Florida is seeing a real estate spike, at least in Sarasota and Venice. One can call it a surge, comparing data from 2009 to 2010, according to the Sarasota Association of Realtors.
The data indicated that comparing January 2010 vs. January 2009, Sarasota real estate sales were 58 percent higher. Pending sales, which are a good indicator for the next two to three months, topped 800 for the first time since Oct. 2009. In January of 2009 pending sales were 683, compared to 815 in January 2010.
Meanwhile, median sales prices did not do as well, and show the real estate market has not recovered, yet. The sales increase may, in fact, be the result of "poaching" at lower valued prices.
The median sale price for a single family home was $156,250, down from December's figure of $170,000. It is, however, up slightly from January 2009's figure of $149,950. For condos, the median price dropped to $165,000 from December's figure of $199,000, which is significantly lower than last January's figure of $220,000.
Sarasota Association of Realtors President Erick Shumway addressed the median sales price issue head-on in a press release. "Our market is rebounding from the recession, particularly in the category of normal arm's length transactions. We are seeing a stark contrast between these two markets, and this probably reflects the fact that some buyers don't want to wait for additional months often involved in closing a purchase of a distressed property. Also, the condition of normal, non-distressed properties can be far superior to the short sales and foreclosures on the market. Once the number of distressed properties begins to drop substantially, we should see the median sale prices start to recover."
Venice, Florida showed similar sales increases. According to Trendgraphix, Inc. the number of closed property sales increased over 35 percen, year-over-year. The number of pending transactions increased a huge 87 percent year-over-year.
Written by Michael Santo
HULIQ.com
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