Pending home sales in Sarasota have continued to post very impressive numbers, exceeding the 800 level for 8 of the last 10 months. The Median pricing for condos hit $220,000, a 35 percent increase over September of this year. Homes sales rose a whole 36 percent over October of 08, in what is normally a very slow period, in the Sarasota housing market. These statistics have the local industry leaders encouraged about the upcoming season and the first quarter of 2010. According to Florida’s Sarasota Association of Realtors, foreclosures and short sales accounted for just under 50 percent of October home sales. October at a glance:
* $89,000 median bank owned sale
* $150,000 median short sale
* $230,000 median traditional sale
Moving distressed properties out of the market is paramount in returning the real estate arena to a healthy norm. With the extension of the Home Buyer Credit, along with the expanded benefits, the first-time buyers as well as move-up buyers should continue to capitalize through the season and into 2010. The benefit of the action to extend tax credits for home buyers is a welcomed boost to the local housing market and to overall economic stability.
For the Naples area overall pending home sales rocketed, while the number of contracts written doubled from October 2008. Properties under $300,000 are leading Naples real estate sales over the past few months. Impressive increases in contracts across all price points, in the characteristically slow period, are a tremendous positive for the Naples are home market. Brisk sales and dramatic reductions in housing inventory offer continued encouragement for the industry and further indicate a market headed for improved stability. Naples at a glance
* Overall home sales under $300,000 saw a 42 percent increase.
* Single-family pending sales increased 73 percent.
* Condo sales increased 49 percent.
A steady increase in both pending and closed sales, throughout the geographic area, are indications of savvy buyers taking advantage of incredible home values, while they last, on Florida’s gorgeous Southwest Coast. Nationally, recent reports indicate that most U.S. cities saw gains in the median price of single-family homes sold during the three months ended Sept. 30, according to the National Association of Realtors’ (NAR) quarterly report on home prices. This is the second consecutive quarter of gains. As housing is a primary factor in the overall US economic recovery, the positive momentum is encouraging for leading economists, industry leaders and further assists the improvement in consumer confidence.