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Sarasota real estate market returns to pre-tax credit numbers
As expected, property sales in the Sarasota real estate market in July 2010 slowed to pre-tax credit numbers following the expiration of the federal $8,000 homebuyer incentive.
Property sales in July 2010 stood at 525 total sales, declining 47.8 percent from the June 2010 figure of 776 sales. The sales figure was much closer to the 506 sales in January 2010 and the 528 sales in February 2010, when the homebuyer credit wasn’t a factor in the market.
In July, 374 single family homes were sold, compared to 576 single family homes sold in June 2010. The median price also trended lower at $155,000, compared to June’s figure of $175,000. The figure was more in line with the 12-month rolling median sale price of $162,000.
Condo sales in July stood at 151, a drop from last month’s figure of 200. The median price of condos also fell in July to $127,000, which again primarily reflected distressed property sales. Non-distressed condo sales saw a median price of $227,500, while for distressed properties, the median sale price was $73,000 for bank-owned condos and $121,700 for condos involved in short sales.
For the last 12 months combined, the median sale price for single family homes was $162,000.