Home inventory drops to six-year low

 

Home inventory drops to six-year low

 

Date: March 16, 2011
by: Robin Roy | City Editor

 
 

In a sign of a more active real-estate market, the number of for-sale properties in Sarasota hit its lowest point in six years in February.

With fewer than 5,900 properties currently on the market, the Sarasota Association of Realtors foresees the possibility that prices could rise soon.

“Traditionally and historically, fewer properties on the real estate market usually causes price appreciation,” said Michael Bruno, SAR president. “It’s simply a matter of supply and demand.”

In other positive news, the number of sales last month jumped 24% from January.

The 673 total sales in February were also up 27% from the same period last year.

Median sale prices continued to drop, however, as buyers continued to seek bargains in foreclosures and short sales, which represented 47% of all sales last month.

Month-to-month, the median price for single-family homes fell from $138,700 to $137,500. The median price for condos dropped from $142,500 also to $137,500.

Contact Robin Roy at rroy@yourobserver.com.
 

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