Pending sales rise to highest level in three years in February 2009

Pending sales in the Sarasota real estate market once again rose in February 2009, hitting 782 - the highest level since April 2006, a three year period. According to statistics from the Mid-Florida Regional MLS for members of the Sarasota Association of Realtors®, 611 single family homes and 171 condominiums were reported under contract in February, almost 100 more than the 683 pending sales reported in January 2009, and 19 percent higher than the 654 pendings reported in February 2008.

Pending sales have now exceeded the 500 level for the 14th consecutive month, and the statistic bodes well for the next two or three months, when many of these pendings will become closed sales. Pending sales reflect contracts executed by buyers and sellers. The report continues to reflect a steady, strong pattern, and indicates buyers are more active in the Sarasota market even in the face of difficult economic times.

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