Sarasota Sales Statistics July 2008

The Sarasota MLS saw a traditional summer drop in sales for July 2008 compared to the
previous month, but pending sales numbers remained strong, forecasting a normal fall
sales rebound.Overall sales stood at 454 in July, dropping off from the 559 reported in June 2008.Single family home sales in July 2008 stood at 326, while condominium sales dropped to 128. Sales had been increasing each month in 2008 prior to a June dip, and July continued the downward trend.The July 2008 report continued to show strength in pending sales, which stood at 584. In July 2007 only 476 pending sales were reported, which forecasts a stronger market for the late summer and early fall months. Pending sales reflect contracts executed by buyers and sellers, and current numbers indicate more closings likely in the upcoming months.Sales prices appeared to level off in July, remaining at a median of $250,000 for single family homes, while dropping slightly for condos, from $275,000 in June to $252,500 in July. This means property is apparently holding its value better locally, bucking a steeper
downward trend statewide and in many markets across the nation.“We tend to see a different market segment of buyers during the summer months,” said Helen Sosso, 2008 SAR President. “When families are in the market for a home, whether deciding to purchase after renting, or upsizing as the family grows, they tend to search for
homes during the summer months prior to the start of the new school year. These families traditionally shop for more affordable homes near good schools, which is why we normally observe a moderation of the median sales price during the summer. I expect a brisk return of high-end buyers when our seasonal residents return during the fall and winter.” Sosso also noted that while the prices have moderated locally in general, statistics prove that even after the drop in local median sales prices over the past two years, the median sale price in July 2008 is still 9.6 percent higher than five years ago for single family homes, and a whopping 22 percent higher for condominiums.Inventory levels were lower in July 2008 for the fifth consecutive month, and are the lowest they have been since February 2006. There were 8,677 single family homes on the market, compared to 9,108 in June 2008, and 4,599 condos listed, compared to 4,765 last month.The current market statistics continue to reflect a good selection of more affordably priced housing for buyers to visit and purchase. The decline in inventory levels traditionally indicates the market is returning to a more historical balance. As the market approaches equilibrium, the buyer’s market we’ve been experiencing will likely disappear, and price appreciation will return to the market.