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Sarasota Real Estate Is A Seller's Market

After four years of depressing real estate market values, the trend towards increasing property values continues.

It seems hard to believe, but indicators and measures continue to reaffirm that the market in Sarasota has turned a corner.  

Most dramatically, properties coming on market are selling faster due to continued purchaser pressure and low inventory.

In the past week, 17 properties went under contract and all were active for less than 10 days before contract.

Of the 17, 12 were under $250,000.  Six were under contract the same day the listing hit the market.

While some neighborhoods still remain at risk for foreclosures, Sarasota generally is seeing a decrease in the number of lis pendens filed and a decrease in the amount of available inventory.  

Combined REO (foreclosed) and short sale properties remain at slightly less than 20% of the total available residential properties for sale at this time.

bob k August 25, 2012 at 05:29 PM
I wouldn't call it a sellers market when these depressed prices are below replacement cost. Thr banks continue to unload properties at prices so low they are hurting an otherwise real market that would draw higher prices as inventories are a very low levels, and interest rates are at near record lows.

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