Real Estate Report for 2009

Posted by Michael Moulton in General on Jan 19th, 2010 | no responses

Now that 2009 is behind us and we are on to 2010 I want to summarize what transpired in the Sarasota County real estate market the past year. There were a total of 8,084 properties sold the past year with 5,640 being single family homes and 2,444 being a condominium. The following table summarizes what happened in each price segment. All statistics are as of the end of 2009.

Houses Sold Pending Listed
$250,000 & under 4181 1247 1759
$250,000 to $500,000 1002 277 1108
$500,000 to $750,000 239 58 363
$750,000 to $1,000,000 89 34 34
$1,000,000 to $2,000,000 94 32 330
$2,000,000 & above 35 10 232
Totals 5640 1658 3995
Condominiums Sold Pending Listed
$250,000 & under 1702 450 1431
$250,000 to $500,000 456 107 674
$500,000 to $750,000 142 28 306
$750,000 to $1,000,000 63 9 166
$1,000,000 to $2,000,000 62 10 162
$2,000,000 & above 19 5 80
Totals 2444 609 2819
Grand Totals 8084 2267 6814

70% of 2009’s sales were single family homes and 30% were condominiums. Of the total sales, 73% were properties that sold for $250,000 or less, 18% were sold for between $250,000 and $500,000, 6% sold for between $500,000 and $1,000,000 and 3% sold for over $1,000,000.

As the statistics relate to listed properties at year end we have 10.1 months of inventory overall. There is only 8 months of inventory for properties listed under $500,000, in the price bracket of $500,000 to $1,000,000 there is 23.4 months of inventory and over $1,000,000 there is 46 months of inventory. In general six months of inventory is considered a neutral market meaning neither a buyers or sellers market.

Obviously the first time home buyer tax incentives coupled with low interest rates has had a wonderful effect in lowering inventory for homes listed under $500,000. Here’s to hoping that buyers begin to realize home prices have bottomed out and we start to reduce the inventory of luxury homes. 2010 here we come.