By: Jim Mulligan, REALTOR, Suncoasteam Realty
Contact Jim: 941-235-7474, jim@suncoasteam.com

Property sales in 2012 were the fourth highest in the history of the Sarasota Association of Realtors. The 9,169 sales in 2012 was the highest since 2005, when we saw 10,562 sales. The Sarasota housing market also continued its robust trend as December sales numbers helped close the year on a strong note.

December 2012 sales, which totaled 828 properties, was an astounding 28 % increase over the 644 sales in December 2011.  Of the 828 sales, 606 were single family homes and 222 were condos.

The available inventory of homes remained at near decade lows, though the inventory did increase to 3,657 in December, which was a slight bump from 3,543 in November . “The Sarasota housing market has clearly weathered the storm of the Great Recession,” said SAR President Roger Piro. “We are so fortunate to live in this area – a beautiful coastal community with every attractive amenity imaginable.”

Furthermore, December 2012 pending sales (totaling 782), which represent properties that went under contract for the month, were nearly identical to the 783 from December 2011 .

According to Piro, “Our market is enjoying an amazing resurgence, and the traditional busy season still has several months to go. Last year, our strongest sales months were in March, April and May…We’re all hoping for a repeat performance in 2013, and agents are continuing to report steady, strong foot traffic at open houses and multiple offers on many properties.”

Other pertinent information about the Sarasota housing market:

• Median sales price for single-family homes: $189,500 (up 18% from $160,000 in December 2011)
• Median sales price for condos: $182,500 (up 21.6% from $150,000 in December 2011)
• Median price for SFH in 2012: $175,000 (compared to $155,925 in 2011)
• Median price for condos in 2012: $175,000 (compared to $156,600 in 2011)
• 12.9%% of available properties are short sales or foreclosures, totaling 475 (down from 13.2% in November 2012)
• Distressed sales accounted for 32% of the overall market in December 2012
• Average Days on Market for single family homes: 152 (down from 192 in December 2011)
• Average Days on Market for condos: 180 (down from 212 in December 2011)

If you have interest in property in Sarasota, Florida, please contact Jim Mulligan at 941-235-7474 or jim@suncoasteam.com.