Trends continue to signal recovery in the Sarasota market according to the Sarasota Association of Realtors September report:
* Home and condo sales skyrocketed - a 35% increase in sales over September of 2008
* Sales up 10% over August in our traditionally slowest month
* Pending sales have exceeded 800 for 7 of the 9 months in 2009, after lingering between 400-500 much of the last two years
* Time on market numbers are down to 9.8 months from over a year for a single family home - 6 months is considered a market in equilibrium
* Inventory numbers - 3,915 single family homes and 2,337 condos - are the lowest they have been since August 2005.
Median sales prices are lower , fueled by short sales and foreclosures. As these inventories dry up, prices will again begin to climb and we will begin to see more multiple offer situtatons - bidding wars - on the best properties.
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