Posted by Scott Norris on Sun, May 30, 2010 @ 08:18 PM
Sources for this article are Trendgraphix and the Mid Florida Regional MLS (MFR MLS) for the periods indicated. Where current inventory figures or year to date sales are sited, all figures are through or as of May 27, 2010.
At the end of April 2010, there were 363 unsold condominiums in downtown Sarasota (zip code 34236) which represents a 30% decrease from the levels on hand in April of 2009. Inventory levels have been chopping around 400 units since August 2009. Sales this season were fairly strong compared to last year. Through April of 2010 118 downtown condos sold compared to only 75 in the same period last year or a 57% increase. Pending sales (sales under contract but not yet closed) were at an 18 month high of 55 residences at the end of April. These pending sales should push May and June sales well above last years levels.
Short sales and bank owned sales were a much smaller factor in downtown condo sales than single family sales across the county. Short sales and bank owned sales only accounted for 18% of downtown condo sales year to date. Across the county, short sales and bank owned sales represent over 45% of total sales. These special situations are also less than 10% of current inventory.
All things considered, it is hard to wish for a rosier picture. Inventory is down 30%, unit volume is up 50% and we have a record number of sales pending to carry us for the next couple of months. Prices have got to stablize if this trend continues for long.