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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Sarasota Association of Realtors Reports January 2009 Sales

January 2009 Pending Sales Jump Almost 18 Percent

In the face of national economic doom and gloom, pending sales in the Sarasota real estate market rose to 683 in January 2009 as reported by members of the Sarasota Association of Realtors®, topping the 500 level for the 13th month in a row.

Pending sales last month were much higher than the 516 reported in January 2008, which indicates that local real estate has bucked the national downward to some extent. Pending sales reflect contracts executed by buyers and sellers. The recent numbers demonstrate a steady, strong pattern, indicating buyers have become more active in the Sarasota market as the traditional season heats up.

“These are certainly historic times for our nation’s economy, and we must be realistic and understand that higher unemployment and the recession impacts everyone,” said 2009 SAR President Bill Geller. “But we must also understand that even during downturns, opportunities exist for savvy buyers. The Sarasota market is blessed with tremendous, high quality properties, and the lower prices have made this area a goldmine of opportunity. With the guidance of a well-trained, professional local Realtor®, buyers can be assured that they will find the perfect property in today’s market environment.”

Overall closed sales in the first month of 2009 stood at 319, compared to 327 in January 2008, a year-to-year decline of only 2.4 percent. Sales totaled 406 December 2008, but the monthly decline was expected, especially during a four-year election cycle, when real estate activity often sees a lull prior to a new administration taking office.

The recent signing of the $787 billion American Recovery and Reinvestment Act, plus the Obama administration’s enactment of the $75 billion Housing Support and Foreclosure Prevention program should help improve the real estate markets even more
in the months ahead, said Geller.

Click HERE for a PDF of the press release and two pages of statistical charts.