View of Downtown & Sarasota Bay from The University Club

As of this morning, there are 5,121 residential listings in the Sarasota Association of Realtors® (SAR) Multiple Listing Service (MLS). This is an increase of 89 listings (or about 1.7%) from our February Inventory Report. The median listing price is $419,500.

There were 187 residential sales in February, 2008, with a median sales price of $318,000. The high sale for the month was a compound of 8 cottages at 6351 Gulf of Mexico Drive on Longboat Key for $4,400,000.

At this month's absorption rate, given no new listings, it would take approximately 27 months to deplete the current inventory.

Official sales statistics were released today by the Florida Association of Realtors® (FAR), and while the mortgage credit crunch and a sluggish economy continued to affect the sales pace of existing homes and condominiums in Florida in January, local Sarasota existing residential home sales were up +4%, from 472 home sales in January 2007 to 490 home sales in January, 2008.

Statewide, sales of existing single-family homes totaled 6,737 last month while 9,360 homes sold in January 2007 for a decrease of 28 percent in the year-to-year comparison.

Sarasota was once again the third best performing market in the state, behind Punta Gorda and Marco Island. The median price for existing homes dropped -13% from $284,400 to $246,300.

Lake Vista. Turtle Rock on Palmer Ranch.

Osprey country club development, The Oaks Club, saw no closed residential sales for January, 2008. Updated annual moving sales numbers show 26 residential sales in the past year (2/1/2007 to 2/1/2008), with 9 sales in the last six months, with a range of sales prices from $435,000 to $6,077500.

As of Feb. 1, there were 50 active residential listings in The Oaks, including Oaks Clubside, Oaks Bayside and Oaks Preserve, along with 35 active condominium listings.

No condominium sales were recorded for January 2008 for either the Meridian or Bishopscourt condominiums in The Oaks Preserve.

Recent Residential Sales in The Oaks Club:

A beautiful day last week on Lido Beach.

High End development Silver Oak Estates on Palmer Ranch saw no sales in January, 2008. Updated annual moving sales numbers show 7 residential sales in the past year (2/1/2007 to 2/1/2008), with only 2 in the past six months. Closed sale prices ranged from $620,000 to $1,091,250.

As of Feb. 1, there were 33 active residential listings in Silver Oak.

Usually, Silver Oak posts the highest sales prices in Palmer Ranch. Last month, a residence at 5516 Bilbao Place in DiVosta's gated Village Walk development claimed that title, fetching $520,000. Palmer Ranch, with 296 current residential listings, saw 16 closed transactions for January.

Recent Sales in Silver Oak:

It's only been 10 days or so since our last inventory report, so this post will get us back up to date for beginning-of-the-month reports.

As of this morning, there are 5,032 residential listings in the Sarasota Association of Realtors® (SAR) Multiple Listing Service (MLS). This is an increase of 69 listings (or about 1.3%) from the January Inventory Update. The median listing price is $419,000.

There were 129 residential sales in January, 2008 with a median sales price of $315,000. The high sale for the month was a record sale on Bird Key at 643 Mourning Dove Dr for $6,900,000.

At this month's absorption rate, given no new listings, it would take approximately 39 months to deplete the current inventory.

We've been out of the country since the beginning of January, so this update is a little late in coming. We'll be back on track for the next inventory update at the beginning of February.

As of this morning, there are 4,963 residential listings in the Sarasota Association of Realtors® Multiple Listing Service (MLS). Effective with this update, from here foward we will be limiting inventory numbers to the actual Sarasota MLS areas, which are numbered from Area 11 to Area 121, so, when you look at the numbers below, there isn't really a 3000+ drop in inventory; the full MLS numbers include listings in other areas of the state, other counties, etc.; this is just a better way of looking at true Sarasota-area numbers.

There were 179 residential sales in December, 2007, with a median price of $349,900. The high sale for the month of $6,077,500 was at 120 Osprey Point Drive, located in The Oaks Club Bayside.

The November 2007 official residential sales statistics were released today by the Florida Association of Realtors® (FAR) and show that, while overall, existing single-family home sales have slowed by 30% in the state, Sarasota-Bradenton's -16% drop from last November was the third best performing market in Florida. In the Sarasota-Bradenton market, 556 existing homes changed hands in November, 2007 vs. 664 in November 2006. The median price was down just -4% from last year to $267,700 from $280,200, or essentially flat. Comparing to last month's median price, which was -5% below the previous year, it looks like we're approaching some semblance of stabilization in the median price for the market.

Statewide, sales of existing single-family homes totaled 8,106 last month while 11,609 homes sold in November 2006 for a decrease of 30 percent in the year-to-year comparison, according to the Florida Association of Realtors® (FAR). Florida’s median sales price for existing single-family homes last month was $215,800; a year ago, it was $239,800 for a 10 percent decrease. The median is the midpoint; half the homes sold for more, half for less. In November 2002, the statewide median sales price for single-family homes was $141,500, for an increase of 52.5 percent over the five-year-period, according to FAR records.