Sarasota Real Estate Market News

(Local) Sales moderate in July 2011; inventory continues to drop

Members of the Sarasota Association of Realtors® reported 599 property sales in July, which was 14.3 percent higher than the July 2010 total of 525 sales.

 

There were 445 single family home closings and 154 condo closings in July. In 2011, four months have topped 700 in sales, with June reaching 728. In May, sales peaked at 796 sales during the height of the spring buying season, a pattern that has been evident for the past few years. Last July, sales also moderated as the slower summer season kicked in and the Federal homebuyer tax credit expired.

 

In July 2011, the total inventory of available properties dropped again to the lowest level in more than a decade. There were 2,829 single family homes and 1,656 condos on the market, for a total of 4,485 available properties. This is more than a 7 percent drop from the June 2011 total of 4,830, and a 25 percent drop from the July 2010 figure of 6,054. The decreased inventory could spur stronger competition for homes and condos, and subsequent price appreciation.

Read More HERE

August 20, 2011 - Posted by | News related to Buyers, News related to Investors, News related to Sellers, News related to the Market

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