In recent weeks we have been encouraged by positive data released both locally and nationally. In a press release from the Sarasota Association of Realtors earlier this month they noted the following significant data from March 2010.
- Overall property sales reached 753 in the Sarasota market in March 2010, the highest total since December 2005 and more than 56 percent higher than March 2009.
- Pending sales were also robust, standing at 1,060 – the highest total in the past four years.
- The median sale price for both single family homes and condos rose in March from the previous month, and prices were much higher than in March 2009.
- The property inventory level remained steady in March 2010 at 6,342, only slightly higher than February’s total of 6,329 properties on the market. The inventory is still at the lowest level since late summer of 2005.
- The months of inventory for single family homes was 7.2 months, the number of months it would take to sell all available homes at the current pace. This was a huge drop from February 2010’s number – 10.6 months – and very near equilibrium.
As existing inventory levels start to decline and move toward a more “balanced” market and prices continue to stabilize, we are encouraged by signs that there are great opportunities now to either purchase a new home or invest in land to build a home.
Further verification of this is in last Friday’s Wall Street Journal article “Land Prices Jump as Home Builder’s Move In”, written by Dawn Watopka.
