 2007, and much lower than the 219 days in February 2008. The days on
market reflects a quicker pace of sales, meaning the size of the current
inventory should begin to decline going forward.
The local Sarasota-Bradenton MSA continued to fare better than the
overall state. The MSA was down by 15 percent for single family home sales and
17 percent for condominiums, comparing March 2008 to March 2007. For the overall
state, single family homes declined 26 percent comparing March 2008 to March
2007, and condominium sales were down 24 percent month to month.
In fact, the smaller Sarasota-Bradenton market again sold more overall
properties than the Miami market. There were 1,022 overall sales reported for
the local MSA, compared to only 609 in Miami.
Leigh Ann Grooms
Real Estate Broker
941-527-8700
Integra Realty Group
"Professionals You Can Trust"
Contact Us
Leigh Ann Grooms, Your Lakewood
Ranch Specialist
Licensed Broker Owner
Integra Realty Group
Located in Lakewood Ranch off University Parkway
941-527-8700
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