New Market Stats- Local Market and Palmer Ranch

There is slightly better news in the latest statisitcs that I have pulled from the Sarasota MLS. In terms of single family homes in the Sarasota market, total sales have increased slightly as did the inventory. Based on February 2007, which is the last month of data availible, we have a 32 month inventory of homes available. The most promising trend is the increase in homes put under contract which has climbed steadily over the past 3 months which will very likely reduce some of our lingering inventory. In December 151 homes were put under contract. This number rose to 224 in January and climbed to 266 in February. These numbers seem to be indicative of the larger trend that I am seeing which shows stabilizing market (at least prices are falling more slowly now.)

In Palmer Ranch, single family home sales accomplished an amazing feat- 31 homes were put under contract- a number higher than anytime in the past 14 months. (I was able to account for two of these sales). Inventory remains at an all time high of 35 months. Sales are picking up due to ever falling prices of properties- most homes in Palmer Ranch are now selling in the mid to high $100's per square foot. In February, the average time on the market for a house that sold was 124 days, and most homes sold within 93% of the listing price. The average house sold for $397,000 while the average listing was priced at$573,000.

The strength of the condominium market was actually fairly similar- less condos were put under contract (14), but this was a huge increase from only 4 in the prior month. There is a 31 month inventory of condominiums for sale in the area, and the average sold condo sells in 90 days at 93% of the list price. The average sold condo in Palmer Ranch had a final price of $251,000.

For information and statistics on your neighborhood, be sure to email me at drewrussell@michaelsaunders.com.