Sarasota Realtor - Tamara Berryman - Sarasota Real Estate

In spite of the economy, Sarasota real estate property sales were 58% higher in January of 2010 than they were at the same time last year, and this percentage does not include pending sales which are also up significantly. 

These figures indicate that Sarasota real estate sales are increasing regardless of economical conditions, and are also a very positive indicator of the months to come.

For buyers interested in Sarasota homes and condos, the median sales prices have lowered.  The average sale price for a single family home has dropped from December’s figure of $170,000 to $156,000.  And the condominium prices have dropped from a median price of $199,000 to the $165,000 range.  These January median sale prices are a reflection of the continuing high percentage of short sales as well as the foreclosure sales in the Sarasota market.

At the same time, arm’s length* (or standard) property prices are approximately 150% higher than foreclosure or short sale property prices.  The bank owned properties are averaging a median price of $80,000 and short sale properties are averaging in the range of $120,000. For the standard, or arm’s length sales in January of 2010, these properties were more in the $250,000 area, which is more than twice the price for the distressed category properties.

Also, it is good to keep in mind that the first time home buyer’s tax credit has been expanded to buyers in other categories as well, and has been extended to April, and I work hard to make sure that my qualified buyers take full advantage of these $6,500 to $8,000 credits.

*An Arm’s Length Transaction

As in most cases, when two strangers are involved in the sale and purchase of a house, it is probable that the final agreed-upon price will be closer to the market value. This is because the seller wants a price that is as high as possible and the buyer wants to obtain the best price possible.  

This would be as opposed to a non-arm’s length transaction which would be for example where a father sells a home or condo to his son, in which case the price could vary from the fair market value of the property.