Sarasota Association of Realtors - Monthly Statistics for March 2013

March property sales highest total since August 2005

Property sales in the Sarasota real estate market remained hot in March 2013 and
 for the first quarter of 2013. The March 2013 sales figure of 887 was the highest
total since August 2005, and for the full first quarter, sales were 11.3 percent
 higher than in 2012.

Members of the Sarasota Association of Realtors® sold 628 single family homes and
259 condominiums in March 2013. That compared to 504 single family homes and 229
 condos sold in February 2013, for a 21-percent increase over last month and 6.7
 percent higher than March 2012.

The huge number of sales coincided with an impressive increase in the median sales
price, especially for single family homes. The figure of $210,000 for single family
homes was the highest since August 2008 - nearly five years ago. For condos, the
 median was $182,000. The condo figure has fluctuated substantially over the past
few years, dropping to a low point of $127,000 in July 2010 after soaring to $420,000
at the start of 2007.

Pending sales, which predict future closings, were at 1,221 - the highest figure
 in the past seven years, and one of the highest in SAR's history. Pending sales
 stood at 1,138 in February and 1,047 in January, continuing the amazing streak
since the start of 2013. The statistic represents properties that went under contract
during the month, and indicates sales in April and beyond could also be at high
levels.

The available inventory remained near the lowest level in a decade, declining to
 3,643 from February's figure of 3,790. The inventory is 18 percent lower than in
March 2012.

"We are in the middle of an historic sales period, and the pending sales total indicates
we could continue to see closings at near record highs," said SAR President Roger
Piro. "Agents are reporting very high activity at open houses, and the seasonal
surge of buyers has been at the highest level in many years. If this continues,
as it did last year, the year 2013 could end up in the record books."

The March 2013 months of inventory were 3.8 months for single family and 4.7 months
for condos, with both property categories at or equal to the lowest level in the
 past decade. Months of inventory represents the time it would take to deplete the
current inventory at the current sales rate. Last March, there were 4.8 months of
inventory for single family homes and 6.7 months of inventory for condos. At the
 worst point of our market in November 2008, there were 24 months of inventory for
single family homes and 41.7 months for condos.

Currently, only 398 properties listed for sale in the MLS are short sales or foreclosures,
down 29 from last month's figure. This represents about 10.9 percent of available
properties, down from last month's figure of 11.3 percent and a big drop from January
2012 when the figure represented 17 percent of the market.

Sales of distressed properties represented about 30 percent of the overall sales
 in March 2013, up slightly from February's figure of 27.5 percent, but far lower
than the 51 percent figure experienced in the fourth quarter of 2010.

"This is a great time to be involved in the real estate industry in Sarasota, and
this market continues to stand out in the national housing recovery," said Roger
 Piro. "With the tight inventory, low interest rates, and all the traditional attractions
of our market, I don't see any end in sight to the energized local real estate market."

Click HERE [http://r20.rs6.net/tn.jsp?e=001MSJ5wBA3s_WHG44JYbl4ElKZdLwSesnbqxokO4G20bZxCdj2wTF90KxO0GEreL7huTpbxu782vxQbaQmru3BGc9Ue6u7Ke-yA7p9GvQ1Y8W2P9Z9KoYOsk-eKz93HTtaI47EsRcboOL5MYQ0fllKCQ==]
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charts.