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.
|$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|
|$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|
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.